Block.one, the company behind EOS has announced it intends on fusing the worlds of social media and blockchain, well and truly together.
Voice, a blockchain-based social media platform was launched on Saturday and the company claims it will “bring alignment and transparency to social media”. The platform is designed to both reward and return control to users, whilst overhauling the “fundamentally broken system”.
The new platform will encourage creation, sharing, discovery, and the promotion of content on social media through verified users, not bots and fake accounts. In a so-called “self-sustaining economy of ideas”, users of the new platform will benefit directly from their engagement, thus breaking the norm of the platform benefitting from users activity, instead of it being the other way round.
CEO of Block.one Brendan Blumer said: “the truth is, current social media platforms are designed to use their users,” he added “it’s the platform, not the user, that reaps the reward. By design, they run by auctioning our information to advertisers, pocketing the profit, and flooding our feeds with hidden agendas dictated by the highest bidder. Voice changes that.”
Voice will be launched on the EOS Public Blockchain which in turn, runs on the EOSIO protocol. All interactions on the platform will be public, therefore allowing for transparency to be a core part of the experience. Additionally, there will be no hidden algorithms, no invisible interests, and no different sets of rules for users and owners.
The EOSIO blockchain was created to be a secure and flexible framework that would allow users to build trustworthy application on it. Today most of the networks that use the ESIO software are among some of the most used blockchain platforms in the world, with 70% of all blockchain activity attributed to it.
EOSIO also recently launched VErsion 2 which allowed smart contract processing at 12 times the previous speed, as well as adopting WebAuthn authentication standards to increase security and usability to EOSIO applications.
During the lead up to the big Block.one announcement and in the days immediately afterwards, EOS saw a massive rally of 22.12% over the last week. This was not due just to the news of Voices however, as a number of other announcements sparked renewed interest in the currency.
Coinbase made a surprise announcement that they would be adding EOS to its custodial wallet with immediate effect. Users of the exchange will now be able to buy and sell EOS as well as exchange it for supported fiat currencies. EOS trading will be available in all supported jurisdictions with the exception of the UK and the State of New York.
Coinbase said in a blog post:
“One of the most common requests we hear from customers is to be able to buy and sell more cryptocurrencies on Coinbase. In September, we announced a new process for listing assets, designed in part to accelerate the addition of more cryptocurrencies. We are also investing in new tools to help people understand and explore cryptocurrencies. We launched informational asset pages (see EOS here), as well as a new section of the Coinbase website to answer common questions about crypto.”
In addition to this,EOS holders voted to reduce the annual inflation rate from 5% to 1%, effective as of June 1. From the previous 5%, 4% was saved in a sosio.saving account whilst 1% was distributed amongst BPs in exchange for network maintenance. This resulted in around 3.6 million EOS being created.
Whilst the original purpose of accumulating the funds was supposed to be to have the community vote on how they should be spent or burned, the proposal for the recent poll said otherwise.
“8 months have past and there is still no defined use for this large quantity of EOS tokens that continues to flow into the eosio.saving account. This large quantity of accumulated tokens has now become excessive and if we continue to allow it to keep growing, it will eventually become an attack vector for the network.”
At the time of writing, 100% of the 778 stakeholder accounts have voted to reduce the level of inflation.