Ethereum for social impact
The Ethereum blockchain and ETH prices are currently seen to be deriving value from the nascent decentralized finance DeFi ecosystem. Dressed in a brown T-shirt and blue knee-length shorts, Buterin — a rockstar in the blockchain world — began his talk on the main stage of EthCC in an auditorium full of rapt audience members. Featuring more than international experts as speakers this year, EthCC is the largest and one of the most talked about annual Ethereum events in Europe. And there is a lot of these extra frictions that persist in the financial system. The issues that plague centralized services create viable options for the Ethereum community to explore mechanisms to combat them, Buterin said. For example, a decentralized sybil resistance can be developed to combat bot spam accounts.
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Content:
- Is Ethereum More Important Than Bitcoin?
- BTC vs. ETH and other crypto trends for 2022
- Gluwa Platform Launches Social-Impact Venture Debt Fund on Ethereum - Chainwire
- Bitcoin Could Be A Force for Social Good — Here’s How.
- BBVA Switzerland adds ether to its cryptocurrency custody and trading service
- Beyond Bitcoin: The hidden side of blockchain and its effect on ESG
- Ethereum Classic Wallet a Victim of Social Engineering
Is Ethereum More Important Than Bitcoin?
Will it be wrong to comment that social networks have become the center of the modern Internet? Perhaps not! We live in an era of Internet-led socialization, with social media being the most used and popular activity on the Internet. Roughly over 4. Users or user-generated content is the powerhouse of social networks. It drives the lucrative advertising and marketing industry in social media and earns hefty revenues for the social network owners.
But there is one very intrinsic problem with social media networks: they are centralized, which means they use centralized servers to store all information provided by users. Here, we cannot help but focus on two related concerns:. What can combat the flaw of centralization in social media networks? In this context, this insight blog will discuss Blockchain social media- which is inherently based on the decentralized model of Blockchain.
The blog will also cover why decentralized social networks are needed, how these are more user-friendly and how they render much more security. To name a few, Ethereum, Steem, Stellar are some of the blockchain protocols that support the development of social media DApps. Being decentralized, Blockchain social media networks are not under any central proprietary authority holding all the data. Rather, the data gets stored in a homogenous and decentralized manner across servers of each node of the network.
Blockchain-based social media platforms support social networking, content sharing and even blogging, but being decentralized, they enable end-to-end encryptions for every interaction. Also, most of them, support certain features typical to the Blockchain ecosystems:. So, blockchain social media provides revenue-generating opportunities to the users or content contributors also.
With this basic understanding of blockchain social networks, let us now understand the benefits of implementing it. Mainly there are three major concerns about the centralization of social media. The case of social media is also somewhat similar. Presently, data is one of the most profitable assets. Those in control of data can control the mind, behavior, and other aspects of the data producer.
Moreover, centralized social media platforms are goldmines of personal data. Although the technique is applaudable from a marketing perspective, it has grave implications for the user at the receiving end. Also, by extension, it imparts the users greater control over their data. Using the private key, the user can initiate a transaction, details of which is stored in a data block on the blockchain.
This block is added to the chain only after being verified by the majority consensus of other network members. Consequently, the data is accessible only to the intended recipient. Each hash is unique and every unique information produces a different hash. Even a small change in information results in a different hash. Hence, the data stored on the blockchain is immutable, resulting in unalterable records. Every interaction on centralized social media, including private messages, is accessible to those in charge of moderating these platforms.
Moreover, content posted on social media is being used increasingly for political gains and to curb dissent. Understandably, this is a significant hindrance to the democratic ideals of freedom of speech and expression. However, such a lack of regulations might pose newer threats. If these decentralized platforms are to match the popularity of the present social media giants, such issues need to be addressed over time.
Most decentralized social networks reward users nodes for posting on their network. Moreover, these social media platforms enable users to conduct effective crowdfunding campaigns through processes similar to token sales.
Furthermore, they also facilitate user-to-user financial transactions using the native cryptocurrency. Having discussed the need for decentralized social media platforms instead of centralized platforms, let us now turn our attention to some of the popular social media networks powered by blockchain. Peepeth is a decentralized censorship-resistant social media platform that uses the Ethereum blockchain and IPFS to store user content.
It is primarily for microblogging. Developed by Bevan Barton, this platform was launched on March 27, Peepeth is an open-source smart contract running on the Ethereum blockchain data storage , and it has a frontend, accessible at Peepeth. Peepeth is the choice for those who wish to break away from advertising-driven social networks that invade privacy, sell users-personal data, control uses-online identities, promote fake news, trolling, and manipulate users-feeds to increase engagement.
Some of the key blockchain-native features of Peepeth are:. Sapien sapien. It is highly customizable and democratized. Web3 Social Network that rewards content creators fights fake news, and puts users back in control of their data. Over this decentralized social media, users have control over their time and data. With millions of users, Diaspora is another popular blockchain social media platform. This zero-censorship network is one of those few revolutionary digital platforms where the user owns absolutely all of their data.
Moreover, the platform is fully open-source, offering users heightened flexibility and enabling them to leverage the platform entirely in sync with their specific needs. The platform provides all of the now-popular features of applications such as Facebook, YouTube, Twitter, and more.
Being an advocate of freedom of speech and expression, the platform enjoys a rapidly growing popularity. Consequently, its user base has already accumulated over 2 million. It is a one-of-its-kind Blockchain social media platform, in the sense that it offers a full scape social network functionality, coupled with a revenue system.
Hosted on Coinbase, this use case of Blockchain in Social Media allows users to earn bitcoin by completing microtasks. SocialX is a community-driven social media platform.
It allows its users to post photos and videos. Even though it works similarly to traditional social media platforms like Facebook, it is decentralized.
It functions on a decentralized blockchain platform, and its users can earn rewards in exchange of their content in the form of its own cryptocurrency — SOCX. Pioneers in this field and built on the Steem blockchain, Steemit is one of the most popular blockchain social networks of all time. In terms of functionality, the platform has elements similar to Facebook and Reddit. Moreover, the Steemit whitepaper promised a staggering 6 million transactions per second, which is higher than the present TPS of Bitcoin and Ethereum.
Steemit is best suited for writers and content creators who want to monetize their content. Tron acquired Steemit in February However, on the other side, there are rising concerns over the data and privacy breaches to which these platforms are often associated. Blockchain social media, with its decentralized and distributed networks, offers a plausible solution to such issues.
Among other things, they enable users to assert greater control over their data. Moreover, in the absence of any centralized authority, users on these networks benefit from greater privacy. In turn, this upholds the freedom of speech and expression, relieving users of the miseries of being prosecuted for their thoughts on social media. Most decentralized social media platforms also enable their users to earn cryptocurrencies upon posting and interacting.
However, despite the many benefits, such uncensored platforms are rife with opportunities for criminal activities, which undermine the purpose of ensuring freedom. If you are interested in exploring the Blockchain possibilities in the space of social networking, you can get in touch with the Blockchain development team at LeewayHertz. All information will be kept confidential.
XDC Network functions with the motto of improving the drawbacks in the global trade and finance using blockchain technology. A decentralized autonomous organization DAO is an automated and self-sustainable opensource platform offering decentralized earning opportunities to its members.
Talk to our Consultant. Here, we cannot help but focus on two related concerns: One, the privacy and security of personal data. Two, the consolidation of power in the hands of a few controlling the centralized systems What can combat the flaw of centralization in social media networks? What is Blockchain Social Media?
Why Decentralized Social Networks? Also, most of them, support certain features typical to the Blockchain ecosystems: in-platform transactions rewarding users crowdfunding So, blockchain social media provides revenue-generating opportunities to the users or content contributors also. In social media networks, advertisers are the customers while users are the products. Social media is also used as a propaganda platform for instigating users to think in a certain way regarding a social issue.
Centralized services are easy to hack. Blockchain Social Media offers the following three benefits: A check on user commodification Privacy of freedom and expression Scope for crowdfunding A Check on User Commodification Presently, data is one of the most profitable assets.
Primarily, this is ensured by the use of Private and Public keys. Privacy and Freedom of Expression Every interaction on centralized social media, including private messages, is accessible to those in charge of moderating these platforms.
Scope for Crowdfunding Apart from non-monetary benefits, blockchain social media also offers materialistic rewards. The Top Blockchain Social Networks of Having discussed the need for decentralized social media platforms instead of centralized platforms, let us now turn our attention to some of the popular social media networks powered by blockchain. Here, we are talking about the following eight prominent blockchain social media platforms: Peepeth Sapien Diaspora Minds All.
Peepeth Peepeth is a decentralized censorship-resistant social media platform that uses the Ethereum blockchain and IPFS to store user content. Peepeth can interact with other smart contracts to provide decentralized services. Sapien Sapien sapien. Diaspora With millions of users, Diaspora is another popular blockchain social media platform.
Concerning its functionality and structure, Diaspora is based on three pillars. It ensures that the system is truly decentralized, and none of the data is stored on a central server.
BTC vs. ETH and other crypto trends for 2022
For example, lack of content moderation across social platforms have allowed misinformation to spread throughout the COVID outbreak. Even before COVID, many users were dissatisfied with how major social media platforms were dealing with the challenges of misinformation, as well as censorship, privacy, political neutrality, user control, and malicious activity. These concerns have sparked an emerging trend: decentralized social networks, also known as federated networks. Decentralized social networks operate on independently run servers, rather than on a centralized server owned by a business. Mastodon is one example of a decentralized social network.
