Genesis Space Unveils Decentralized Blockchain Social Media Network

Genesis Space has forged a genuinely decentralized community immune from any central authorities—a virtual country in which its citizens can trade, communicate and declare their opinions freely.

Dubbed the decentralized Facebook, all contents of Genesis are owned by the entire community; rules are made by members. Even the upgrade and evolution are decided electorally by users.

Genesis is the first public chain that has a built-in voting mechanism for system upgrade. The community lives on a high-performance public chain (operating system), on which users can launch decentralized applications (DApps) to realize varied functionalities and scenarios.

The Problem Of Centralized Social Network Platforms

Rewind to 1996, John Perry Barlow published the renowned article A Declaration of the Independence of Cyberspace, in response to the Telecommunications Act in the United States, in which he elucidated his vision to build a virtual world integrating “transactions, communications and thought itself.”

That world was still a Utopia 20 years ago, as everything has to be on a server, and if it is on a server, then it can be turned off with a flip of a switch. The problem of centralized social network platforms comes from monetizing their users – now a few social network platforms, including Facebook, are now plagued with scandals of grave data breaches and third-party embezzlement of users' personal information.

Fortunately, blockchain is almost a perfect technology made for such a system. Needless to say that blockchain has no centralized server, which means not a single person can control the whole system. The blockchain world runs on its own terms, by its own members and in its own democratic way.

The Genesis Space Solution

Today Genesis Space bring back his mission to the stage again, for the blockchain technology has rapidly developed to a level that is technically positioned to materialize a decentralized, autonomous virtual world.

In Genesis Space, users can build a virtual country that belongs to them or join in countries established by others. A virtual country is any combination of governance mechanisms and DApps. A country can be as small as a user him/herself. Each country occupies a sidechain. Once entering a country, one must comply with all rules of governance. Meanwhile, you can enjoy all paid or free DApps in this country.

To realize the “Virtual Utopia” concept, Team Genesis designed DDPOS (Democratic Delegated Proof of Stake) Consensus to help complete the infrastructure of Genesis Space.

Currently, there are various consensus mechanisms, of which POW (Proof of Work), POS (Proof of Stake) and DPOS (Delegated Proof of Stake) are widely adopted. Different problems, however, have been exposed along with the application of these consensuses.

After careful research, Team Genesis invented a brand-new DDPOS (Democratic Delegated Proof of Stake) Consensus, which inherits the high TPS attribute of DPOS meanwhile tackling the “richer get richer” issue of DPOS. Through a certain method, even normal nodes have the possibility of replacing supernodes (block producers), preventing the monopoly of block-producing and dramatically lowering the risks of centralization.

Genesis puts most of its core content on the main chain and uses a lot of sidechain technology to share the burden of the network and increase scalability. Sidechains are key technologies for the evolution of Genesis. Users can update the sidechain protocol by voting or even migrate to a brand new sidechain to achieve system evolution.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide