— Sociall.io, the private decentralized social network, is pleased to announce that its closed beta registration is now available to a broader audience, following popular demand amidst rising data privacy concerns.
As evidenced by the latest data row with the world’s most popular network, Facebook, these are turbulent times for data privacy. Mainstream social networks claim ownership of user data and content, directly or indirectly, allowing third parties to access and harvest consumer information.
While almost 2.5 billion users across the globe use some form of social networking, consumer trust is at rock bottom. Research by access management company Gigya showed that 68% of consumers did not trust brands to handle their personal information appropriately.
Jade Mulholland, Founder, and CEO of Sociall stated:
“At Sociall.io, it is our intention to provide an adequate response and solution to recent challenges affecting social networks”
Mr. Mulholland added:
“To this end, we are building a secure and decentralized social network. Sociall encrypts all data and multimedia uploads, and stores it securely all over the world, making it completely decentralized.”
The platform is private and discourages search engines from viewing user profiles or displaying them in search results. Sociall does not claim ownership of any uploaded data or content. All information belongs to the user.
Users will utilize a native currency, called SCL, to pay for goods and services on the platform. The coin is in circulation and is traded on a number of exchanges. All accounts will have a decentralized wallet to securely store SCL and other popular cryptocurrencies. Wallets will exist within a series of smart contracts on the Ethereum blockchain.
Power Back to the People
Sociall will make a gradual transition to complete self-governance. Users will assist in keeping it clean and safe by removing offensive posts and spam. In exchange, they will be rewarded with SCL. Users will also have the ability to make updates and fix issues.
To offer true decentralization, power needs to go back in the hands of people, the company says.
Security and Privacy
Sociall will have simple and strict privacy settings for users to control access to their profile and personal information. Data and content will be kept within an encrypted decentralized storage solution. In 2019, Sociall plans to move data storage to IPFS, a distributed, peer-to-peer protocol, allowing for further storage decentralization.
Data security and authentication is the most important aspect of any social networking platform. The platform has selected a reputable open-source project called IdentityServer, trusted by companies like Microsoft and Bosch. It will securely handle all authentication of the application.
Sociall is using a reliable third-party security firm to run audits and penetration testing.. This ensures that there are no security vulnerabilities within the code or development flows. The company will make all audit reports publicly available on the project’s GitHub profile.
Sociall account wallets will be created through a decentralized smart-contract process where there is no owning entity. Sociall will not have control over any funds kept in wallets and will never be able to process any transactions on behalf of users.
The platform will not store any private keys or passwords in its database. Instead, users will create a password that grants them access to their wallet. This is a far more decentralized solution than hosting and encrypting private keys like many of the wallets out there.
The platform will include a marketplace, where users can buy and sell products and services using SCL. It will charge a flat fee of 1% taken from the seller after the transaction.
Users will be able to top up their account wallets with SCL by depositing supported cryptocurrencies like Bitcoin and Ethereum and, eventually, fiat money.
Messaging will be mainly user-to-user, with an option for dedicated messaging communities for features like Groups and Events. An end-to-end message encryption is in the pipeline for consequent releases. At a later stage, users will be able to send SCL, exchange audio and other types of content via messages.
They will also be able to launch crowdfunding and advertising campaigns. Sociall will provide SCL holders with an instant-access debit card, allowing them to spend their tokens in the real world. The card will work with every supported currency within user account wallets. For the debit card functionality, Sociall is teaming up with MoxyOne, using their secure and cost-effective white-label infrastructure.
In the second half of 2018, Sociall intends to move the majority of its projects, including its API server and the front-end component, to open-source. It will offer the public bounties to run tests on the code and find flaws in the security, design and all other aspects.
Sociall is a secure and decentralized social network which utilizes its native cryptocurrency,
called SCL. The token is used to pay for all goods and services replacing traditional money.
Sociall encrypts all data and multimedia uploads, and stores it securely all over the world, making it completely decentralized. The platform is private and discourages search engines from viewing user profiles or displaying them in search results.
Sociall.io is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest
Release ID: 318813