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IOTA: SOCIETY2 could use Colored Coins and presents prototype of the Messenger

  • The founders of SOCIETY2 said in an interview that they could use Colored Coins to offer additional features such as Reddit and monetize the plattform. 
  • The development of the decentralized social network SOCIETY2 is progressing successfully, so a first prototype of the messenger was presented yesterday.
  • Ben Royce explains in an interview why the IOTA Tangle is the perfect technical basis for building the network.

The decentralized network SOCIETY2 is based on the IOTA Tangle and aims to give back control of their private data, privacy and identity to users of the platform. What Ethereum can already do successfully in the financial sector by building a decentralized financial system, SOCIETY2 will create in the information sector. Founder Ben Royce explains in an interview why IOTA is the perfect basis and what role Colored Coins could play.

Colored Coins can be used to monetize the platform

Ben Royce has often been confronted in the past with the fact that his data was not secure and is used by the well-known tech giants like Facebook and Co. for advertising purposes. He wanted to solve this fundamental problem and started to research whether the blockchain technology offers possibilities to build a decentralized platform. In a new interview with helloiota.com, Royce explains how he came across IOTA:

We all begin to think “it should be better,” and then “how would I make it better?” Just as a thought exercise at first, but… as I am at the same time exploring the IOTA ethos of “own your own data,” get it out of the silos… as I examine the genuine self-sovereign control DLT offers, outside of any centralized control, you begin to go “hey wait a second, there is an angle to play here…

The main difference between SOCIETY2 and classic social networks like Twitter or LinkedIn is that users can decide for themselves what data they want to disclose:

SOCIETY2 aims to enable a world in which everyone can own their digital identity and use it to communicate officially or pseudonymously across social channels. We want to provide people choice over when and how their data is shared over social media; and control of their digital identity, data and connections.

Another major challenge is the monetization of the platform. There are different models that can be considered for this, such as different subscription models, the placement of ads or even a premium area. The only critical point is that privacy and data protection must be respected. By using Colored Coins of the IOTA Tangle this problem could be solved:

We have also discussed the use of colored coins. Being able to uniquely color and separately distinguish 1 IOTA at a cost of fractions of a cent, then transfer it free between wallets opens up all sorts of possibilities on a social media platform that can natively use it. We have considered their use for reputation and for opening up advanced features (in a similar way to Reddit coins), which is another monetization avenue we could consider.

Colored Coins are coins that represent real assets from the real world, based on the IOTA Tangle, tamper-proof. Here, an IOTA token is uniquely assigned to a hash by means of a “coloring” process. This token can transport certain information or take a higher or lower value. The possible applications of Colored Coins for SOCIETY2 as well as for further projects and companies are manifold and complex.

Colored Coins can be used to regulate ownership of property, such as a deed of ownership, a plot of land, shares, corporate bonds, real estate, and numerous other financial products. In addition, e-voting could also be handled via them.

SOCIETY2 Messenger prototype presented

IoT & DLT enthusiast and SOCIETY2 developer Markus Kuhlmann presented a first prototype of a possible design of the SOCIETY2 Messenger on Twitter. Although the development is not yet finished, the prototype already shows how the Messenger will work in the future without a centralized app.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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