Updated: Jul 6, 2018
Blockchain is a digital financial channel based on a distributed ledger technology, which has the potential to replace money and outdate banks and financial institutions.
The most popular blockchain based cryptocurrency is Bitcoin, and a rising challenger (which seem to be a more promising solution that large enterprises are beginning to explore) is Ethereum. Basically, these virtual monies uses electronically recorded transactions between two parties efficiently and in a verifiable and permanent way to transact financial deals, eliminating the use of money and banks.
According to World Bank, over $430 billion U.S. dollars were circulated in the last two years using blockchain mechanism. With this technology, there is no concept of a middleman (banks or financial institutions) in transactions. Digital wallet applications for blockchain which lets users to purchase products using bitcoins and other digital currencies would be equivalent to your credit card in essence.
A couple of months ago, a team of promising tech entrepreneurs from Mexico approached me to discuss a project using distributed social media that aims to give incentive to both its contributors as well as their supporters through a new cryptocurrency called VTOS. Imagine getting paid for hours and hours of viewing vlogs, not such a bad idea.
What is VTOS?: it is a Blockchain-based decentralized social network now in incubation and is expected to hatch by August 28. Please monitor it here > https://vtos.io.
Social networking has completely changed the way people interact and share knowledge. However, despite all the progress, the users who are vital for the growth of social media have not benefited as they should have. Large corporations continue to have the full benefits and control of the data and content created by users of social media.
To democratize social media, VTOS is the answer. It seeks to revolutionize the way content is generated and shared using the ethereum blockchain technology and WebTorrent powered peer-to-peer channel and social media platform. VTOS is seeking to completely change the way video and blog content is made by bringing the power of decentralization to benefit content creators and the general social media community, and rewarding them with mined cryptocurrency VTOS.