SPHERE the Revolution of Social Network with Blockchain Based

Most people in the world have a social media, the aim of social media was to connect people. It was to promote the exchange of ideas, which is why Facebook first spread into Ivy League universities to allow peers within the same field to exchange data. The potential of Facebook to connect the world prompted its creators to release it to the public and it did not disappoint. It allowed everyone to exchange their ways of living which helped in making the world a much better place. This was now the core of any social media platform. Signing up for Facebook was totally free. Maintaining such a structure would incur a lot of costs and this was the advantage advertising companies used on any social media platform. They would request for user data and offer a lot of money. This suddenly became a bidding war as companies would try to outbid each other to get important data on certain demographics.

Social media provided the platform where advertisers could easily share their products and services by paying a small fee, a vast audience could be reached within hours. This attracted more clients for them as the numbers were staggering. Sale in advertised products did go up but not as expected. So much was being spent on advertising yet companies were brining in so little. Social media companies then started monitoring the activities of their users. This allowed them to collect data on individual users on top of what they had submitted. Social media companies now knew the likes and dislikes of their users. This information was what advertising companies needed to reach their target audience. Advertising companies started bidding wars for user data which propelled the value of social media companies greatly.

But Have you ever heard of the term data brokers? You probably haven’t but they have heard of you and know you almost better than anyone else. Data brokers are traders in data collected over the internet. Laws regulating data collection are not as strict as some of us think they are. They track your online presence that they can even predict your next moves in life so easily. One medium that really helps them know who you are is social media. Upon the inception of social media, data brokers were either few or nonexistent. The opportunity that social media platforms offered for data brokers to gather data encouraged their growth and their profits soared. Companies such as Acxiom started making hundreds of millions of dollars as revenue yearly. Most of these data would be sold to advertisement companies who are always in need of user data to come up with the best ways of marketing their products online. A huge percentage of yearly spending of companies would be used on advertising. Most companies usually do not realize how much they lose on wasted advertisements as some of the data sold by data brokers are not as accurate as they are marketed.

Sphere was built on the idea that privacy, company transparency, and data security should be the fundamental building blocks of every social platform. So we believe that the millions those corporations are making off of your data doesn't belong to them, it belongs to you. Sphere is based on blockchain technology which offers a decentralized data storage option. Currently, centralized systems of data storage are in use by most internet companies. The problem is posed by such systems is a potential hack that could affect a lot of user data. This is one of the advantages Sphere’s social media platform will have over the existing ones. Furthermore, data brokers will find it hard tracking anyone within Sphere as the blockchain system logs everything that happens within this platform. Any change or breach in data will be notified to across all its systems.

Sphere also has a strategy of ensuring that users within its platform are compensated for their data. They want the hundreds of millions of dollars spent yearly on advertising to trickle down to the everyday user within Sphere. How do they plan to do this? They first create system where users are compensated for data they provide. This incentivizes the submission of user data thus encouraging more people to willingly submit their data. Users will still be able to dictate what type of data they submit and to what extent that data will be used. The incentives are in form of Social Activity Tokens which are only available for use within Sphere. They will also be the primary form of currency within Sphere for any transaction.

A decentralized system will help combat the exploitation of the average internet user. Sphere has introduced such a platform where all your social needs can be met and the privacy of your data is respected. The ownership of data will solely belong to you. You will determine how this data will be used and when it will be used. Sphere wants to give you the power over your data that was previously being held by social media company. The security of your data is also important to sphere. A decentralized system means that it is far less likely for your data to be leaked compared to a centralized system

By giving back the power of your data to you, sphere will have given you the chance to regain part of the profit that was meant for you but was being collected by huge internet corporations. Businesses will also be able to save funds on advertising. Advertising within the sphere platform will prove to be cheaper compared to what they used to pay these large corporations. Advertising will also be more organized in this system. The user submitted data will be more likely legitimate and advertisers will have more confidence marketing their products to a more receptive market.

Sphere will employ the use of tokens, dubbed Social Activity Tokens, which will be used for transactions within Sphere. The use of tokens by businesses to pay for user data and advertisement within the platform will form the demand needed to increase the value of tokens within sphere. Another form of token demand that will be implemented in Sphere is an e-commerce platform within Sphere. Users will be allowed to display their products which will be seen by their followers and friends within the platform. Since Sphere is a social media platform at its core, word is bound to spread around fast and this will also increase demand for the tokens hence leading to an increase in their value as trading increases within the platform.

A positive side effect of all these Sphere programs will be the creation of an economy of sorts. The Sphere platform is created in a way that encourages the growth in value of the Social Activity Tokens. The number of available tokens will remain constant all trough Sphere’s existence. An increase in number of Sphere members will make each token more valuable as users will demand more tokens. It is for this reason that Sphere is giving a chance to potential Sphere members to purchase these tokens during the crowd sale. The ICO which started on 12th February 2018 will run until 9th April 2018. There are 650 million tokens available for the public to purchase. FIAT, Ethereum, Dodgecoin, Litecoin and Bitcoin will be the cryptocurrencies accepted for purchase of the tokens.