A frequency blockchain network exhibits unique characteristics that support the creation of fundamental layers on the Web3 platform. The development has gained popularity in social networking platforms allowing users to access their personal identity information.
On April 26, the US-based social media platform MeWe announced plans to invest in deploying the Frequency blockchain network (FBN) on its networking platform. The proposed FBN will be built on the Polkadot’s parachin.
Significance of Consensus 2023 Event
The announcement was conveyed at Consensus 2023 event when MeWe officially disclosed plans to shift 20 million users to the new platform during Q2 of 2023. The event was themed “Laying Web3’s Foundation with Decentralized Social Networks and Data Rights,” which was attended by key players in Web3, Crypto, and Social media platforms, among others.
Speaking at the event, MeWe’s chief executive Jeffrey Edell stated that the integration of the FBN feature aimed at enabling the users to have complete ownership of their data. He believes that blockchain technology will boost the social media platform’s privacy.
In his address, Edell underscored the need to improve MeWe privacy tools to combat future uncertainties. He admitted by adopting solid privacy and security protocol MeWe will minimize the risk it might face during future acquisitions.
Strategies to Address Social Media Challenges
After assessing the operations of MeWe, Edell noted the risk associated with misinformation which might be against the company’s core values. The attempt to reorganize the MeWe social networking platform has triggered the firm to shift to the Web3 sector. Even though the transition process might be slow, Edell demonstrated his steadfast commitment to the project.
Edell plans to lead the MeWe team to intercept the FBN on the Decentralized Social Networking Protocol (DSNP). Woodham created the DSNP platform following a business deal between MeWe and Frank McCourt’s Project Liberty.
In 2021, it was reported that McCourt injected $100 million toward developing an innovative DSNP. In the preliminary development stage of the Frequency Blockchain Network, McCourt engaged Amplica Labs for technical support.
MeWe Unveils Its Next Move
Commenting on MeWe FBN integration, the President of Amplica Labs, Braxton Woodham, who was among the Consensus panelists, argued that social networking platform development would take much longer to address.
He confirmed that the FBN features would enable the software developers to create an innovative platform that would be utilized to address social media concerns that might arise in the future.
In his presentation, Woodham highlighted the problems battling the social media sector, including customer relations and integrating emerging technologies such as Artificial Intelligence (AI). Woodham restated the factors undermining the mitigation of the aforementioned social media concerns.
From his report, Woodham urged MeWe to prioritize broadening its digital presence to launch a social web. Based on Woodham’s proposal, the social web will maintain a robust data layer to address concerns.
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