Over time, centralized social networks like Facebook, Instagram, and Twitter have been extracting a decent amount of data from customers with no intention of rewarding their effort or even securing their personal credentials. These centralized networks take a more offensive stance towards reaping customers information and data. Despite the fact that these centralized networks are easy to use and provide social benefits for its users, users privacy and data are at stake when using these networks.
Interestingly, we're in a world where digital privacy remains a topic of growing worry, as such; the way these centralized networks extracts our data will have to sooner rather than later.
With the disruptive power of Blockchain Technology, these centralized networks will have no choice other than to adopt this technology if they still want to be in business. One good thing about Blockchain technology is - there would be no middleman, third party, broker, or any centralized authority involved. However, every piece of data or information would be broadcast via a network of blockchain nodes, corresponding to how Bitcoin Transactions work.
Among others, one thing I admire about Blockchain technology is the fact that it was designed for the individual users, by the individual users themselves. That being said, almost, if not everything is possible or can be achieved with blockchain technology.
Introducing Status.im
Status is a decentralized open source messaging platform and mobile interface borne out of the need to provide a social environment on the Ethereum Network. Status is the first social media platform built specifically for the Ethereum Network.
The status messenger was designed to make Ethereum feel as familiar as possible down to the average smartphone user as it provides a flexible environment for DApp developers. However, Status aims to maximize the number of daily users on the Ethereum public blockchain. Status has a native token known as SNT which will serve as it's utility token upon the fueling of the Status network.
Among other features, Status boast of a decentralized push notification market, community curation of content, tribute to talk as well as other social communication tools. What's more...? Status uses a fiat-to-crypto teller network, Sticker market, and DApp directory. src.
Prevalent on the internet today are social bots, a type of automated software that controls a social media account, designed to advocate certain ideas, support campaigns, and sway public relations.
Why Ethereum?
Before the advent of Status, Medium was the only approved platform where stakeholders can communicate and transact with one another. Conventionally, this is normally done by a trusted broker (usually the owner).
However, Ethereum is eventually a social technology network, and for this network to execute perfectly, there is a need to maximize the utility for non-technical users, in clear terms; it needs to be prevalent and easy to access. In a nutshell, it needs to become a part of our daily lives - in the absence of compromising on decentralization.
A medium that maintains an ‘immutable’ transaction record as long as the majority of the Ethereum network collectively agrees. With Ethereum, the world possesses the technology necessary to build a better model for the Internet.
With that being said, there is a need to believe the Ethereum public blockchain will keep on permitting all instruments of financial technologies.
Conclusion
Calling a spade a spade, building the web 3.0 is quite a big strive. In an attempt to make this a reality, many companies are trying to fix the internet. It is for this reason the birth of Ethereum project was born, a project that was designed to change the internet right from inception. Tagging the Ethereum network as a cryptocurrency platform might sound like an understatement. There is a big complex structure built beside the Ethereum blockchain.
Disclaimer:
This is not financial advice, nor a guarantee or promise in regards to any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.
References: