BARBADOS, April 22, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) –– Social Technologies announced today that the key generation event for social.network, a decentralized protocol aimed to solve current dilemma faced by centralized for-profit social networks, their users, governments, and the economy it is tied to, is now live at http://social.network/. The social.network represents true decentralization, utilizing a public, permissionless blockchain for governance, file storage, and compute using Polkadot, IPFS, and other Web3.0 technologies, removing the central authority behind today’s problematic social networks to put ownership and control of global social networks in the hands of its users.
“The real driving force behind crypto and distributed ledger technology is the removal of trust and communication barriers that exist between global Societies, and that’s the mission of social.network” Social Technologies CTO, Sukhveer Sanghera. “Bitcoin showed the world how banking can exist without central banks, Ethereum showed how finance can exist without central institutions, social.network hopes to now do the same for centralized social media companies that are leading humanity to a very dystopian place for ad revenue.”
Today’s Key Generation Event will allow interested users to create a self-sovereign identity by following simple steps on the social.network home page, including selecting a group of trustees that will be part of the user’s Social Recovery Protocol, a key recovery system unique to the social.network enabling a peer-to-peer web of trust to protect the network from malicious actors, while removing the need for a centralized authorities to store the private keys or passwords of their users.
The social.network users will find a host of technologies which power the decentralized network allowing them to better manage their own data, assets, and ultimately the global social network including:
- Decentralized Identity: In the case a users private key is lost or stolen, the social.network implements a social recovery system that works by specifying a set of trusted identities (friends, family, or service providers), a recovery deposit, and a threshold of approvals required to port an identity to a new cryptographic key pair. If the request is successful, the user can recover their assets via a new cryptographic key pair they have access to.
- Decentralized Data: Powered by a Polkadot and IPFS compatible, public, permissionless blockchain, ‘guardian nodes’ are used to secure transactions, and create a distributed ledger of trust for that don’t require a centralized storage of data and assets susceptible to large scale hacks, surveillance, or control.
- Decentralized Business: Content creators on platforms built on top of the social.network protocol will be able to own their posts as NFTs, and leverage decentralized finance protocols to create sustainable incentives that do not require the ad-driven business models that have plagued technology companies of the past. Instead, a decentralized autonomous organization will accumulate transaction fees from the energy efficient, nominated Proof-of-Stake rewards and distribute them to Societies determined by the social.network users themselves.
The launch of social.network comes amid the numerous fault lines that have been exposed in centralized social media companies over the last several years. The current framework of these centralized platforms allows for the exploitation of users for corporate gain, the breakdown of democratic systems, all while promoting consumerism in the form of games and fandom.
The key generation event on April 22nd (World Earth Day) represents a new perspective and purpose for our global social network. To be a part of the genesis, please visit https://social.network to get started.
About social.network
The social.network is a decentralized network owned by the creators of the social future. Powered by a Polkadot-compatible blockchain, IPFS, social tokens, NFTs, and DeFi, with a secure trust system, social.network allows users to take back control of their online networks.
Media Contact:
socialnetwork@transformgroup.com
