Major social media and communication platforms Facebook, Instagram and WhatsApp went offline on Monday as the price of Bitcoin and other cryptocurrencies rose. According to recent data, Bitcoin (BTC) price rose above $49,000 after falling to a daily low of $47,166, an increase of around 4.5% in less than two hours.
Major social media and communication platforms Facebook, Instagram and WhatsApp went offline on Monday as the price of Bitcoin and other cryptocurrencies rose. According to recent data, Bitcoin (BTC) price rose above $49,000 after falling to a daily low of $47,166, an increase of around 4.5% in less than two hours. Likewise, the price of Ether (ETH) was up 3.5% over the same period, reaching $3,411 at the time of publication. The sudden price volatility was due to the fact that major social media platforms Facebook, photo and video sharing app Instagram, and messaging app WhatsApp – both owned by Facebook – started operating on October 4 at around 3pm:4pm UTC. The company has been “working to get back to normal as quickly as possible,” the company said on Twitter.
Around the same time on March 13, 2019, all three platforms reported major crashes lasting more than 24 hours. At the time, Facebook attributed the problem to a “change in server configuration”. Interruptions may affect community engagement on crypto and blockchain projects, but Discord, Twitter, YouTube, and many other platforms are still functioning normally. Many Crypto Twitter users are already using the incident to highlight the need for a decentralized social network based on blockchain. “If they built Facebook on the blockchain, it would never have crashed,” said Alan Farrington, who regularly writes about bitcoin and cryptocurrencies on his medium blog.
The hiatus also came after former Facebook employee Francis Haugen handed reporters thousands of other documents showing that the company was not doing what it claims to remove hate speech and publications that, among other things, were advertised. Facebook shares were down more than 5% on Monday, reaching $324.90 at the time of publication. Twitter is already working on its own initiative for decentralized social media. CEO Jack Dorsey first announced in December 2019 that the platform would fund a dedicated team to develop decentralized social media standards and recently hired crypto developers to lead the group. Dorsey later said the goal was to move away from hosting and removing content to recommending algorithms that grab users’ attention and avoiding content that causes controversy and outrage rather than having healthy, informative conversations.
Social media platforms are constantly under attack for their lack of complete end-to-end encryption, existing privacy policies, and censorship, but blockchain-based decisions could mark the end of the era of centralized social media dominance. Social media is an integral part of everyday life in many ways for both businesses and the average consumer. Today, the platform connects individuals to the type of content they want based on their own data. A streamlined bait given to consumers to eventually lead them to a waiting business should be the ideal scenario. However, in terms of award distribution, the results are often very skewed.
A decentralized social media platform along the lines of Bitcoin will restore the responsibility of end users to guarantee their privacy rights and remove these barriers. In addition to the obvious benefits of a decentralized economy, where equal value is shared between node owners and creators, blockchain-based solutions can even increase usability. Basically, users can login with their private key and download all the custom settings from the blockchain instantly. Users can then post content, choose its quality, promote it, and subscribe to content creators.
Bastyon Network, recently renamed Pocketnet, is one of the decentralized social networks that mimic Bitcoin. However, despite the poor codebase derived from Bitcoin, Bastyon uses a proof-of-stake consensus algorithm. Content creators are usually user aliases identified by their public key and self-disclosing information. Meanwhile, the node supports blockchain and answers RPC socket calls from the front end. They will only be rewarded if they do it this way.
Bastyon recently released a decentralized peer-to-peer encrypted private messenger that is not tied to a user’s phone number. Blockchain offers a ledger that allows the exchange of encryption keys to establish a secure asynchronous channel. This way, all one-to-one conversations are end-to-end encrypted by default, as are all images sent or received via chat. As an added layer of data protection, message history is only stored for seven days. Users can also transfer Pocketcoin platform native crypto tokens (PKOIN) directly through the platform. To earn PKOIN, users can trade up to 19 crypto tokens including BTC, ETH and DOGE on multiple exchanges.
Bastyon’s user interface is also not limited to any particular region. The platform is available in multiple languages such as English, German, Chinese, Korean, French and Russian. According to Bastion, nearly all of the power and wealth in today’s Internet landscape is concentrated in the hands of a few. The decentralized social network wants to accomplish this by bringing the basics of Bitcoin to the world of internet platforms. “Users continue to jump to centralized apps and this platform is pushing them as they get older. Bitcoin offers packages for all decentralized applications, and Bastion is truly a Bitcoin social network,” said project founder Daniel Sachkov. Bastyon Messenger is available on bastyon.com as an Android app and as a desktop app.