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Mar 26, 2020 9:40 AM ET

Twitter plans to launch its block chain project? How to evaluate social blockchain projects?


iCrowd Newswire - Mar 26, 2020

In late 2019, Twitter CEO Jack Dorsey claimed he would fund a small team of five open source designers and engineers, with the Twitter CTO personally involved, to develop a decentralized social networking protocol, meanwhile Twitter would become one of the first applications that qualify for the protocol.

Twitter calls this team Bluesky, which has a great deal of freedom and autonomy to create a new social media standard which is open and decentralized. With the continuous development of technology, an international social media titan such as Twitter, can reform the era of Web 3.0. If we involve block chain technology, where would the future be and what characteristics should an excellent social application scene have?

Dimension 1: Multi-party Participation

After reaching the consensus of mutual agreement on a standard protocol, can shift the centre of social networks not to one or two platforms but spread it out amongst users. This would create a centre that revolves around the users, developers and advertisers.

Tata is an excellent example of a combination of social media and DAPP. Launches in early 2019, Tata is a personalized life-sharing platform based on peoples social network, with over 17 million current users, Tata uses the blockchain distributed technology to build a decentralized social network platform and a peer-to-peer social platform that can be fully trusted from point to point. Information symmetry is the trust foundation for multi-party participation and Tata relies on user submitted content, reporting and decision making. This allows for a refined and tailored social media experience for all users.

Dimension 2: Commercial Value of Data

The competition among social networks is essentially competing for the most users’ attention, and the heart of good content creators. Once each platform has established a strong user base and content creation, they must work to promote further growth and retainment. As an example, Chinese video platform “site B” will reward users with additional followers for original content and recommendations giving them an incentive to continue making content. However, this is only the basics and the platform further expand into far more profitable territory.

Profit sharing is the next step where social media companies and advertisers split a portion of their ad fees to content creators who possess a large enough audience, like how Youtubers make money from their content. This is an effective means to help incentivize the consistent creation of new content. Basically, it is time to give back the commercial value of data back to the content creators as they are the ones who create the valuable data.

All the products integrated into the Acorn Protocol will share one economic model, which utilizes the Acorn Reward Engine to calculate and distribute rewards to different parties, allowing the technology to define and reward fairly between all involved parties.

Dimension 3 : Self-Governance

The early days of the Internet provided an alternative to paper letters, news and sources of information through the development of E-mail, websites and online encyclopedias. The development of Web 2.0 ushered in the mass adoption of mobile internet which has brought innovations into all forms of industry.

People used to get their resources from national television, then when 21th century comes people start to speak up and raise their voices to public as a way to express different opinions. However, under the centralized platforms, contents must meet the rules and requirements of platforms to ensure its maximum exposure to public.

Today, we are in the web3.0 era, which is a stage of real integration with all forms of global industry. In this era, we must solve the problem of seamlessly integrating cutting-edge technology to applications well also effectively solving all of the secondary problems that will arise from the application of new technologies. One of the cutting-edge feature that tata possessed is self-government function. Users can decide the popularity of contents meanwhile report contents do not match the community environment, and the final decisions will decided by regular users’ votes, which ideally achieve the vision of decentralization.

The Founder and CEO of Tata claims that “…even though the integration of blockchain into TaTa is a bold, we believe through that users will benefit from its ease of access, rewards driven and friendly environment.”

Contact: [email protected]
Tata Website: http://www.tataufo.com/#/
Telegram(English): t.me/ttc_en
Facebook: www.facebook.com/ttceco
Github: https://github.com/TTCECO/gttc



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