TRON CEO Justin Sun has just announced plans for a new blockchain-based social media platform called TronChat. The new dApp will be built on TRON’s recently announced TRON Virtual Machine (TVM) and will be offering TRX token rewards to its users. TronChat is set to compete against leading social media platforms like Instagram and Facebook while serving an auxiliary role in growing TRON’s dApp user base to compete with Ethereum.
“The decision to create TronChat seems to have stemmed from the flaws associated with traditional social media platforms,” reports Bitcoin Exchange Guide. “Ever since Facebook was criticized for insufficient protection over users’ activities and privacy, consumers have been very careful.”
The Tron Team has announced that it is attempting to “fix this paradigm, and allow users to make money from their everyday interactions with social media.”
TronChat enables users to share a wide range of content including pictures, stories and videos. The dApp comes complete with messaging services, chatrooms and direct updates.
While such features are common among most social media platforms, TronChat comes with the added benefit of allowing users to charge ‘content premiums’ by setting a fixed rate of TRX required for users to see specifically selected content. This feature can also be applied to TronChat’s messaging service, and content writers will have the ability to include a tipping option for supporting the creation of valued posts.
TronChat is reported to still be in its early stages of development, and the team behind the project is currently seeking “secure funding to accelerate the release of a full version.” Dates for a beta or an official launch have not been released.
“Overall, the concept behind TronChat seems worthwhile, as it can eliminate one of the main concerns: lack of user control over respective, personal data,” writes Bitcoin Exchange Guide. “If the team involved succeeds in their set goals while helping content writers earn TRX and facilitating easier transfers, this project could possibly be a threat to current social media platforms.”
TRON is scheduled to launch its TRON Virtual Machine (TVM) on August 30th. The highly anticipated launch will usher TRON into competition with leading dApp development platform Ethereum for market share in the incredibly lucrative dApp development market.
Ethereum’s dApp development platform almost single-handedly gave rise to the ICO boom of 2017. Up until now, no other blockchain platform has had much success in gaining ground on Ethereum.
TRON’s TRX token is up over 29 percent in the last seven days and is now valued at $0.02690.
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