The easy access to internet and content publishing platforms has made it possible for everyone to generate and publish their own content. The availability of vast amounts of content makes it hard for an average consumer to differentiate between quality and mediocre content.
In the recent days, the social media platforms have become the most preferred channel for content publishing and consumption. These platforms have unique systems in place to rank the shared content. It takes into account the history of a particular user or publisher to decide upon the quality and relevance of the shared files. However, such reputation-based scoring systems fail to detect occasional shortcomings on the publishers’ part.
Respectonomy, a blockchain-based social media initiative has come up with a solution which can overcome such flaws. Powered by RESPECT crypto tokens, the platform is user agnostic. The open source platform judges and ranks every single content based on the votes it receives, without giving any consideration to the person behind it. This way, the platform ensures that the user always has access to quality content and not to spam, ads or other promotional material.
The decentralized nature of Respectonomy, facilitated by the use of Bittorrent based content storage system makes the platform censorship resistant. All leading social media platforms like Facebook, Twitter, Google+ and others have filters and censorship policies in place. These censorship policies sometimes curtail people from sharing their opinions, thereby preventing them from exercising their right to free speech.
In addition, Respectonomy also offers a way for content creators, both big and small to monetize their content through RES tokens. The RES token is an independent cryptocurrency built on a Proof of Work blockchain. It can be used to vote for the content, thus increasing the content’s worth. Once people start trading RES tokens, its value will be determined by the free market, based on demand and supply.
The team behind Respectonomy have gone to great lengths to create an open, censor free and secure social media platform. In order to sustain further development, the platform is planning to raise funds through an ICO. The month-long Respectonomy ICO goes live on February 1, 2017. During the crowd sale, the platform intends to collect 2000 BTC by offering 2000 RES per BTC.
The maximum cap for RES token is tentatively set at 5 million, out of which one million tokens will be set aside for bounties, campaigns, translations and early adopter bonuses and the development team. The final number of RESPECT tokens will depend on the total funds raised by the end of crowd sale.
Those interested in becoming part of Respectonomy’s journey to create a democratized, censor free social media platform can do so by taking part in the upcoming ICO. More details about the ICO along with the project whitepaper is available on the platform’s official website.