Will it become the next Facebook?

Yesterday, founder and CEO of Genesis Space Alex and out beloved Jia Jia Chen had a deep conversation and showed us a blueprint of a decentralized Facebook project. Lets find out whether Genesis Space will become the next Facebook!

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Back in 2004, 20 years old Mark Zuckerburg founded Facebook. Facebook got 900 users once it came online, and started to creating business myth every step on the way in the next 14 years. Currently, it has exceeded 2 billion users, and the valuation has now exceeded 500 billion US dollars, becoming the most influential social media empire in the world. Mark Zuckerburg, the CEO, also became the top ten richest people in the world with $66 billion in assets.

Meanwhile, various reports have shown that users information were stolen by Facebook, which caused highly controversy on Facebook. According to New York Times and the Observer news, a data analysis company (Cambridge Analytica) collected 50 million voters' Facebook information. This is the biggest data breach in the history of the technology giant, Facebook, and it has directly made Facebook a target of public criticism.

Genesis Space, whereas, is a decentralized Facebook based on blockchain technology. All the data are not saved by the server, which directly avoids the characteristics of user information leakage.

John Perry Barlow has said 20 years ago, “We are creating a world where anyone, anywhere may express his or her beliefs , no matter how singular , without fear of being coerced into silence or conformity.” However, due to technical limitations then, Barlow's vision could not be realized.

Due to advances in technology around the world, Barlow's vision has the potential to execute now. Blockchain is the very the technology that allows this idea to land. The so-called blockchain has five basic characteristics: decentralization, openness, autonomy, information not to be falsified, and anonymity.

While blockchain technology is on fire in 2017, it has also been questioned at the same time., eg. the ICO’s scamcoin is zeroed, and the "June 4th Policy." After the September 4th policy, Bitcoin once rose to nearly 20,000 US dollars. When the cryptomarket is at its crest, the dealer will pay the coins in the market. Due to human greed, more and more credibly ambiguous projects prosper.

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Since Bitcoin hit a $19,000 high, the cryptomarket has since plunged and many scamcoins began to return to zero. In order to increase customer confidence, Genesis Space decided not to raise funds through ICO, but rather through ETO projects.

The so-called ETO is abbreviation for “Earlybirds Token Offerings”, it brings value to the society by providing those truly valuable blockchain projects a landing gear. The reason why it is called "earlybirds" is to allow the early blockchain effect grow through the power of the community. Through the community's valuation of the project, a reasonable amount of money will be raised to make it come true in the future.

James Gong has endorsed in a past article, “From any point of view, if it is possible to raise funds in stages, then it’ll be very helpful for the project to focus on it. In many past projects, once great amount of funds is raised, the project stakeholders can no longer focus on the original project. I strongly believe that no one hopes that each project eventually become a test of human nature. In addition, from our understanding of the current overseas law, including Japan and Switzerland, if the publicly raised digital currency funds are not fully used after a year, they will be regarded as a company's profits to pay the taxes. As such, is it even necessary to raise huge amounts of money in one step?”

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In the ETO project, the use of every fund can be found on the chain, so that each participant can understand the use of funds. This directly guarantees the safety of funds in terms of technology. In the process of developing and expanding any project, almost all of them have increased their own user consensus but only good projects that are truly valuable can stand out in time. Investors who invest in valuable good projects are therefore more likely to receive incalculable wealth as gifts.