May 31, 2018, 06:00 ET
NEW YORK, May 31, 2018 /PRNewswire/ -- ONO is the largest free, decentralized social network which attracted 52,381 beta users in only five days. In the span of two weeks, two million pieces of content were shared on the ONO platform, and 65 percent of users were retained on the following day. The ONO dApp is becoming a very useful decentralized application. In trying to understand why over 245,818 people have joined ONO in less than two months, people need to dig deeper to understand the game-changing social ecosystem that ONO is building.
All traditional social media, like Facebook, is built based on centralized networks and these companies profit from users uploading content for free. Hence, based on this system, there is an unspoken business model: as long as there is traffic, a commercial value can be realized. Moreover, this model causes negative effects such as Facebook and Twitter putting certain users in a "News Desert," which results in clickbait content gaining the majority of the attention, while high-quality content is ignored. Most of the clickbait content results in people not using their minds, and the experience is akin to finding traps in the jungle, which are only designed to serve the needs of advertisers instead of people. In this ecosystem, it's hard for talented writers and content creators to find their place, and daily news feeds are trashed.
As Lee Kai-Fu said, "Chinese consumers strongly believe things should be free, so efforts to charge for premium content have completely failed." However, by utilizing blockchain technology, the ONO social network has designed a system which rewards their native token, ONOT, to people based on the quality of their content they share.
ONOT is a cryptocurrency and is distributed in the ONO social network by utilizing DPOS+BFT, and POC, Proof of Contribution. In other words, social media content is the most valuable asset in the ONO social network, instead of clickbait will find on Facebook and Twitter. And in utilizing this reward system, it stands to reason that it will motivate users to create high-quality content instead of clickbait headlines.
Recently, the fallout from Cambridge Analytica has put centralized social network platforms like Facebook in the storm yet again. Two of the most worrying aspects of centralized networks concerns data security and privacy. It's clear that the business model of centralized social networks is completely broken.
However, ONO is a decentralized social network based on EOS.IO software architecture, which offers high security, similar to Bitcoin. All the data has been protected and encrypted by different hash functions, and blockchain technology ensures stable access to data at any time, even without central servers.
ONO is committed to building a premium content-based ecosystem to end the monopoly of commercial companies and platform operators. Launching ONO represents the dawn of a new decentralized web 3.0, where users own their data, and privacy is a natural right.
These core values are laid forth by Ke Xu, founder, and CEO of ONO, who also declares that people are the priority, with everything else coming second. In ONO's white paper it envisions a democratic self-governing community that ensures all users will enjoy freedom and equality without their data and privacy being sold to the highest bidder.
ONO Core Team Member Highlights
Ke Xu is the founder and CEO of ONO.
Ke Xu is a young, successful entrepreneur, developer and blockchain expert.
Ke Xu studied at the University of California, in Riverside, as well as Coventry University and London's Global University. She earned her Bachelor's degree when she was 19 years old. In 2014 she entered the business world. She successfully founded and launched a social networking app called ERA and then blockchain-based CryptoDogs, which is the Chinese equivalent to CryptoKitties. Her ventures have received investments from high-profile, well-known CEOs such as Fu Sheng, China Growth Capital, Zhu Lu VC, Green Pine Capital Partners, Korea Investment Partners, etc.
Micky Lau is the CTO of ONO.
Micky was a full stack developer and technical director for Kingsoft, Linekong, and other companies. He has successfully completed mergers and acquisitions, with more than ten years' experience in IT architecture.
Torres Zhang is the Chief Economic Ecosystem Designer.
Torres is a UKC genius and was an advanced placement student. He graduated with a Master's degree in financial mathematics at the age of 20 with perfect scores. He single-handedly developed many trading strategies such as the "Ethernet Quantitative Trading Strategy" and the "Time Series Momentum Trading Strategy," among others.
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