Blockchain startup Block.one announced it has invested $150 million into its EOS-blockchain-powered social media network Voice. Rumors are that it is not only a decentralized version of Facebook, Twitter and Co. but also a platform to distribute universal basic income (UBI)
Launched in 2019, Voice was pitched as a blockchain-based social media application designed with users of the platform in mind. Said to be a “more transparent social media platform for the world,” the service is currently available only in the U.S. in closed beta testing.
The service itself is Twitter like right now but with added ability for users to be rewarded for their content through the Voice Token cryptocurrency. Users verified in Voice obtain the tokens daily based on their participation but at the moment the tokens have no monetary value, according to Somagnews. Any tokens earned during the beta test will be reset once the service launches with users said to be able to convert them to money.
The investment into Voice is to allow the social network to operate independently of Block.one.
“We are creating living journalism instead of static news platforms,” Block.one Chief Executive Officer Brendan Blumer said in a statement. “With Voice setting out to fundamentally change how media platforms are working, it was the right time for Block.one to hand the reins to (Voice CEO) Salah Zalatimo and allow Voice to grow under his leadership to create a truly unique experience for content creators everywhere.”
On the blockchain side, Voice was built on Block.one’s EOSIO protocol best known for the EOS token. EOSIO is designed for both public and private blockchain networks and can be customized to suit business needs. The platform is scalable, with secure processing for mass adoption at claimed industry-leading speeds.
Block.one itself is notable as still holding the record for the biggest initial coin offering of all time: $4.2 billion in June 2018. The company was last in the news in September when it paid the U.S. Securities and Exchange Commission $24 million to settle a lawsuit that claimed that its ICO was an unregistered security in breach of U.S. securities law. Block.one neither admitted nor denied the SEC’s claims under the terms of the settlement.