“SNS giants are experiencing a stagnant growth but at the same time engaging in personal data piracy to maximize profits and playing zero-sum games instead of positive-sum”. Hyung-Joon, a Cyworld founder and one of the directors of Sigma Chain, said during a speech at the K-Block Chain 2018 held on August 30th.
“SNS, which is at the peak of the S-curve, is easily extracting users’ data to maintain growth and maximize profits of shareholders,” he said. “Even though Apple and Google are receiving high fees of 30% from app developers, they are still being pointed out for refusing some apps to enter their app store and adding those features to their own apps.”
He suggested a distributed social networking services based on blockchain as an alternative to overcome such limitations, saying, “SNS is not yet secure despite strong platform such as Facebook.” This means that distributed social networks that store user data and share profits equally are solid social networks that share information and knowledge based on trust. In the distributed ecosystem, which is based on consensus and surveillance, fake news and excessive advertising will be naturally filtered out and private contents will be protected”.
The director also said that a stable operating system i.e a blockchain based mainnet is essential for Dapp. “At present, the most widely recognized names are Etherium and EOS, but Etherium is very slow in terms of their TPS as it is about 15 transactions per seconds. On the other hand, EOS has 100,000. Early stage DApp developers have to buy between 2 to 3 million USD worth of EOS coins to provide service on EOS mainnet.”
In order to solve the Internet SNS ecosystem and block chain mainnet problems at the same time, the company has released the #FuturePia solution, which is being developed by Sigma Chain and will be launched very soon. FuturePIA is a blockchain based social media mainnet. It supports DApps specialized on social media, has a DApp Store, and provides various APIs for DApp developers.”
The FuturePia mainnet runs on the DDPoS (Dual Delegated Proof of Stake) algorithm. “Our DDPoS method(Dual Delegated Prood of Stake) is a new algorithm where randomly selected nodes take the role of block producers (BP, Block Producer) and security monitors (BO, Block Observer). These delegate nodes generate blocks in random order.” Hyoung YongJoo said. He also added, “Due to our block producing and consensus algorithm, our mainnet can handle 300,000 transactions per second and has an excellent security.”.
Unlike other companies, Sigma Chain first disclosed the main net before ICO. They have successfully implemented DDPoS technology that solves the existing DPoS (Delegation of Stake) algorithm limitation. FuturePia Mainnet will launch this year.
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