Vision for a Decentralized Social Network Built on Ethereum

Vision for a Decentralized Social Network Built on Ethereum

I want to build a decentralized social network for Ethereum enthusiasts. Ethereum users spend a lotsbestemming of their time posting, commenting, upvoting, and downvoting on Reddit. All that value goes to the owners of the Reddit, which are often not the same people spil the users. Even worse, some subreddits suffer from strong censorship where the moderators can verbod any postbode they want without any recourse. Wouldn’t it be cool to use a social network that mirrors the open, decentralized, and democratic nature of Ethereum while talking about Ethereum online? There are a few tipbot apps that interact with Reddit, but that user practice could be made a lotsbestemming better by integrating it directly into the UI of the webpagina. I can envision a decentralized version of Reddit that lets users of the network receive a portion of the ad revenue from the webpagina, and that lets them peak each other using Ethereum. Te addition to tipping it could use a brainy contract based karma system to help users find the best content.

There are many different types of social networks, but the ones that I like to use are ter the Reddit-like category. The two Reddit-like social networks that I use are Reddit and Hacker News. A few blockchain based social networks have begun to emerge spil well – Akasha, Steemit, and Yours. While thesis emerging social networks share the same excellent idea – to create a social network that prizes users for their contribution, they are all flawed te some way.

Problems With Existing Blockchain Based Social Networks

Akasha

When I very first wrote about Akasha overheen 6 months ago, I wasgoed very excited for the project, but since then there has bot little activity. It seems spil the developers have not made updates to the software. It still suffers from slowness. It is lacking many features that are essential to this type of toneelpodium like a basic ranking algorithm that sorts posts by upvotes. Ultimately, it still uses a token that is not live on the main netwerk, so the token has no real value. Despite all thesis problems, users still come to Akasha and seem excited about the idea. Why hasn’t anyone created an alternative to Akasha using Ethereum by now?

While writing this postbode, I came across an update on an upcoming beta release of Akasha from Mihai, the founder, and CEO. I am excited to see that a beta is coming, and will certainly attempt it out, but spil Mihai commented on a question about Steemit,",there’s slagroom te this space for numerous experiments",.

Steemit

Steemit seems like the largest blockchain based social network at the ogenblik. But Steemit’s largest downside is that the developers built Steemit on a entire fresh blockchain instead of using Ethereum. Ethereum could bring many benefits to a decentralized social network that to mij it makes no sense to create a entire fresh blockchain. A decentralized social network built on Ethereum would benefit from the network effects of Ethereum, it would benefit from all of the scaling improvements that the Ethereum team is working on. Ethereum has a much, much larger user base. It would benefit from people being able to use ETH or a custom-made ERC20 token that users could shapeshift money to and from, and hold te their existing Ethereum wallets. Most importantly, a DAO could be created to develop the project so the verhoging is truly decentralized, and not just a social network with cryptocurrency micropayments. I attempted to create an account on Steemit to see what it wasgoed like, and am still waiting for my account to be approved about a week straks. I am not sure if the network is not accepting fresh users, or if they are having technical issues.

Yours

Yours suffers from the same problems that Steemit does by building on top of Bitcoin Contant instead of Ethereum. Bitcoin specie may be safe from scaling issues for the meantime but has a little user base compared to Ethereum. The coming Bitcoin hard fork te November is a fat existential risk to Bitcoin Specie. Segwit2x will bring transaction fees down to a reasonable amount, and te the long term, Segwit will help give Bitcoin the scalability that will be needed for billions of people to use a social network. This will leave Bitcoin metselspecie with even fewer users than it has now. Bitcoin contant may be here to stay, but with most of the support behind Segwit2x, it will only take a lil’ minority of the users that Bitcoin has. Te the meantime, Yours will be an interesting proefneming to see.

Introducing Fragmented, a Fresh Decentralized Social Network for Ethereum Users

With thesis problems with existing Reddit-like social networks and the appeal of using a decentralized Reddit-like social network built on Ethereum, I have determined to begin building one myself.

Features

This is the feature set that I would like Fragmented to eventually have:

  • Postbode, comment, upvote, and downvote – Users can do all of thesis essential basic deeds that you can do on Reddit and Hacker News
  • Monetized – Users get monetary value for posts and comments te proportion to the number of upvotes. At very first, they will receive Ether, and straks spil the toneelpodium is built out, they will receive an app specific ERC20 token
  • Decentralized – Fragmented will be open source, it will be built on IPFS or Swarm, and revenue from the toneelpodium will flow to a DAO which will determine whether to reinvest ter the podium or distribute a dividend to token holders
  • Advertising – Advertisers will be able to postbode ads ter which a portion of the revenue goes to the users that view the ads, and a portion goes to the Fragmented DAO

Most Ethereum projects thesis days are creating tokens that they voorkoop are not securities. For reasons that Jack du Rose explains ter his excellent postbode describing the Colony token sale thesis projects are exposing themselves to a lotsbestemming of risks because they seem to qualify spil securities by the Howey Test. For this project, I’d like to go the other direction and go through whatever regulatory hurdles I need to create a legal security token. The reason for this is that the business proefje and incentive structure will be much simpler. It will create stronger network effects if the users are also the equity owners te the project because it will give them a further incentive to spread the word about the podium. Once the token is created and used to govern the project through a DAO, the fate, responsibility, and prizes gained from building the podium will be distributed inbetween Ethereum users who want to take part te the toneelpodium. Creating a legal security token creates a lotsbestemming of regulatory hurdles, but is not unlikely to do with platforms like Coinlist, and laws like the JOBS Act. Ideally, I would like to integrate the token into the toneelpodium spil much spil possible so that users of the verhoging get rewarded by using it, and developers get rewarded for building features.

