Social Media is an undeniable aspect of modern life. Between COVID-19, the upcoming presidential election, and the ubiquitous cat videos, services like Facebook, Instagram, and Twitter have all seen a massive increase in usage. This volume of use has come with a growing concern over censorship, misinformation, and a mistrust of the companies providing these social media services. The Prometeus Network is a new platform that offers a solution to social media censorship and lays a foundation for a litany of other decentralized solutions.
The Base Layer – Prometeus Network
The Prometeus Network is a large and ambitious project. Its team is built of veterans of Big Data and AI companies, in addition to data scientists. The original idea for Prometeus was to create a way for individuals to sell their personal data, which is typically taken by social media companies for free. This information can be on nearly any facet of life, i.e., Medical, Social, Demographics, Financial, etc. This exchange requires a decentralized marketplace where buyers and sellers can view and converse on the data.
- Data is held and owned by the users on a decentralized blockchain
- Only accessible by the private key holder
- Ability to sell to the highest bidder
The Application Layer – Ignite
The first service on the Prometeus Network is Ignite, a micro-blogging social media network. Ignite serves as a decentralized, blockchain-native alternative to Twitter or Facebook. There is no central governing agency. Instead, users can communicate and connect with people in a free environment, free of censorship.
Ignite is a combination of several blockchain innovations. Powering the network is Skynet, a Second Layer Storage protocol built on the Sia blockchain, a pioneer in data storage. Media files are distributed on it’s Content Delivery Network, or CDN. This technology partnership allows decentralized, uncensorable storage of files, video, and other digital data.
Arweave is another data solution, allowing for Ignite files to be stored indefinitely. This “collective hard drive” approach to data storage is scalable, able to accommodate over the 100,000 expected monthly transactions on Ignite.
Despite doing very little marketing, the Ignite platform has been received warmly by the community. Since its launch, Ignite has over 5,200 users and processed over 180,000 data chunks. Usage is expected to continue its rise as people begin to exit from social media platforms that heavily censor posts and engagement.
Binance Smart Chain
Ignite also natively supports the newly launched Binance Smart Chain (BSC). BSC is the smart contract platform for the Binance exchange and is its native protocol to execute smart contracts and manage BNB staking.
Ignite recently migrated from Ethereum to BSC to take advantage of BSC’s advanced capabilities, including:
- Faster than Ethereum
- Lower fees than Ethereum
- Cross-chain DeFi mechanisms
Ethereum’s high fees and low transactions per second have been a limiting factor in adopting dapps and DeFi. The successful switch to BSC has made it “the most active BSC dapp” in the world. Looking at the active wallets on BSC, we can see that ~75% of them are PROM related.
The native token for Ignite is the PROM token, running on BSC. It will likely benefit from a first-mover advantage as other projects take the time to learn about BSCs’ advantages. For example, Prometeus integrates several other blockchain projects, each requiring its specific form of payment. BSC provides for a Token Binding mechanism, which in the future could allow Ignite nodes to pay in PROM tokens for any of these blockchain services.
The last project to mention on the Prometeus Network is Memezator, a decentralized lottery and DeFi element of Ignite. Memezator is a daily community lottery that incentivizes the creation of memes. It may be the first “proof-of-meme” or meme social mining.
Here is how it works. Users upload their best meme creations, which are voted on by the other users. Each day a winner is chosen based on votes, and rewards are distributed. These rewards are Binance Chain BEP20 PROM tokens.
A meme contest may seem like a fun gimmick, but it creates a foundation for voting, governance, and DeFi capabilities. Current events in the DeFi world have highlighted the importance of community governance and voting. The Memezator voting could easily be ported over to a DeFi platform on the Prometeus Network, creating a central hub for decentralized social finance.
Diligent dwellers of the cryptocurrency space may be surprised at the “sudden” appearance of Prometeus. Despite tapping into several cutting-edge blockchain developments, coverage has been a bit lacking. This is because the teams focus on delivering a working, usable product during a time of hype and speculation. Creating a new social network is an enormous undertaking, compounded by integrating several other blockchain technologies. These technology partnerships, accomplishments, and future announcements will be explored as we dive deeper into Prometeus.
Prometeus Network website is here.
Prometeus Medium is here.
Ignite website is here.
The Prometeus telegram group is here.
*Disclaimer – Prometeus Network is our Media Partner, and therefore this content is sponsored by them.