myMessage: A Decentralized Social Media and Data Storage Protocol
December 06 2021 - 5:12AM
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Web3 promises to break us free from the centralized
mega-corporation dominance of the Web2 generation, opening up a
plethora of decentralized, peer-to-peer use cases that leverage the
potential of the internet of value. While Web3 adoption has so far
centered around DeFi, NFTs, and more recently GameFi, social media
and data storage are also ripe for decentralization as SocialFi
sets up to potentially become the next big thing. Building a
Decentralized Reddit and Data Portal for Web3 Applications
myMessage is the world’s first-ever decentralized Reddit-like
social media and data storage platform, supporting evolving Web3
applications including a thread-reply bulletin board, messaging
dApp, developer tools, SDKs, and encrypted data portal. The
myMessage data storage and messaging dApp solutions are initially
being built on the Zilliqa blockchain, taking advantage of its
speed, throughput, and low-fee decentralized network to meet
requirements. Further interoperable multi-chain integration across
Avalanche and Binance Smart Chain (BSC) will then follow. The
decentralized messaging dApp as well as a Reddit-like thread-reply
bulletin board will be built on Polygon’s scalable layer 2
blockchain technology, after being awarded a Polygon Development
Grant. Overcoming the Problems of Centralized Social Media and Data
Storage The centralization of mainstream data storage and social
media is a significant pain point, leading to censorship, privacy
abuses, and security breaches, with an economic imbalance that
strongly favors the platforms. myMessage’s solution is to use
decentralized social media, storing AES256 encrypted data and
content permanently on a blockchain with quantum-attack-resistant
security. Data stored on a blockchain is immutable, transparent,
timestamped, and void of risks to hacking, tampering, or loss due
to its decentralized nature. The tokenization of value on
blockchain also provides a medium for incentives that return
proprietary rights and profits to the users. Data Storage and
Messaging dApp In contrast to centralized cloud storage solutions
with hefty costs on annual contracts, myMessage only costs
approximately $0.10 per message, depending on its size. This works
via a smart contract on one of the myMessage supported networks and
a front-end app that interacts with it. Users type a message or
attach a file, encrypt it if necessary, and send it to the network,
paying the corresponding fee in native MESA tokens. They can then
view or retrieve their information at any time for free. As almost
anything digital can be securely stored on a blockchain, myMessage
opens up several use cases including encrypted messages for private
information, verifiable legal documents, NFT artwork and other
intellectual property, crypto, patents, or digital asset storage.
Reddit-like Bulletin Board and Social Farming The Reddit-like
thread-reply bulletin board will be a bridge for users to
communicate, encrypt threads, and transfer data in a decentralized
way, recovering the rights to, control over, and value of their
data produced by socializing online. All users can connect their
Web3 wallets to access the myMessage bulletin board. It is
privacy-preserving in that all users can access data without risk
of being exposed or traced. Users will also be able to enjoy
farming rewards simply by socializing on the platform, and can pay
in native MESA tokens to start private threads, post replies,
comment, or like. They can also tip other users in MESA tokens when
they see good replies and comments. MESA Token Utility Beyond its
use as a payment medium for fees, tips, and social farming rewards,
MESA is also used for governance, staking, and deflationary
buy-backs, with a total capped supply of 5 trillion tokens. Holders
of MESA can participate in DAO proposals and vote on the future
direction of the platform. Stakers are offered staking rewards for
providing liquidity and platform revenue will also partially be
used for MESA buy-back and burns. What’s Next? The MESA public
sale, token launch, and DEX listing is expected to take place by
the end of the year, alongside staking services, a top-tier CEX
listing, and Avalanche integration. The 2022 roadmap is then set to
deliver multi-chain integration with BSC and Polygon, a mobile app
release, and developer tools in the run-up to full mainnet launch.
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