All eyes have been on Facebook as the leading crypto social media platform following its commitment to developing globalcoin, which is set to launch in 2020.
However, Block.One–the parent company behind the sixth largest cryptocurrency EOS–now wants to garner recognition through the creation of its platform.
Block.One Developing Blockchain-based Social Media Platform
The project, dubbed Voice, seeks to become one of the first blockhchain-based social media platforms. Block.One claims that EOS will make up the basis for Voice’s operation, meaning that the project will be fully transparent in operation. The firm also reports that there will be no hidden algorithms or agenda to how content is presented, which serves as a clear shot at competitor Facebook.
Despite being the world’s leading social media platform with 2.2 billion users, Facebook has come under fire over the last two years for concerns related to privacy and content-pushing. Users complain that Facebook is not only censoring content on their platform but holds too much power over what is displayed in news feeds. The belief is that Facebook could potentially sway major political and social policy decisions, by publishing support for one side of an argument while ignoring the others.
Block.One’s CEO Brendan Blumer claims that Voice will avoid the vicious cycle of taking advantage of users while creating a platform that is not fixated on data collection and driving the business narrative,
“The truth is, current social media platforms are designed to use their users. Just look at the business model. Our content. Our data. Our attention. These are all incredibly valuable things. But right now, it’s the platform, not the user, that reaps the reward.”
EOS has managed to garner attention for its network features and seeks to compete against the established cryptocurrency Ethereum, in addition to building Voice as a potential Facebook adversary. Since the start of 2019, EOS has eaten into Ethereum’s decentralized application (dApp) market share, leading the pack in new developments and active users.
EOS Was Wildly Profitable for Early Investors
Voice may come to be a major product for Block.One, but EOS is ultimately the flagship asset at present. After raising a record-breaking $4 billion in the token sale of EOS, the company is flush with profits to pay early investors through their buyback program and generated a massive ROI for those lucky to get in on the ground floor.
As apart of the EOS buyback, early investors could receive a return of up to 6500 percent, meaning a $100,000 initial investment is worth $6.6 million today. Legendary Silicon Valley venture capitalist and PayPal co-founder Peter Thiel’s was one such early investor–meaning that Block.One and EOS could wind up being his most profitable decision thus far.
The price of EOS has floundered throughout the week along with the rest of the crypto markets. Following bitcoin’s nosedive in price yesterday, which is being tied to the actions of a whale seller, the price of EOS fell more than 13 percent in twenty-four hours.
Some analysts have called for a correction in the crypto markets following the rally that began in April. According to one influential trader, it’s possible that more pain is ahead for bitcoin and other top altcoins.