Over the last decade, social media has played a vital role in community building and blurring the boundaries between different countries. Nearly half of the world population today uses one or the other social media platforms.
There’s no denying that social media is a very powerful tool if used rightly, however, the companies who dominate the social media platforms have failed repeatedly to tackle issues of consumer data and privacy.
Despite the big claims of superior and robust security infrastructure, these companies have been vulnerable to be exploited by scammers. Well, the recent Twitter-Bitcoin hack involved accounts of several high-profile personalities being compromised.
With the help of insiders, the hackers managed to get access of Twitter tools which gave them access to multiple accounts. These hackers managed to scam innocent followers with thousands of dollars. Other platforms like Facebook and YouTube have also been vulnerable to hacks as user data and privacy goes for a toss.
Well, so what’s the solution to it? We need to make a conscious decision of moving from these centralized platforms to blockchain-based decentralized platforms.
Decentralized platforms have no single point of control and hence issues of thefts are largely reduced. Besides, users can have absolute control over their data and information, as it cannot be shared without their discretion.
Another benefit of having a decentralized social media platform is that there’s more scope for the user to play around with content without much restrictions and censorship.
To bring back the lost trust among users, a number of players from the crypto industry are working to create their own decentralized social media platforms using the power of blockchain.
CryptoUserBase – A Decentralized Social Media Platform
CryptoUserBase is an emerging social media platform built using decentralized blockchain technology. The platform is completely censorship-resistant and aims to break the barriers created by centralized platforms.
The platform has got its own native cryptocurrency CUB to incentivize all the participants and users. Besides, the CUB is an ERC20 utility token that will be used on the social platform as well as other platforms of the CryptoUserBase family.
To deal with any sort of misconduct on the social platform, the CUB token makes use of the Proof of Voted Decision (POVD). The CryptoUserBase community handles all the reports on its social platform as the contributors are rewarded in CUB tokens.
Going further, the project developers have some broad plans for the use of CUB tokens. Mostly, all transactions on the CryptoUserBase platforms will happen in CUB. In future, advertisers can buy ad spots on the platform using the CUB tokens.
The CryptoUserBase developers have selected Sia Protocol for the back-end storage and are currently working on Sia Integration for the social network. The platform, however, is currently in the Alpha stage of development.
CUB Scarcity Model and Token Burning
Similarly, users will use the CUB tokens to host contests, send tips for posts they like, and much more. The CryptoBaseUser platform uses the scarcity model to drive the CUB token economics.
The total supply of CUB tokens is pegged at 1 million. The platform plans to introduce scarcity by burning nearly 15K tokens every month for nearly 10 months post the pre-sale.
Token burning basically refers to permanent removal of the crypto tokens from circulation. This is majorly an intentional decision taken by the coin creators as the move is aimed for deflationary purposes.
Token burning creates scarcity driving the price of the remaining crypto tokens in the upward direction. This process aims at rewarding some early investors in the crypto project.
Currently, users can purchase CUB tokens on the Uniswap platform for an exchange rate of 2385.55 CUB per ETH.
The developers of CryptoUserBase plan to introduce multiple platforms going ahead. Their immediate plan includes starting a social platform MVP, specifically targeted for the crypto audience.
The upcoming developments will be an Ecommerce Store, a DEX &amp; 3 SAAS apps for Enterprise.
CryptoUserBase will be competing against some of the already existing players like Block. One’s Voice social media platform launched recently in July. Similarly, some of the other players in the decentralized social platform market include Steemit, eSteem, DLive, and Antube.