Yale University professor and Goldman Sachs employee will create a social network on the blockchain

Yale University professor and Goldman Sachs employee plan to launch a new blockchain-based social network, which they said could become a serious competitor for Facebook.

The development of the social network, called Revolution Populi, is led by computer science professor and author of Mirror Worlds, David Gelernter, and Rob Rosenthal, who has been with Goldman Sachs for about 19 years.

According to the developers, in the new social network, users will be able to control their data themselves. Special smart contracts will allow people to hide their personal data and even sell them, unlike existing media platforms, which by default sell information about users to advertisers.

Distributed Registry Technology (DLT) provides users with maximum security and privacy. In his interview, Rosenthal called decentralization the main advantage over other social networks – in the Revolution Populi the database will be managed by the users themselves, not the creators of the network.

“We will create a democratic community in which people will decide for themselves what to do with their personal information. Networks like Facebook will no longer be able to interfere with their digital lives, ”said the creators of Revolution Populi.

At the moment, the social network is under development, but its launch is scheduled for early next year.

In July, the Latin American social network Taringa! launched a rewards program for creating content that is paid in DAI stablecoins. In addition, well-known cryptocurrency enthusiast Michael Novogratz is convinced that cryptocurrencies developed by social networks have a chance to become real currencies.