This is an ambitious feature set and will need to be built ter stages. I have created a set of milestones that will guide the project for now. It is significant to note that the earliest version of the network will not be anything like the vision outlined above. I want to get working software te the mitts of users spil quickly spil possible so that they can have a say te what is significant to them, and what should get built next. For this reason, the very first version of the podium will be a plain Hacker News clone with a loterijlot of the functionality of Hacker News stripped out. There will be no cryptocurrency payments of any kleuter, and it will be open source, but not decentralized. From there wij will build toward the vision that I laid out, building the features that are most significant to users of the verhoging very first. To embark out, my target audience will be Ethereum users because, ter the beginning, I would rather have a petite group of users that love the product rather than a ton that like it. For this reason, it makes sense to concentrate the topics of discussion around Ethereum. Spil the product matures, I would target other segments spil well.

Milestones

Ter commencing this project I am defining a few milestones:

It is risky to commit to building a software product without very first validating that there is rente from customers. This is especially dangerous te the crypto space where a very speculative token can give a startup ems of millions of dollars that could go to waste building a product that no one actually wants. Ter the real world, a startup without any market request will likely never get funding. If they do, they will burn through their specie and diegene. Right now, it seems spil if any project that raises a token is getting funded before they even have an app te production. I want to avoid this by waiting until Fragmented has lots of users before thinking about a token sale. So the very first milestone will be to prove that people actually care enough about this project.

The very first validation step is this blog postbode. I will be able to gauge the excitement that Ethereum users have te Fragmented if this postbode receives a lotsbestemming of views relative to the other blog posts that I have posted te the past. Another way I project to validate the idea is a mailing list to capture rente ter the project. The third way I project to validate the idea is to create a landing pagina.

Of course, this is not an precies science, but I will consider the idea ",validated", if Two/Trio of the following metrics are met:

  • This blog postbode gets >,= 1000 total pagina views ter the three months after I postbode it
  • The landing pagina has a conversion rate of 7.5% or higher where a conversion is someone signing up for the mailing list through the landing pagina
  • The mailing list gets >,= 100 signups within a year after I publish it

Once all three of thesis metrics are achieved or Two/Three are achieved within the year, I will stir on to the next milestone. If I fail at Two/Three of thesis metrics, then I will stir on to another project. Thesis goals are not big enough to validate the request of the project alone, but if I fail to succesnummer them, then it is a pretty clear sign that there is not a lotsbestemming of request.

  1. Launch of a plain centralized version

The 2nd milestone is to launch a elementary centralized version of the project so people can commence sharing terugkoppeling, and I can learn what people want. My target user for this iteration will be Ethereum users. I have already commenced to work on the app, and am commencing off with a fork of a Hacker News clone that I found on Hacker News of course. You can observe the progress here. I may work on this a little te parallel to milestone 1, but until milestone 1 is reached the main concentrate will be on driving traffic to the blog postbode, landing pagina, and mailing list. Milestone Two will be built with a Chef spil the backend, so it will not be decentralized at this stage.

Integrate ETH micropayments for upvotes

After the ordinary version of Fragmented is released, I would start integrating ETH tips on upvotes. It would be a plain system where users pay mij (or the dev team at this stage) to create a postbode, users pay a peak to the poster when they comment or upvote, and users receive a peak when other users upvote their comments. If this economical proefje doesn’t work out, I can proef with some other economic models.

Budge backend to IPFS or Swarm

The next step would be technical decentralization of Fragmented by moving the Backend to IPFS or Swarm. IPFS is still te its very early stages, and I have not seen one example of an app that performs well on it. Akasha and Open Bazaar both use IPFS and suffer from usability issues. Colony recently wrote about the challenges they have faced creating a DApp spil well. I am not sure about the status of Swarm, and from my understanding, it is very experimental. For this reason, I would wait to switch overheen the entire app until I can ensure that the user practice would be sleek. I would very likely launch a 2nd experimental example of Fragmented on IPFS/Swarm for users that care about decentralization overheen usability while working on it and permit the centralized version to exist for users who want to wait until the UX is better.

Token sale and decentralized governance

Fragmented will not be truly decentralized until a DAO controls the revenue stream created by the podium. Creating a DAO to govern Fragmented will permit token holders to vote on key decisions, and even to allocate the revenue to build the features they want. To implement decentralized governance I project to use Aragon or Colony. It is too early to say which one I would use at this point because they are both still te alpha/beta, and I have not yet seen Colony’s app. I have read both whitepapers, and have tested out Aragon’s alpha app, and I do not think there is a clear winner te this category yet. Since the Aragon alpha is available now, I have created an organization on the Kovan testnet to proefneming with the technology and to establish equity proportions to distribute to any early contributors that join mij. When the either Aragon or Colony goes live on the mainnet, I will create a fresh org on one of those two platforms.

Transition to a community driven project with deep decentralization

Once the IPFS architecture is ter place, and a DAO is created, it will be time to waterput ter place deep decentralization features into the toneelpodium. Ideally, there would be a system like liquid democracy that permits token holders to make onmiddellijk votes or delegate votes on any decision that affects Fragmented from managing the feature backlog to the capability to hire a fresh CEO.

For any of this to be possible, I need your help. You can have a ample influence on the project by being one of the very first to join the Fragmented newsletter and thrust us closer to achieving the very first milestone. Join mij today at http://www.fragmented.world/.

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