Respectonomy, a decentralized, self-moderated social network that will allow users to share content without any fear of censorship and be rewarded for it, has announced its initial coin offering for the month of February. The site is offering a 25% bonus on the first day, Feb. 1.
The crowdsale seeks to raise 2000 BTC. The sale will automatically end when this cap is reached.
The initial rate of the Respect token will be 0.0005 BTC (1 BTC to 2000 RES).
Infinite Coin Supply
If the ICO does not reach its target, the amount raised will determine the number of tokens mined. The coin’s total supply is infinite, of which 5 million is pre-mined; 4 million for ICO participants and 1 million for bounties, translations, campaigns and early adopter bonuses.
A “signature” bounty and a Twitter bounty have been released. The progress of these two bounties can be viewed online.
Respectonomy has also released the final draft of its white paper, which is available on the website.
The developers of this soon-to-be-released network believe it will be the first to remove all forms of censorship.
PoW And Bittorrent Protocol
The open-source, browser-based network assigns value to data and offers a mechanism for fairly compensating data bandwidth availability. It uses a proof of work (PoW) blockchain and the Bittorrent protocol to determine the value of the RES tokens that run the system.
The independent token, unlike colored coins, allows for a closed network with a dynamic membership of parties that determine its true value.
The Respectonomy platform is an open-source pool that runs a website using a blockchain. Users can use the website hosted with the pool (trusted) or fork and run the code for themselves, only interacting with other users through the blockchain and a Bittorrent-like content distribution protocol.
Respectonomy uses the peer-to-peer network like a closed market, by facilitating evaluation of content to determine its intrinsic value, then uses this value to facilitate trade of content. The trade further depends on the market’s evaluation of the content.
Bitcoin, by comparison, enables value-transfer due to its rarity. This is the main reason behind the need of a new custom blockchain; a closed market is needed to determine the value of an object’s rarity.
User Authenticates In Login File
The Respectonomy user authenticates themselves in the login file on the platform. This file uploads, and after verification, the user connects to the platform which is a pool in itself. The file is encrypted and gets stored on the user’s system. It consists of the following:
- Authorization information: The encrypted file has the private and public key pair information used to verify the UTXOs from the blockchain.
- Unspent Transaction Outputs (UTXOs): The UTXO stores the unspent RES in the user’s wallet. The UTXOs’ sum is the balance of RES from all the interactions on and off the platform.
- Third party application information: These include external applications to be used with the platform. An example would be the list of IDs of persons the user follows to get updates on new posts
Respectonomy decouples the interaction of a social network from content availability and distribution by separating the networked data layer using Bittorrent from the blockchain layer. Any mining pool hosting can program the social network code where the underlying blockchain code remains integral.
The blockchain layer runs the bitcoin protocol, creating “respect” and allowing it to be distributed.
The social networking layer controls the social interaction and content distribution. This decoupling provides a significant improvement over previous systems by not increasing the capacity of content flow, and allowing each layer to deploy features independently of one another.
Specialized Social Networks
The system’s design enables creation of specialized social networks with weighted payments but using the same token. This will enable the creation of sidechains, each of which are separate social networks but created independently of the underlying token and assigning different weights to contents that relate to specific economic categories.
In an open network, populist content can attain more upvotes than scientific content. If a network opts not to do this, it can create a new social network with weighted payments and an underlying sidechain and mining pool setup on its own. This permits the free market to determine fair compensation of content, both quantitative and qualitative.
This is a sponsored story.