With hundreds of blockchains coming to market recently, building new applications has become more complex. Choosing the “right” blockchain in this regard is often a big challenge. ONO is a new project being built on top of EOS, and it aims to offer a decentralized social network.
The Idea Behind ONO
Disrupting social media as people know it today will be a challenge. Platforms such as Twitter, Instagram, and Facebook are vast silos of user data. Decentralizing social media is something ONO aims to achieve. By building on top of the EOS blockchain, the team is confident their DApp will make a positive impact in the long run.
How Does it Work?
One of the main aspects of ONO which raises some questions is that the platform is currently invite-based. This is no accident, as the team wants to limit user activity first and foremost. Additionally, it will also help reduce the number of bots active on social media networks. Unlike what some people may expect, there is a lot of bot-based activity across all social media networks these days.
Under the hood, the ONO social media network will support multiple cryptocurrencies. There will also be a native messaging solution, similar to how Facebook Messenger operates. Another interesting point is that the platform will employ KYC verification, which is another countermeasure against bots and fake accounts.
There are more aspects of ONO than just the social media network feature. ODO will also have a DApp cluster, an Eco Incubator, and much more. All of this will be made possible with the help of EOS, a project which only recently launched its main net after a fair amount of drama. This may or may not be a smart decision on the part of ONO, although only time will tell.
The ONOT Currency
No one will be surprised to learn that ONO will have its own native currency, rather than using EOS. This currency is known as ONOT, and there will be 323.62 million tokens in circulation at its peak. Its use cases are tied to the various aspects of the ONO ecosystem, and users will be able to reap the benefits of all of these aspects succeeding in the long run.
The Road Ahead
For the time being, the ONO project is still in the beta phase. It is a bit unclear how long this stage will last exactly, as there is still plenty of work to be done prior to this project succeeding. Most of the technology has yet to be developed at this stage, and things will largely depend on the user feedback received during the beta.