1. Home
  2. Data ownership

Data ownership

MeWe social network with 20M users to integrate with Polkadot parachain

The integration is built on DSNP, a protocol created by Project Liberty.

Social network MeWe will integrate with the Frequency blockchain network, a parachain of Polkadot, according to an April 26 announcement at Consensus 2023. The announcement added that the company will begin moving its users’ accounts over to the network during this quarter.

MeWe was launched in 2012 and has been touted as a “Facebook alternative” with allegedly better privacy protections. An Axios report in September stated that the network had over 20 million users. Frequency launched as a Polkadot parachain in November.

At a Consensus 2023 panel called “Laying Web3's Foundation With Decentralized Social Networks and Data Rights,” MeWe CEO Jeffrey Edell stated that the move will allow MeWe to make a permanent commitment to data ownership for users:

“Blockchain is like doubling down on privacy. So now you’re allowing the technology to do what companies promise [...] Someday MeWe could get acquired by someone, a big company, and in that instance, the privacy aspects could be lost, but once we commit to the blockchain, we’re committing to that privacy side.”

“We never surveilled, we never amplified bad news or misinformation, that’s just not something we do, so we’re very logically set up to move into the Web3 world," he said, adding, “We have to sort of march into that slowly and prudently but with full commitment.”

According to the announcement, the integration between MeWe and Frequency is based on the Decentralized Social Networking Protocol (DSNP), which Woodham worked on as part of Frank McCourt’s Project Liberty. McCourt allocated $100 million to that project in June 2021.

Related: Web3 social media protocol launches ‘layer 3’ to provide instant posts

Amplica Labs was the initial technical contributor to Frequency. Its president, Braxton Woodham, who was also on the panel, emphasized that the partnership between Frequency and MeWe will not solve all problems in social media right away. However, he claimed that it would provide a basic framework that app developers can build upon to fix a variety of problems in the future.

“Social networks involve a lot of different problems, ranging from the user experience to moderation to AI algorithms for curation," he said, explaining that “it’s virtually impossible to solve all problems at once, and so the approach we’ve been taking together is, let’s link our digital presence together on the web to create the social web. That sets up the ability to attack the data layer and approach those difficult problems.”

Analyst Issues Crypto Alert, Says One Catalyst Could Trigger an ‘Aggressive Move Down’ for Altcoins

NFTs offer a new way for society to ‘store culture’ says Animoca Brands CEO

Animoca Brands co-founder Yat Siu has urged new NFT users to look past profiteering and examine how nonfungible tokens can redefine culture.

Yat Siu, the co-founder and chairman of NFT game developer Animoca Brands, believes nonfungible tokens offer a new way for culture to be stored in the virtual sphere.

In an interview with Cointelegraph, Siu argued that while the technology underpinning NFTs may be new, the desire to “store culture” has long been with us throughout human history.

“We describe NFTs as stores of culture, because they embody a moment in history,” he said, adding: “What is art? Art stores culture.”

Siu is a Hong Kong-based tech entrepreneur who previously worked at Atari and also founded the Outblaze gaming company. Animoca Brands was founded in 2014 and has released notable NFT projects including The Sandbox, F1 Delta Time and MotoGP Ignition, and it  invested in Dapper Labs, OpenSea and Axie Infinity.

The Animoca chairman said that culture is about more than just the monetary value of an artwork, and pointed to the example of his daughter and her favorite band BTS, stating that she doesn’t aim to get an autograph from the popular K-Pop group in a bid to flip it for a quick profit:

“Most paintings in the world aren't worth a ton, but like owning culture, the vast majority of people who buy art today or photography don't intend to sell it right away. That's not how we engage with culture.”

When asked what advice he would give to NFT newcomers, Siu urged newbies not to seek opportunities for fast profiteering, instead recommending they immerse themselves in the revolutionary utilities enabled by the technology.

“Start with buying your first NFT not with the intention to make money for you, but simply with a desire to [...] learn from it,” he said.

Related: Bloktopia, a VR metaverse, partners with Animoca Brands, Jake Paul and Bitboy to give users access to crypto information

Siu also argued that NFTs represent a dialectic shift in data ownership and data rights, asserting: “What's interesting about this ownership that we're able to create, is that it doesn't come from a sort of scarcity that you can dig up from the ground.”

Siu described data as among the world’s “most valuable resources,” pointing to the tireless efforts of big tech companies like Amazon or Facebook to mine every skerrick of data from their users in a bid to personalize the advertising they see on social platforms.

“Data has become the source of absolute power,” he added.

Animoca Brands completed an $88.88 million capital raise in May based on a valuation of $1 billion.

Analyst Issues Crypto Alert, Says One Catalyst Could Trigger an ‘Aggressive Move Down’ for Altcoins