Social networks have become an integral part of our day to day lives and it is really difficult to imagine our lives without it. The Crypto industry itself is no stranger to the disruptive capabilities of social media as it has thrived on platforms like Facebook, Twitter, Reddit, Instagram etc.
However, the centralised nature of these platforms has seen growing concerns regarding the safety of one’s personal data and privacy. With recent scandals involving Facebook and Cambridge Analytica, people have started to question the privacy policies of these internet giants impose on their users and how they utilize user data.
Privacy, which is an innate human right, is no more in the control of the people. Creators have lost control over their content, and unfair censorships have hampered growth and development of emerging industries like crypto and blockchain. This has fuelled the move towards uncensored social networks, with the crypto community leading the revolution.
IOTA powered social network
In order to overcome the various discrepancies, the SOCIETY2 team has proposed a social network powered by IOTA’s distributed ledger technology, which returns control of data, privacy and identity to the users of the platform.
Developed on the IOTA network, SOCIETY2 enables the construction of decentralized social networks, taking the use of DLT beyond finance. The primary goal here is to allow social network users to regain authority of their data and personal information that they share on the internet.
The user data will be stored securely on IOTA’s Tangle network and the information will be completely portable. This means that users who are not satisfied with the platform will have the option to migrate to another platform. This feature is made possible by leveraging IOTA’s Decentralized Identity (DID) system.
This will give users or content creators the option to share some or all of their data with other applications or social networks on SOCIETY2.
Users will also be able to choose the level of privacy they want to maintain and also view ads according to their preference. Furthermore, they will also get paid using a micro-payment based system within the platform allowing fair revenue splits between content creators and consumers.
The entire system of SOCIETY2 is enabled via the IOTA streams framework. The company is expanding the utility of this framework to serve as a tool chest of standard social media function. Head of Development at SOCIETY2 Ben Royce, summarised the entire system stating:
With privacy being a key principle within the crypto industry, many social networks developed on the blockchain have emerged over the years. While most of these platforms are built around the crypto industry itself, some are expanding to provide an alternative to the social networks we use today but with the perks of decentralization.