[SPHERE ICO]-BLOCKCHAIN APPLICATION ON SOCIAL MEDIA AND ADVERTISING
We all love social media platforms. They have revolutionized our communication ever since they were gifted to us. With the aid of smartphone applications, connecting to loved ones has become so easy. You can text, voice call or video call at very convenient rates, lower than what carriers would charge for voice calls across countries. You can view profiles of people and see how they are faring on. Social media has allowed us to connect with long lost high school and college friends. Through social media, we have relieved memories we never thought would be so vivid once again in our minds. Organizing events has also become easier. Finding a group of like-minded people within social media is only a hashtag away. The atmosphere social media creates makes it easier for people to easily become friends. Social movements have also been started in social media. The hashtag black lives matter and me too have brought changes in the society as people air out their thoughts on these topics. The communication that social media allows has helped us speak out about vices and congratulate ourselves for the good that we do to the community.
In addition to this, social media has helped in globalization of a number of sectors. Through the connections that social media has enabled us to create, businesses have been able to spread their influence worldwide. Employment has been created in a number of countries due to the expansion of these businesses. Social media companies have also employed people as they also set up shop in different regions of the world. Social media was and still is the perfect addition to the new millennium as it allowed the whole world to connect in order to move together and help each other achieve their intended goals.
The advertising business was probably the most advantaged of industries because of the development of social media platforms. The numbers that social media platforms could manage to pull had were only done during rare occasions such as the super bowl or the world cup final. Even then, this pull was only for the duration of time those games lasted and advertisers could only air a fixed number of particular advertisements due to the limited market option available. Social media however pulls different kinds of markets. From the pages that are found across social media platforms, you find a myriad of likes and hobbies that people are into. From cat lovers to those who prefer dogs, tea lovers to coffee lovers, social media covers nearly all personalities present in the world. This type of market information is more valuable than gold to advertisers. Social media allowed advertisers to cover all market niches and target potential buyers of their products and services through their platforms. The population advertisers could reach in a day through social media would take other forms of advertising even a week. On top of all this, advertisers could also have access to overseas markets. They were able to create awareness about a product then set up shop in new locations where the hype for their products has already been built. Converse, Vans, Adidas and Nike are just examples of brands whose product demand have grown significantly due to their popularity in social media platforms.
Unfortunately, social media companies also opened up a dangerous opportunity to those who seek to collect and exploit user data. The centralized systems that social media companies use have also increased the risk of user data being compromised by third parties within social media platforms. Third party applications in these platforms come as catchy games or harmless quizzes while in essence, what they are trying to do is gather as much data as they can about you. Most of us have probably seen third party applications request for permission to collect part of our data but we probably do not pay as much attention to this as what they offer. We end up agreeing to specific usage of our data that we would have otherwise not done if they were stated clearly and plainly. Third party companies with ill intentions will always try to hind behind fine print and user agreement policies that are too long to discourage users from reading or even understanding what they mean. Sometimes social media companies are the culprits of collecting data or even partnering with these third-party applications to collect your data. At times, they are taken advantage of by these third-party applications.
We are at a point where we have gotten used to the social media life so much that we cannot do without it. We also fear for the privacy of our data leaving us in such a confusing state. Sphere Social Limited is here to clear up this confusion. Sphere Social promises to help us keep the social media that we love so much and protect our data in the best way it can. Sphere has noted with great admiration what blockchain technology can accomplish when executed rightly in a system as it was done in bitcoin. Sphere plans to do the same with their platform. The weight of Sphere Social will rest on blockchain technology. Sphere is aiming to become the largest social media platform operating on a decentralized system. Blockchain will make decentralization possible as its features attract the numbers it requires to get to this status.
Sphere’s selling point will be its data protection and reward system that will help members generate some revenue from Sphere social. Through blockchain, each user will be aware of the whereabouts of the data they produce after every social media session. Each data entry will be recorded in the blockchain system where it cannot be manipulated. Even the Sphere administrators will be unable to use this data without permission from the users. If they were to attempt, blockchain would record this and users would be aware of the usage. Decentralization of Sphere means that its system will be robust and able to handle cyber-attacks very well as information within blockchain is spread out to all units in one chain.
Sphere will also have a system where its members who will give out their data to Sphere for use in advertising will receive payment for their services. Sphere will request any willing member in its platform to hand over the authority of their data to their desired extent. They will then be awarded tokens named SAT (Social Activity Tokens). This data collection is similar to what is being done now by different online platforms, the only differences being transparency that is offered by Sphere, the knowledge and consent of data collection by the Sphere users and the reward that Sphere Social users receive each time they submit their data. Having a fully private online presence is difficult with all the gadgets and systems that we have available, but it is possible to control the flow of your own data to places where you know it will be used for the right purposes.
There will be trading in the Sphere platform through the payment of advertisement services which will require the use of SAT. A market place will also be available for traders who would like to advertise and have their goods sold on the same platform. Those who would like to just sell their product may also use this space. Even Sphere members who need a platform to sell their goods can use this space. As much as the SAT is a utility token, Sphere desires that its value rises. Currently, one SAT costs USD 0.14. Through these activities Sphere is confident that this value may rise to profitable figures. In an effort to make this happen, the number of available SAT will be limited to 1 billion. However, in case the number of SAT sold does not reach this peak, the amount sold will be the maximum allowed SAT number in the market meaning that if 100 million are sold in total, only 100 million SAT will exist in the market.
There are only a few days remaining for purchasing of the SAT during the public ICO event. Although minimum goal of USD 1.5 million has been surpassed, Sphere is still urging the members of the public to participate in its crowdsale as it does not want to deliver the bare minimum but a great system that will serve as envisioned in their whitepaper. Purchases of SAT can be made through cryptocurrency and fiat. To read about the Sphere vision and get more information on the public ICO event visit https://sphere.social/wp-content/uploads/2017/12/Sphere_Whitepaper_v1.7.4.pdf. This link will take you to their whitepaper which has detailed information about all this. You can also participate in the token sale through https://sphere.social/?ref_code=dyx6c6su4cz8. The sale ends on April 9th 2018.
For further information and inquires you can visit the following Sphere links: