RESPECTONOMY [RES] - A Decentralized Social Network
Respectonomy is a decentralized, self-moderated social network system that gives the user the freedom to share their thoughts without the fear of censorship while rewarding them for it. Though modern social networks provide a platform for free information exchange, it is just an illusion of freedom as some sort of moderation or censorship is often used.
Respectonomy began as a group of developers who wanted to make a community for content creators to earn money. This project aims to assign value to data, measuring the quality of inherent information, and to provide a mechanism for fairly compensating data bandwidth availability.
Respectonomy will be an open-source, browser based implementation, that utilizes the Bittorrent protocol for content sharing and a proof of work blockchain to determine the value of the RESPECT token that runs the system. Being an independent token, unlike colored coins, the PoW blockchain system that Respectonomy flows on, represents a closed network with dynamic membership of parties, and this determines its true value in a free-market.
Need for a new system
Most social networks on the internet today are free to use. These networks face a problem of content curation where spammers and trollers can freely post content without investing anything. Some sites use a concept of voting to prevent such troublesome posts, while others resort to censorship. A reputation based system is thus developed. Social interaction has taught us that a person's past reputation is often a good proxy to judge the quality of their future work, however, this is not always accurate. This type of resultant branding based on reputation does not determine the true quality of content since the work produced by humans are inconsistent. Other parties try to grab the limited human attention span in the form of advertisements, spam & trolling due to the reliance on a reputation based system.
Furthermore, what happens when these votes are replaced by a form of currency? The votes collected now become valuable. Everyone wants to earn more than what they spend. This behavior leads to starvation of the system. One possible solution, that some projects have implemented, is to provide free signup bitcoins as an incentive. However, this can be easily exploited by sybil attacks (where users create multiple accounts) and/or by the use of bots. This results in unfair gaming of the system.
Our system makes use of the RESPECT token that can be used by the users to vote for the content that they deem to be of a superior quality. This ensures that the content is peer reviewed and not determined by the reputation of any user. The value of the content is now based solely on the value of the token which is determined and fairly distributed by a proof of work blockchain. This prevents the branding of any user as a good content creator while at the same time discourages ads, spam and trolls.
Proof of Work
To avoid an identity conflict, a Proof of Work (PoW) based SHA256 algorithm is used. The miner solves a computationally hard problem which is decided by the difficulty level to mine a block. The solution to the problem shows proof of the miner's work in obtaining the block and hence there is no conflict in the identity. The SHA256 algorithm is a one way hashing algorithm which provides security not only to the network, but also the transactions as everything is given a unique hash value.
The initial block reward is 16 RES per block. A block is generated every 2 minutes. This block reward reduces over time (see Halving) to give an incentive to early users of the platform. Eventually each block will have the same reward.
The block rewards are halved every 525800 blocks, which is approximately 2 years at an average time of 2 minutes per block. The block reward is halved till it is 1 RES and stays constant henceforth.
The difficulty level of a block determines how hard it is for a miner to get the hash value of the block. Initially the difficulty will start at 1, which is the lowest possible value, and will increase with subsequent blocks. The difficulty level is calculated as a moving average of the past 2016 blocks. The difficulty may increase or decrease to ensure that the average block time is approximately 2 minutes.
Free open-source decentralised code that runs in a web-browser.
A non-proprietary platform where the user is in control.
A system that justly prices the consumer while fairly rewarding content creators & curators.
Globally replicated decentralized bittorrent based content-storage.
No ads, spam or trolling. Less noise.
Proof-of-work mining ensures sybil-resistant fair distribution.
Thanks for your interest in the project. We are planning to start our ICO soon. But before that we will launch our Whitepaper to better understand Respectonomy.
We are planning to come with an initial supply of 5 Million RES Tokens out of which 4 Million tokens will be offered in the crowdsale for raising maximum 2000 Bitcoins in the process. Detailed Terms will be announced soon.
One Million tokens will reserved for the team consisting of developers, seed investors and marketers, and some will be reserved for further additions into development and marketing.
Most of the funds will be spent on developement and marketing of the platform. Utilization of ICO funds is as follows-
1.Development would mostly include-
-Hiring new developers and
2.Marketing & Operations on the other hand would be spending on seminars, press releases, inviting bloggers, operating expenses, etc.
3.If and only if needed, buy walls to safeguard ICO Investors, else remaining funds will be put in reserves to be used for any
ICO Date has been decided.Our ICO will launch on February 1st, 2017
RESPECTONOMY Signature and Twitter Campaign has been announced
Follow us on Twitter for latest updates and retweet to your followers to gain rewards.
Sign up for the twitter campaign here - https://goo.gl/forms/AK8Re8ibnJvBIqvW2This Tweet. Retweets of tweets before This TweetSignature Campaign
Following are the rules for the RESPECTONOMY Signature campaign
1. Signature campaign begins Wednesday 18th January 2017 12 noon ICT (UTC 5am) and will continue till end of ICO period.
2. In order to provide a fair bounty distribution, register with this form - https://goo.gl/forms/cVulcCnUm...
3. This is a fixed rate campaign. Funds will be distributed in the following ratio:
- Junior Member: 1 RES/post
- Member: 1 RES/post
- Full Member: 2 RES/post
- Senior Member: 2 RES/post
- Hero Member: 3 RES/post
- Legendary Member: 3 RES/post
(1 BTC = 2000 RES)
4. Minimum 10 posts per week, including 2 mandatory posts on the ICO Announcement thread (link to thread will be updated here)
5. Maximum 20 posts per week.
6. Replies on this post will not be counted.
7. Only constructive, on-topic posts will be counted (100 characters or more)
8. No spam, flaming, single word (or image), short sentences – bump, “me too”, “thanks”, other forum(off-topic, meta, Politics & Society, Beginners & Help,Archival, Auctions, Lending, Games and round), posts on or other obviously crappy posts WILL NOT BE PAID.
9. You must use the provided signature code for your member level.
10. Rank at Wednesday 12 noon (UTC 5 am) will be considered for the week. If rank changes midweek, new rank will be considered for the next week starting Wednesday.
11. Signature code must remain in place for the entire duration of your participation in the campaign. No other signature code / advertising allowed in your signature while you are participating in this campaign.
12. Checks will be done during the signature campaign. Failure to comply with any of the rules will result in no reward for that week.
13. Progress of the signature campaign will be updated on the post weekly.
14. Newbies and Accounts with negative trust cannot join.
15. Change of rules/signature will be done in this post only (there will be no separate post). It is the responsibility of the participant to stay updated.
16. Signatures for the ranks are given below. Please keep the signature that corresponds to your rank.
center][url=https://bitcointalk.org/index.php?topic=1755823.0]▰▰★ [b]RESPECTONOMY[/b] ★▰▰
★ A Decentralized Social Network ★ ICO 1st Feb ★[/url]
[center][url=https://bitcointalk.org/index.php?topic=1755823.0][u] ▰▰▰▰ ★ [b]RESPECTONOMY[/b] ★ ▰▰▰▰ [/u]
★ A Decentrailized Social Network ★ ICO Launching 1st Feb ★[/url][/center]
[center][url=https://bitcointalk.org/index.php?topic=1755823.0][color=navy][u] ▰▰▰▰ ★ [b]RESPECTONOMY[/b] ★ ▰▰▰▰ [/u][/color]
[color=black]★ A Decentrailized Social Network ★[/color] [color=navy]ICO Launching 1st Feb[/color] [color=black]★[/color][/url][/center]
Senior to Legendary Member:
[center][url=https://bitcointalk.org/index.php?topic=1755823.0][color=navy][size=14pt][u] ★ [b]RESPECTONOMY[/b] ★ [/u][/size][/color]
[size=12pt][color=black]★ A Decentralized Social Network ★[/color][color=navy] ICO Launching 1st Feb [/color][color=black]★[/color][/size][/