Social Media Data Breaches — Futurepia Blockchain Mainnet To The Rescue
A few months ago “Facebook” was a talk of the town, not because of some astounding update, but because of a privacy scandal where the data of millions of people was manipulated by Cambridge Analytica for political purposes. Because of this scandal, Facebook’s stock dropped 19 percent in the blink of an eye. The decline erased about $120 billion in market value and was the largest single stock price crash in the history of the American Stock Market.
Mark Zuckerberg might not have recovered from the shock yet, on September 16, Facebook again faced an attack which was the largest security breach in Facebook’s history where the accounts of almost 50 million users were hacked. Shocking, Right? To add to this pivotal point within the world of social media, a vulnerability that exposed the user data of 500,000 was discovered leading to the decision to shut Google+ down! Yet, Again, another issue revolving around personal data exposure.
While many would like to forgot about the security risks that are involved with engaging on social media networks like, Facebook, its something that must be taken in to consideration. Especially these days when it seems like there’s another massive data breach every day. It does not matter how many security measures these social media giants put into place. The truth is, the incentives to hack is much stronger than the incentives to protect!
Problems of ‘Freemium’ and Fake News
The conventional social media platforms, Facebook, Instagram, etc. collect an enormous amount of users’ data everyday. What happens to that data still remains a mystery but using a new business model of “Freemium” — these tech-based social media platforms bring in cash for them through Advertising and Analytics (selling data). Although they offer their services for “Free”, they take the “Premium” by displaying targeted ads and selling your information to ad companies. And not only that, fake news has become a headache for not only readers but also Facebook as they are struggling to filter out and delete such fake news and accounts. It may look like there is not much that can be done to solve these issues.
Social Networking on Blockchain
Blockchain has gained tremendous popularity over the past year. At first, it was simply viewed as building blocks for cryptocurrencies. However, due to its secure and reliable nature, it is being hailed as one of the world-changing technologies.
“These decentralized systems are just not made to grow and scale for the masses yet”, said by co-founder of #Ethereum. “There are always problems with early technology. It takes time.” Still, to many netizens out there, blockchain will soon revolutionize our whole life, the way internet did back in the 90s. So, here are some of the advantages which blockchain can offer to social media.
i) Verification of Information and News
ii) Transparency and Governance
iii) Monetization opportunities for all content creators
iv) Helping social media-based crowdfunding and improves peer-to-peer sales
Problems with existing mainnets that support DApps
Although the blockchain based market of social media DApps (decentralised apps) is still in its infancy, lots of innovative DApps are being developed every day. There are several notable DApps such as Steem (first social network developed on blockchain providing rewards to content creators), Indorse (Ethereum based network for professionals, just like Linkedin), Foresting (an alternative to Facebook which rewards content creators in the form of cryptocurrency) and many others. But these Dapps suffer many of the same problems because they are limited to the structures of their mainnets.
i) Slower TPS (Ethereum-based blockchain services are so slow i.e 15 transactions per second! That it is impossible to provide real services; they will never be able to scale at a meaningful rate )
ii) DApps paying transaction fees: For example, with Ethereum there is the burden of having to pay a small fee for each transaction. Even if users sign up on CryptoKitties, they will have to buy Ethereum separately to use the service. For EOS, early stage DApp developers have to buy between 2 to 3 million USD worth of EOS coins to provide services on EOS mainnet.
iii) Vulnerable to network attack: Although the DPoS algorithm where 21 delegate nodes are used to increase the processing speed seems like a good approach,these 21 nodes are vulnerable to network attack.
Why Futurepia — A public Mainnet based on blockchain technology, is the PERFECT solution
#Futurepia is a public Mainnet, meaning a blockchain network that supports smart contracts; similar to Ethereum or Eos. However, unlike Ethereum or Eos, Futurerpia addresses the three problems listed above;making it the perfect solution to today’s growing data issues.
Additionally, Futurepia has its own social media DApp, SNAC. SNAC and scalable blockchain networks like Futurepia provide all of the solutions to the growing amounts of data instability while also addressing all of the issues found in limited mainnets.
What makes DDPoS (Double Delegated Proof of Stake) Algorithm so powerful?
DDPoS is the 3rd generation blockchain, in-house built, algorithm by Futurepia to solve the existing problems of PoW, PoS and DPoS. The main difference comes from the additional step that this algorithm takes. There are a limited amount of block producers and block nodes, however at each round an additional, absolutely random 4 nodes will be chose. This randomness significantly reduces the possibility of a takeover and/or manipulation.
#Futurepia has a multinational recognized certified speed of 300,000 TPS; way more than Ethereum’s 15 transactions per seconds.
Advantages for the DApp developers
In addition to the mainnet API itself, Futurepia will provide many other modules like a messenger and P2P cloud services so that DApp developers can create more efficiently, quickly, and more conveniently..
No doubt, EOS and Ethereum are looking to improve their mainnet speed and solve their security exposure issues, for now Futurepia looks like the FUTURE of mainnets. As others have mentioned, the world needs time to adopt to new technologies. EOS and Ethereum represent stepping stones towards a truly decentralized world. Futurepia represents the solution.
What’s next?
Futurepia’s global marketing team is heading to attend the world’s largest crypto currency conference WorldCryptoCon2018 in Las Vegas this month. The company has scheduled their ICO in November. If you are interested in knowing more about their mainnet, please go ahead and read their white paper here.
Let usknow what you think about blockchain based social media. Any suggestions are always welcome!
