We introduced the VLOCITY blockchain for social medias according to our principles of creating a new model of trust for decentralized technologies and rewarding users fairly with cryptocurrency tokens. It is a fork of the Avalon second generation blockchain and it has been reworked and streamlined to include new features and improvements.
Using the blockchain to change the paradigm of trust
The blockchain, decentralized infrastructures and new software can change how trust is implemented on social networks. The blockchain is a central ledger that is hosted among many participants connected to the same network. It achieves the objective of trust because of the following properties:
Immutable: It functions based on a consensus algorithm that can validate new entries on the ledger by asking the approval of all participants. The data can’t be changed without a peer consensus. This protects against censorship.
Transparent: All financial records concerning holdings or transfers are public. This addresses corruption.
Commitment to privacy: Only a public key is required for logging in. This solves the problem of collecting personal data for an additional revenue stream.
The decentralized infrastructures can’t be censored and use protocols such as the IPFS or InterPlanetary File System to provide file hosting capabilities for all peers in a network. The infrastructure doesn’t depend on one specific node as traffic can be redirected if is required.
Figure 3: The IPFS infrastructure
User contributions are rewarded
The collaborative models for communities have received positive opinions and they gained this appreciation by implementing the user’s contributions, such as car sharing, community reviews or code that was available publicly.
The appeal of social media consisted in giving users a connection to video creators on YouTube, experts on Wikipedia, developers on Github and friends on Facebook.
The VLOKR platform functions in a similar way, by allowing users to post, vote, comment and tag content. The difference to other platforms is that users can earn a reward in cryptocurrency tokens for this contribution. The tokens can be traded for their value on exchanges or used to promote content on the platform.
“The VLOCITY social blockchain introduces a new system that rewards users for contributing with posts, votes or tags.”