First of all, let us take a word about basic work principles of all internet services. Each process on the internet is a process of data exchange. When you are calling an Uber or watching a movie online Sunday evening — you exchange the data. Of course, that is a general understanding of complicated internet technologies and processes. In his turn, blockchain records transaction data and transfers it. You can even record a picture, video or song in blockchain, but that will cost you a lot in terms of gas. So, if we are talking about blockchain data transfers, we can spot general problems such as the inability of existing blockchains to provide efficient data transfers. Prometeus layer solves that problem by utilizing service nodes, data validators and DDS (distributed data storages).
You may ask pretty legit questions like: why do I need a decentralized solution for writing a tweet? Or posting new photos to Facebook? Sending a new message via Whatsapp or Viber?
There are many reasons for that, but let us just point on main ones:
We will talk about each one of them in detail, but a little bit later, for now — let’s just move on.
As you can understand from the picture above, prometeus protocol is a level 2 layer, that allows data exchange in decentralized and anonymous ways on the majority of exciting blockchains. For example, the protocol can be used for creating a decentralized version in the following industries:
1. Social media — Facebook, Twitter, Instagram, TikTok etc;
2. Live streaming services and video hostings — Twitch, YouTube etc;
3. Messengers — Whatsapp, Viber, WeChat, KakaoTalk, Messenger etc;
4. Marketplaces and content sharing platforms — Spotify, Apple music, Pinterest, Patreon, Fiverr, Shutterstock, Freelancer etc;
5. Data management platforms — adobe audience manager etc.
Before we explained general reasons to move from centralized data exchange to decentralize, let’s take a look at exact cases.
First of all, we would like to talk about the problem of accessibility. We are all aware that democracy is spreading across the globe step by step. But even in the 21st century, some countries do not respect basic human rights, such as information freedom. They block all independent social media and put the remaining ones to the condition of total control. Obvious examples are China, North Korea, Turkey and even Russia are moving in that direction. That is especially important in the current coronavirus situation. According to the latest information — you can be easily arrested for talking about the current state of coronavirus inside the country. And what is worse — the government has access to your social media. So imagine — yesterday you were just discussing healthcare statements with your friend on WeChat or posting something on Weibo and today you will have to spend some time in jail for that. Prometeus protocol based social media is utilizing blockchain itself, which can not be banned by any of the existing firewalls.
Secondly, is censorship. It is everywhere, from Twitter to Instagram. For example, recently dozens of Twitter accounts of crypto projects and crypto influencers, such as Crypto Differ or Pomp, got permanently blocked for some fake reasons. Even our account has been deleted. Same happened with Google and Facebook not that a while ago. Also, Twitter is a well-known weapon of political manipulation, even though it has OFFICIALLY banned political ads. To know more about overall censorship of social media (both — themselves and government) please follow this link. You can find hundreds and thousands of examples there.
To be honest, the problem of censorship is pretty clear, but let’s just add some examples to previous ones. If you do think that it’s only a social media issue, then you are wrong. Live Streaming services such as Twitch are also facing the same problem. Recently Twitch and YouTube banned almost every account that were steaming live casinos. Or another case: two guys were streaming the premier league championship with their own comments and got banned.
The third one is transparency. As we always say — your data is being traded behind your back. Social corporations are making billions yearly on data trading and ordinary users aren’t getting even a piece of it. We all remember the scandal around Cambridge Analytica, who used user data from Facebook without owners’ approval. If you haven’t heard about it, check this out.
The Fourth reason is security. That problem is actual only for some countries. But it still exists. For example, according to the new Russian law, service providers have to store all your phone calls, text messages, internet traffic at least for half of a year. And messengers, such as WhatsApp and Viber have to share keys to the private messages on government request, which violates human basic privacy rights. Also, we would like to add another example here, but before reading it, please note, that Prometeus Labs is against any kind of illegal things trading. Well known illegal marketplace, which is offering such stuff as guns, drugs, documents and so on also is not 100% protected from traffic traction. Even working with bitcoin does not guarantee you full anonymity in this kind of questions. Currently, the deal process on the mentioned marketplace goes this way: you send BTC to the address and get a dataset from the seller. The received dataset includes information regarding the location of the product that you are buying. Implementation of prometeus protocol here does not change the deal process from user side at all but significantly increases trade security.
And last, but not least from reasons that we have mentioned is the price for end-users. That comes from marketplace areas. Such as Fiverr for example. Company fee from each freelance deal is 20%. Working via Prometeus based data exchange parties don’t have to pay escrow fees, they just have to pay network fee, which is less than 1% of their deal amount. Another example is Shutterstock (or any other photobank), which works on a subscription basis with the price range of $50–250. Main Shutterstock expense is storing pictures on centralized storage. If it would be based on Prometeus Protocol and DDS, subscription range could be decreased to $10–100, making even bigger profit for the company. One more question here is copyrights — we won’t explain everything in detail, in order to avoid any possible restriction of this article, but if you read everything carefully, you probably already understood the copyright and prometeus relations.
Oh, and also — several teams are already working on prometeus based social media solutions. If you are interested in the implementation of prometeus protocol — please drop something to our email.
Now, as you know the basics, let’s move to the main purpose of this article — to share with you our vision on prometeus token role.
What is the main problem of exciting decentralized social media and marketplaces? Why do they still didn’t get any kind of mass adoption, even though they are better than centralized ones?
First of all, the current stage of development and adoption of decentralized products has a high entry barrier in terms of technology. Will you use metamask in a manual way every time you twit? We don’t think so. The second problem is the payments. Each marketplace has its own tokens, that is being used as a payment method, which is in our opinion is just not the best way for mass adoption. And the main reason is a necessity to pay money (even a small amount) for each transaction (or let’s say a word). Would you use twitter, if you had to pay $0,05 for each tweet? Or would you use Whatsapp if you had to pay $0,01 for each message? We don’t think so. We are pretty much aware that anything, that is blockchain-based has to pay gas for each transaction, but there are some options on how to hide it, and we are already developing that kind of solutions. Here is what we offer:
First of all, let us point to our final goal — we don’t want to use PROM token as a payment solution, because that goes against our philosophy. If you use your own token as a payment, in terms of price and token development in the long term it can be fatal. Here is a scheme of relations between prometeus layer and products, utilizing it:
So, in general every data, that is written directly to selected blockchain goes through data validator and service nodes. Service nodes are preparing the data to be written in blockchain and data validators are pushing it. Platforms can use their own data validators and service nodes or ask for help from private ones, who may request additional fees for their services. Number of necessary data validators and service nodes depends on the user and transactions count. Both, data validator and service node, have to lock some PROM tokens in the ecosystem in order to proceed data. So, basically, more platforms -> more users -> more validators and service nodes -> more prom locked in the ecosystem. In some way, it is pretty similar to the DeFi and ETH model.
The sad thing is that the implementation of the FTPT algorithm will require a little bit more time from our side that we expected. So, to release products as soon as possible, we will implement ordinary token payment solutions during our beta release. But it will be implemented only in addition to data validators and service nodes algorithms.
To sum token utility functions:
Please remember, that token is not a payment method, it is an integral part of the ecosystem, otherwise, there is no point in creating it :)
Be with us. Read more about Prometeus network in our next articles.
Prometeus Pamphlet: All About Our Network, It's Use-Cases & PROM Token was originally published in Promeθeus Network on Medium, where people are continuing the conversation by highlighting and responding to this story.
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