Bitcoin Cash’s Decentralized On-chain Social Network Memo Launches

contentjunkie (73)in #bitcoin • 7 years ago

From BTCManager

A new decentralized social network, Memo, built on the Bitcoin Cash blockchain has made its first public debut following the announcement on April 15, 2018. Memo, which can also be seen as a decentralized version of Twitter, allows users to post a ‘memo’ which other users can like, share or comment on.
Decentralized Social Network: Buzzword of the Year
Ever since the Cambridge Analytica study highlighted how Facebook users were risking their personal data, discussions on how to safeguard user data in the highly connected and technological world became more and more prevalent. It was also alleged that Facebook amassed a wealth of user data to deliver targeted advertisements to its users.

Facebook has followed a free subscription model ever since its inception and always primarily relied on revenue from advertising to keep the company profitable.

Following the data breach, cybersecurity experts began to audit more secure alternatives to handling user data. The cryptocurrency community was quick to point out that blockchain technology could be the best solution to this problem.

Several attempts at decentralized social networks have emerged in recent times with Memo based on bitcoin cash, and Leeroy and Peepeth, which are both based on Ethereum.

Safeguarding User Data with Blockchain Technology
A major characteristic of blockchain technology is that it is secure, robust and that no data is stored on an easily exploitable server. Instead, it is distributed to a number of ‘nodes’ in an encrypted cryptographic format.

Another challenger to Steem in the decentralized blockchain based social networks has entered the arena but like Akasha and Synereo it seems to be missing Steem's killer feature, the ability to earn crypto rewards for using the social network. These blockchain based social networks are not the first decentralized or privacy centric attempts. There have been others that have tried and failed to compete against Facebook. In the end just giving users better privacy or a decentralized solution has proven to be not enough to create a success.