Even though their presence goes beyond a state and they aren’t controlled by a specific nation, social networks are centralized systems at their core. This is because, although there are millions of users worldwide, the network itself is managed by a small (comparatively) team, and all profits made by the network go to them. Enter Sphere, a decentralized social network made with privacy and profitability for users as their main interests.
Sphere is intended to be the first social network that allows for users to earn the money usually reserved only for the programmers behind social media.
Part of what makes the profitability of social networks is that they get to own your information and share it with brands and companies for advertisement, this is the reason why there are so many ads on social networks and why they change with users: they allow for businesses to advertise their products to those customers more likely to enjoy them by providing them with your account data.
Sphere looks to keep transparency as its own ICO whitepaper states that they’ll look to benefit both users and advertisers.
How will they do this?
Using the SAT (Social Activity Token), essentially a social network token meant to be used in transactions inside the Sphere social network.
Which transactions can be done in a social network?
First, profits from advertisers are shared with users who own SATs, since any company that wishes to acquire information on users (like they do on today’s social media) must pay not only Sphere but the users as well. These payments will be made with SATs.
Also, the network will support a market section, where users can post products they wish to sell by including pictures, descriptions, location, and a set price valued in SATs.
SATs will then be stored in Ethereum wallets (like MyEtherWallet) and can be exchanged for other cryptocurrencies, for fiat currencies, or used as a medium of exchange in their own right.
To fund this project, there is Sphere ICO, an initial offer of SATs that will hit exchanges before the platform is launched to give users a head start and to add capital to Sphere to finish and launch the project.
Another benefit from Sphere is that it stores the information on a blockchain, which makes it more secure against hackers and third parties wishing to illicitly get your personal data without your consent.
In short, Sphere is more than a decentralized social network, it’s the revolution of social media itself. A platform with its own social network token used for transactions inside its own platform. It also provides benefits for both users and advertisers since they permit total transparency in the acquisition of data from users and also allows users to benefit from this since they not only must authorize it first but will also get paid for doing so.
If you wish to support the project, head over to their website and register in order to stay tuned for the Sphere ICO (initial price of 20SAT per USD).