The First Blockchain Built for Decentralized Social Networks

SAINT VINCENT ISLAND, Caribbean, June 07, 2021 (GLOBE NEWSWIRE) — Not everyone knows that the concept of “social network” appeared back in 1954 and, of course, had nothing to do with the Internet, and they began to study this phenomenon back in the 30s of the last century. Sociologist James Barnes introduced the concept: a “social network” is a social structure consisting of a group of nodes, which are social objects (people or organizations), and the connections between them (social relationships) [ref. Wikipedia]

Social networks for personal and professionals

Social media has an enormous impact on people’s lives nowadays. Many of us don’t even realise the depth of this phenomenon. After all, social networks are already the most used and popular activity on the Internet. At present, out of the 100 most visited sites globally, 20 are classic social networks, and another 60 are socialized to one degree or another. More than 80% of companies around the world use social media in their work. About 78% of people trust information from social networks. While revolutions are even arranged through them. Social networks have become the very center of the modern Internet.

Market opportunity

According to research the market size of the global social media is expected to grow from 94.83B USD in 2020 to 308.96B USD by 2025, with a CAGR (Compound Annual Growth Rate) of 32% and over 4.41 billion users. The major growth factors are more focused on competitive intelligence and increasing user engagement of social media using smartphones.

Problem with centralized social media

Centralized social networks are based on servers where all information provided by users is stored. This is how social media companies make money from advertising and statistics. The most famous example of a centralized social network is Facebook.

It uses the data of its users to find out their preferences and habits and serve them targeted ads. As a rule, most social media services are free and involve only communication. It should be said that there are some exceptions here: for example, the YouTube network allows video creators to earn money, but this requires many thousand hours of views, subscribers and paying high commissions.

Other major concerns about the centralization social media are:

  • Users are the product, not the customer: Centralised social media should be the way to connect people to one another, but companies like Facebook may connect people better than any other service, it does so at a cost: it gathers troves of data on participants and uses that data to sell targeted advertising.

  • Advertisers are not just companies that want us to buy their goods and services, but also ones that want us to think a certain way about a political candidate or a social issue so that we’ll vote a certain way. With centralized social media applications like Facebook, Instagram, LinkedIn, Twitter, and YouTube, advertisers are the customer, and user data is the product.

  • Centralized services are easy to hack: You’re probably familiar with this argument if you’ve been reading about blockchain for a while. When a company uses centralized storage for user data, any breach of that system exposes enormous troves of data in one fell swoop. One of the serious attacks launched on Facebook was in 2018 where the company failed to protect the personal information of nearly 50 million users.

Decentralized Solutions to Centralized Problems: Introducing Aurora Network

For many years, developers have been working on decentralized alternatives to centralized social media. These decentralized alternatives are not owned by major companies. Because of that, they don’t have shareholders whose interests might not be aligned with those of users. They also don’t store data on those centralized servers that create an irresistible target for hackers.

Aurora Network was founded as one of the best alternatives to bring complete decentralization to social networks. With Aurora, anyone can monetize personal data and earn incentives for simple online activities such as share, like, comment or even add friends. The company applies an innovative technology to improve and enhance the blockchain’s performance in terms of transaction speed, security, transparency, and scalability, which are prominent issues with the current Ethereum.

Aurora Network comprises 21 Validators that act as the main engine for a Hybrid Proof-of-Stake (HPoS, a combination of PoA and PoS) consensus mechanism. This architecture enables almost zero transaction fees, low transaction latency, and fairly high transaction speed of 500+ TPS.

“Flexibility and usability are often in an inverse relationship with performance. And while we understand the importance of high TPS, our main goal is to enhance the on-chain programming factors, or simply the Smart Contract. The security, stability and finality of the chain are also ensured through a set of new techniques such as double authentication, staking via smart contract and the process of validating blocks that take place “randomly” from validators.” – the Aurora team. (ref. Docs Aurora Network)

Solution of Aurora Chain

  • Scalable Aurora is designed to be massively scalable, robust, and efficient. The core consensus engine is able to support a global network of potentially hundreds of millions of internet-connected, low and high powered devices that operate seamlessly, with low latencies and competitively high transactions per second.

  • Secure Aurora is designed to be robust and achieve high security. Classical consensus protocols have several limitations when facing flash loans attacks. It is the new permissionless system to provide such stronger security guarantees.

  • Decentralized Aurora is designed to provide unprecedented decentralization to Social Networking, Personal Assets and Data. This implies a commitment to multiple client implementations and no centralized control of any kind.

  • Interoperable and Flexible Aurora is designed to be a universal and flexible infrastructure for a multitude of blockchains/assets, where the base $AUR is used for governance and as a unit of value for exchange. The system is intended to support, in a value-neutral fashion, many blockchains to be built on top. The platform is forked from Ethereum, the most popular and widely used blockchain, to make it easy to port existing blockchains onto it, to import balances, to support multiple scripting languages and virtual machines, and to meaningfully support multiple deployment scenarios.

  • Aurora’s Smart Contract possesses dynamic features, including high scalability, high performance, multilingual, cross-contracts, cross-virtual-machines, etc., all integrated into one system. Aurora’s Smart Contract supports multiple programming languages, which saves time of learning a new programming language for developers. Currently, supported programming languages include Go and Python. The programming languages that will be supported in the future are Java, C++, Rust, and JavaScript.

Aurora implements a well-thought roadmap, with each objective being carefully evaluated. The goal is to bring the most quality products and services to users without spending excessive development time.

Roadmap: (ref. Official site)

Q2/2021

Validators setting up

  • Testnet Beta Launches

  • Validator Sale Round 1

  • Validator Sale Round 2

Q3/2021

Mainnet launching

  • Mainnet launches along with AUR Token

  • Aurora Bridge (Binance Smart Chain, Ethereum)

  • Aurora Stater Release

  • Dex Exchange Release

  • IDO on AurStater

  • Listing on AurDEX and cross-chain trading

Conclusion

Willing to share interest and information with advertisers if different from getting it shared without our concern. We all deserve to have knowledge of and control over what data is sold, to whom, and for what purpose.

By shifting to decentralized versions like Aurora, providing an infrastructure to a permissionless, secured and scalable platform which supports a wide range of applications such as social networks, businesses building or simply dApps will regain much of the power they lost when using centralized infrastructure.

Want to know more about Aurora? Visit:

Website: https://aur.network/
Whitepaper: https://docs.aur.network/
Twitter: https://twitter.com/AuroraChain_EN
Tele group: https://t.me/AuroraChain_EN
Channel: https://t.me/AuroraChainANN

Media Contacts –

Name: Daniel Segev
Email: aurora.zendesk@gmail.com
Company: Aurora Network

https://finance.yahoo.com/