XRP Fork Could Transform Social Media
XRP is a really controversial project in the crypto market, and a lot of haters accused Ripple of being the firm behind the coin. Other than this, Ripple has been making huge efforts to boost the whole XRP ecosystem and promote its products.
Ripple has been working hard to fix the flaws of the decade-long payments system SWIFT. This has been used for decades by banks and financial institutions, but it became flawed, and innovation needs to take its place, according to Ripple.
Ripple’s XRP based product ODL has the ability to offer clients instant, safe, and cheap cross-border transactions. ODL is On-Demand Liquidity, the former xRapid.
XRP fork could change social media
Big data expert Thomas Silkjær says a fork of the XRP codebase could serve as the backbone for a blockchain-powered social media network.
He analyzed the possibilities in a new post on Coil and said that the ledger could be used to create a unique token-based rewards system.
He said that posts could have a limited lifetime unless the creator pays feels or they become really popular.
“If you make a post, maybe with a photo, the fee could be determined by the size of the post (storage requirement), and you could add to the fee to pay for a guaranteed lifetime. And every time people respond, share, or otherwise react, the lifetime will increase…” he stated as cited by the online publication The Daily Hodl.
He continued and said that “If fees are burned, posting content, the network would eventually die. Hence the fees in the network should be collected and redistributed – maybe to users based on account activity and nodes for storing content.”
He also said that for the project to be completely decentralized, the ledger could not be hosted in a big data center.
You should check out the original post on Coil in order to learn more details.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.