Bitcoin, Cryptocurrency And Blockchain News

Blockstack Commits $1 Million to Support Crypto-Based Social Platforms


Blockchain has had an impact in many spheres, from finance to how people conduct business and store their records. However, there is much to be done in the social networking sphere. People still do not have full control of the way they connect and network on social media platforms.

It is this realization that has led Blockstack to set aside $1 million that will support social network dapps, which will rewrite the fundamental way in which we connect.

In an announcement made on Thursday, the company said the developers that will benefit from this grant will determine the nature of their projects. The company said that its optimistic that the grants will inspire a number of usable dapps that are geared towards the preservation of digital rights, privacy and user choice.

The company’s co-founder, Ryan Shea told CoinDesk in an interview,

We’re really looking for the best teams to build applications on top of Blockstack that have the highest likelihood of getting widespread user adoption,

Shea explained that the initiative is meant to offer real value to end users, allowing them to have full control of how they interact and connect with others on different social media platforms. Shea says that the money is meant to offer incentives to developers to come up with superior alternatives to popular social media platforms like Facebook and Twitter.

Cambridge Analytica Saga

The initiative comes just weeks after it emerged that popular social media platforms such as Facebook were colluding with third parties to gain access to clients’ data, which was then being used to influence their decisions on a range of subjects, potentially including political leanings.

Shea says that it is the right time to explore alternatives to the popular social media network and bring to an end people’s data being used without their consent.

The company wants the developers to use the grant to come up with features like un-censorable microblogs and community-curated blocklists. Developers are also at liberty to come up with dapps that target specific groups with common interests such as the LGBT community, activists, illness support groups and journalists.

However, Shea says that the suggestion should not be taken as a way to curtail or confine people but as a way of departure for further exploration.

Shea noted that teams will have an opportunity to seek other forms of venture capital as this will just be a stepping stone. 

Each developer or team that is accepted will receive $100K to build a social network using the Blockstack infrastructure. Teams will have the opportunity to present at future Blockstack Summits, and receive further support in the form of capital or mentorship.

Image Credit: Deposit Photos

Do you think the availability of these funds will revolutionize the social media sector? Share your thoughts with us in the comments section.