Block.one, the company that developed the EOSIO platform, is developing its own social network, Coindesk has reported.
The start-up unveiled the new platform on Saturday, saying that it was called Voice. Block.one indicated that the platform would take different approach to handling user data compared to exiting alternatives on the market.
“Our content. Our data. Our attention. These are all incredibly valuable things. But right now, it’s the platform, not the user, that reaps the reward,” Block.one’s chief executive officer Brendan Blumer. “By design, they run by auctioning our information to advertisers, pocketing the profit, and flooding our feeds with hidden agendas dictated by the highest bidder. Voice changes that.”
Voice will run on EOS blockchain, meaning that everything posted on the platform will be public. During the unveil event, which was held in Washington, D.C., Blumer promised that on Voice everyone “plays by the same rules”. Meanwhile, Block.one’s chief technology officer Dan Larimer announced a new crypto token called the Voice token. It was also announced that the EOS blockchain was getting a major upgrade that would make the network faster.
While the Saturday announcements spurred some excitement, the news did not have a major positive impact on the EOS price, possibly because rumours that Block.one was planning a move into the social media space had been circulating around the crypto space prior to the official announcement. On Saturday, EOS tumbled to as low as $7.67, before closing at $7.78. This was well below its opening price of $8.52.
The coin saw some ups and downs yesterday, but ultimately finished the day virtually unchanged.
In today’s trading, the EOS price stood at $7.37, as of 14:24 BST. The coin has lost almost 6% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. The coin’s total market capitalisation currently stands at $6.7 billion.
Featured image: Pogorelova Olga / Shutterstock.com
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