Memo Cash: Bitcoin Cash Blockchain’s Decentralized Social Network?
Memo, found online at Memo.cash, is a decentralized on-chain social network built on Bitcoin Cash. Find out how it works today in our review.
What Is Memo Cash?
Memo is a social network built on the Bitcoin Cash (BCH) blockchain.
The social network has the basic functions you’d expect to see in any social network: you can create a profile and post messages, for example. Memo also has features you might not expect to see in a social network, including native tipping, a censorship-proof ecosystem, and on-chain data storage. All interactions on the social network are broadcasted over the Bitcoin Cash network, and the Memo protocol processes these transactions and posts them to a consolidated feed.
Memo was launched on April 15, 2018. The social network has already attracted considerable attention across the Bitcoin Cash community, with thousands of interactions taking place on Memo to date.
What Problems Does Memo Seek To Solve?
Today’s social networks are coming increasingly under fire for a variety of reasons – including censorship and user privacy.
Memo was founded specifically to address these issues and other problems. Specific problems that Memo seeks to solve include:
- Centralized social networks have the authority and ability to remove data or accounts with no reason
- Users do not control their own data and have limited ability to see how their data is used
- Social networks rely on basic security systems like usernames and passwords
With these problems in mind, Memo wants to use a blockchain-based database to create a censorship-free, immutable environment.
How Does Memo Cash Work?
With Memo cash, you can create a profile that’s tied to a specific BCH address and a public/private key pair. You can also tether certain data using the program, including a website URL, a quote, or a specific date, using an OP_RETURN transaction.
Core functions of the Memo social network include:
- Create a profile
- Post messages
- Native tipping
- All data stored on-chain
- Control your own private key
The creator of Memo describes it as “both a protocol and a front-end application,” claiming “the protocol works by writing transactions to the Bitcoin Cash blockchain. Client applications can read these transactions to see the activity on the network.”
Using Memo is straightforward. The user creates a username and password, and that username and password are tied to a specific key pair with an address. The user’s address can be seen on any blockchain explorer, and you’ll need to load up the address with BCH in order to utilize the platform’s features.
Bitcoin Cash is renowned for its low transaction costs. That’s why it’s ideal for social network-style transactions. You can write a memo and interact with others for less than a penny. You can load up $1 USD worth of Bitcoin Cash to get started, for example. You can then start following specific profiles. The Memo protocol will create a feed for you at the bottom of the screen, allowing you to see the latest updates from profiles you follow.
You can then create your own “Memo”. Creating a memo is as simple as writing text into the dialog box, then entering the password tethered to your profile. From there, your memo can be seen by anyone using the platform. Data is tied to a transaction, then broadcasted across the Bitcoin Cash network. All users following the profile will receive the memo.
There are also basic interaction functions. After you post a memo, for example, users can “like” the memo. You can also “tip” a memo using Bitcoin Cash. If you like what someone shared, for example, then you can add BCH to their profile.
You can export your BCH funds at any time using the “export key” button.
Ultimately, Memo is still in the alpha stage, and it offers just basic levels of social interaction. However, since launching a few days ago, the platform has already received considerable attention from users. The website has featured statements like, “Memo server has been under extreme load,” for example.
You can view the list of profiles currently on the website here: https://memo.cash/profiles
Who’s Behind Memo?
Memo was announced online on April 15, 2018. The platform’s development is led by a California-based developer.
The latest updates on the project can be seen under the platform’s official @memobch Twitter account.
Meanwhile, the developer’s Reddit username is /u/arnold2040. He’s been actively contributing to threads on /r/btc regarging Memo and its development. He has also posted tutorials online.
Memo is a basic social network that launched on April 15. At face value, the social network doesn’t seem too impressive: you need to pay to interact with people through the platform, for example, and you can’t do much more than follow profiles, like content, and tip other profiles.
However, the magic of Memo comes from the fact that it’s built on the Bitcoin Cash blockchain. It’s a truly decentralized social network that depends on Bitcoin Cash transactions for all social interactions via the platform. The end result is a censorship-free environment controlled by no centralized party.
To learn more about Memo or to sign up today, visit online at Memo.cash.