Blockstack Announces $1 Million Fund to Develop Decentralized Social Networks


Centralized social networks are quickly losing the trust of their users as more and more data scandals are uncovered. With the most notable example being Facebook, which was recently ousted for the collection and improper use of the personally identifiable information of up to 87 million of its users, many now look for real, viable alternatives to the current social network options.

While new-generation platforms, like Holonis and Vero, offer interesting alternatives to the current tech giants,¬†they all still suffer from the same core issue: centralization. That’s why the Blockstack Public Benefit Corporation has announced the launch of a $1 million initiative to support blockchain developers to create truly decentralized social network alternatives.

Blockstack is a blockchain project developing a new internet for decentralized apps where users own their data and all a user needs to to get started is access to a browser. In the announcement, Blockstack, which is backed by the Winklevoss Twins, states that it aims to support the creation and growth of up to 10 teams that have unique approaches to building decentralized applications that preserve digital rights, privacy, and user choice.

Teams have the autonomy to build different features, or target broad or narrow audiences. They could build online networks for activists in authoritarian countries, or forums for people with a shared illness. Their apps could have completely new features, or take interface cues from Facebook or Twitter. They’ll just have to prove product market fit and show an ability to reach mass adoption.

Each team accepted into the program will receive direct support from the Blockstack ecosystem, as well as a capital allotment of $100K with an option for more if an idea proves to be promising.

Meanwhile, centralized platforms are beginning to take notice of the growing blockchain competition, and Facebook just announced the addition of a new blockchain group after an executive reorganization earlier this week. Nonetheless, this new initiative offers a major opportunity for users looking to unchain themselves from centralized networks, while also offering the Winklevoss Twins timely retribution against The Facebook.

More: A $1 Million Request for Social Networks
Similar: Facebook Adds New Blockchain Group With Executive Reorganization
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