New Decentralized Social Media App Junto Based on Holochain (HOT) Distributed Computing Model is Coming
Funding for new blockchain ventures is slowly being replaced by more conventional ways from the traditional initial coin offerings (ICO). The past two years have seen a multitude of cryptocurrencies raise funding through ICOs but with a few bad players in the market having cropped up, investors are becoming wearier to ICOs. Junto Foundation aims to use a different method to raise funds – raising $100,000 with a Kickstarter. The revolutionary social media decentralized application has raised a third of the amount with an extra $60,000 USD in pledges.
The Junto Social Media
Junto Foundation developed the Junto platform to offer a new kind of social media with no ads, ratings, censorship or profiteering. While most blockchain projects look to the public for funding through ICOs, Junto will offer no utility tokens or crowd sale. The company, however, looked outward to Holo (HOT) to launch the dApp.
Holo blockchain is a peer to peer permission less platform that allows users to create their decentralized applications on a scalable and efficient platform. The Holo platform differs from most blockchains as it provides endless scalability enabling the dApps on the platform to function without transaction lags. Speaking on why the company chose Holo, Eric Yang, co-founder of Junto said,
“[Holo] enables hosts to serve as proxies for other users. This makes distributed applications accessible to the mainstream without any extra technical know-how.”
The Junto platform will use the HOT tokens to settle transactions on the platform. Junto will not be offering any utility tokens or cryptocurrencies which eases the user experience on the platform.
Junto To Raise $100,000 Through Kickstarter
While the company doesn’t plan to raise any ICOs, the development still needs investment to take off. The company plans to raise money through a Kickstarter page. The official Junto Kickstarter reads,
“We understand how financial incentives can drive adoption. [But] we want to build our platform on a different set of values.”
The lack of a token will allow the development team to work fully on the platform without outside pressures concerning the price analysis of the token. The project has raised about $34,000 USD since the start of the fundraising with a further $60,000 USD in pledges to the company.
While the company is still some thousands of dollars away from reaching the goal set by the development team, this will mark a new era in the cryptocurrency industry. The unnecessary offering of tokens by each project will soon be a thing of the past as companies focus on new methods of raising funds.