Gluwa Platform Launches Social-Impact Venture Debt Fund on Ethereum - Chainwire
My goal was to start a company myself—and become one of those successful entrepreneurs who sold their company for millions that I was reading about on TechCrunch! But when I became a student, I discovered a whole new world of social enterprises , which was completely new to me. However as I engaged with the Hult Prize and actually built a prototype of a company that combined delivering value to shareholders with making a social impact , I realized that I wanted to work for, and to create, more companies that could operate like that. Later that year I met my future co-founders, who were working on an academic project on robotics. Their goal was to treat robots as independent economic agents, giving them an identity, a wallet, and the ability to create contracts. This allowed the organization of really complex supply chains while making sure that the security of the whole robotics network stayed protected. I really loved their idea and we started a company, DCZD. We have built a decentralized IoT management platform, and I can now say that my dreams are coming true! We have completed pilot projects in entertainment, supply chain, and monitoring markets, but we choose to focus on environmental control as our target niche—using innovative technologies to solve the most pressing challenges we currently have. Climate change is expected to have unprecedented implications on where people can settle, grow food, build cities, and rely on functioning ecosystems for the services they provide.
Bitcoin Could Be A Force for Social Good — Here’s How.
Martin Walker analyses whether the two trends are compatible. Cryptocurrencies are a close-to-unique asset class. They provide no coupons or dividends, give no ownership rights and have no utility. They can, however, provide amazing returns, which is their primary attraction to investors.
BBVA Switzerland adds ether to its cryptocurrency custody and trading service
NFTs, or non-fungible tokens, have surged in popularity over the past couple of years. Primarily used as a means to convey ownership of digital art and collectibles, NFTs have occasionally risen to the level of fine art. But there's an extra hidden cost with NFTs -- the environmental impact of using the blockchain to transfer assets. Cryptocurrency's energy consumption and its impact on the environment has become a hot topic lately. The increase in NFTs is only adding fuel to the flames.
Beyond Bitcoin: The hidden side of blockchain and its effect on ESG
When doubters decry Bitcoin as an elaborate technical Ponzi scheme, or deem Bitcoin inherently worthless since it cannot be touched and has no backing, amounts to matters of opinion. We can argue about the merits and factual accuracy of such ideas all day long, and many spend their time on Twitter doing just that:. When it comes to Bitcoin and its ESG credentials the waters become a little cloudier. Lazy stories such as this one from the BBC are good examples in the genre — they herald an imminent bursting of the Bitcoin bubble which will be triggered through its poor environmental credentials. The story is superficial and neglects to investigate the topic to any meaningful depth or provide evidence other than a little intended to grab attention. Another example — it was announced in recent news that China is banning Bitcoin mining from being carried out in Inner Mongolia since the region has failed to meet government targets for a reduction in energy usage. Other regions of China involved in Bitcoin mining favour the use of clean and sustainable energy sources such as hydro-electricity — this move thus demonstrates that Bitcoin is enabling the switch to cleaner energy sources to meet its considerable need for power.
Ethereum Classic Wallet a Victim of Social Engineering
Developing a multifaceted financial incentive system to achieve social goals collaboratively. Our own Nino Antulov-Fantulin and Thomas Asikis have co-authored a paper, published in Nature Communications, on an artificial neural network that can solve challenging control problems. A new position available at the group. A new position is available at the group.
This repository is a proposed implementation for an Ethereum-based local currency that is still under active development. The contracts have not undergone the necessary tests to be used in production. Use at own risk. This research is promoted by Yakko Majuri and Victor Silveira, two blockchain entrepreneurs with combined experience in Economics and Software Development. Greatly interested in the application of Distributed Ledger Technology as a way to power social impact solutions, we saw a natural fit between blockchain and the concept of complementary currencies.
Epicenter brings you in-depth conversations about the technical, economic and social implications of cryptocurrencies and blockchain technologies. Every week, we interview business leaders, engineers academics and entrepreneurs, and bring you a diverse spectrum of opinions and points of view. Since , episodes have been downloaded over 4 million times. We were joined by Olympus Founder Zeus to chat about why the protocol was created and how it works, and we address the debate about it being a Ponzi scheme. Hear as we chat about the rise of Decentralized Autonomous Organizations, the Zodiac Toolset and how it works, and the future of DAOs in not only the blockchain space but also in the real economy.
Chainlink decentralized oracle networks provide tamper-proof inputs, outputs, and computations to support advanced smart contracts on any blockchain. Build on a flexible framework that can retrieve data from any API, connect with existing systems, and integrate with any current or future blockchain. Integrate pre-built, time-tested oracle solutions that already secure tens of billions in smart contract value for market-leading decentralized applications.
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