Narrative Unveils Blockchain-Powered Social Network
A newly founded startup called Narrative is using cryptocurrency and blockchain technology to build a social media platform that rewards creators, moderators and influencers who contribute to the platform, “putting revenue in users’ pocket, not Mark Zuckerberg’s.”
Narrative uses blockchain technology as the basis for its content currency, the NRV token, which will be used to reward users who make any kind of contribution to the platform, whether that’s writing posts, comments, posting images, or monitoring content, as well as to pay for items of value such as channels and advertising. Blockchain allows the system to collect and distribute revenue with complete transparency.
The Narrative platform will include three channels: a Personal Journal where writers create their own content, Niches were users create content and participate in discussions separated according to topic, and Brands where organizations create discussions and where brands owners decide who can post content.
Users will “govern” the system, electing their own moderators, a Tribunal that functions “like a Supreme Court,” and even deciding which ads run on the platform. Users will also be able to choose to be rewarded either in cryptocurrency or in conventional currency.
Content management on the platform will be performed by elected moderators, and all actions on the network will be completely transparent. Through a system of content ratings and user reputation, Narrative said it will help minimize the impact of “bad eggs” in the community.
While Ethereum will be utilized for the NRV cryptocurrency, the company plans to use another blockchain platform to manage a broader scope of transactions, including the recording of fiat payments. It is currently considering using a public Hyperledger for the broader blockchain implementation. The beta release is scheduled for Q3’2018.
Narrative, a company established earlier this year, is joining the ever-growing list of startups that are using the technology to create blockchain social networks.
One example is Steemit, a platform that’s very much like Reddit except that the system rewards users with Steem, its native cryptocurrency, for creating and curating content.
Another example is Indorse, a new platform based on Ethereum which is creating a truly decentralized professional social network. On Indorse, users own all their data and get paid directly for contributions. This solves the two major issues currently surrounding social networks: users no longer have to create amazing content only to sign away their rights to the social network, and users are actually rewarded for helping build the platform.
Indorse is set to launch its Minimum Viable Product (MVP) later this month after raising approximately US$9 million in its token sale back in September.