BTC Wires: There is no doubt that blockchain technology has evolved greatly. There are reasons why the technology is referred to as the internet of the future.
Cryptocurrency is one of the most interesting events in the world today together with the post-revolution system. Bitcoin came as a result of a lack of trust in the banks. Satoshi Nakamoto, (the inventor of bitcoin whose real identity is still a mystery), came with the cryptocurrency idea to solve the trust issue. He came with a decentralized peer-to-peer transaction network based on blockchain technology.
This happened back in 2008 where he suggested a currency system that cannot be fabricated. It is also based on complete transparency without necessarily requiring the submission of personal information.
And today, Satoshi’s idea has spread not only in the current system but other fields as well. Media, culture, and society have been able to embrace the idea and now use it for various functions in their systems.
What is blockchain, therefore? : John Rawl’s idea
If you know what a public ledger is, then understanding blockchain will not be a problem.
It is defined as a chain of blocks that are publicly distributed on a ledger. The blocks cannot be modified by anyone based on the trading principals they hold. Apart from that, only the relevant transactions will be disclosed to the relevant people.
During a transaction, no asymmetry exists between the parties involved in the transaction. This makes it possible to implement a fair contract.
Another developer, John Rawls comes in to make it better. He accounts for the veil of ignorance using the term ‘fair procedure, making it certain that asymmetry can be solved through information. This means that blockchain is equal to a solution of asymmetry of information and the radicalization of a fair contract. A fair distribution is, therefore, the distribution of tokens based on the contribution of a system.
This is where the Forecasting network comes in. The network is based on the creation of cryptocurrency and the shared interests between Satoshi and Rawls. It is a network that solves the problem of Asymmetry which is a common problem of the information system in our society.
What has Foresting Network?
The simplest definition is; a network that consists of social media, digital banking services and a Foresting lab for community support. All these are based on the blockchain.
It deviates from the traditional social media to bring blockchain into play.
Foresting bank is a digital bank. The platform users determine who to be provided by the financial services offered. It is all about support for content creation.
And to support communities, there is the Foresting Lab. All communities and marketing activities are the aspects that activate the Foresting network, apart from the platform itself.
Everyone is aware of what social media is. It:
• Makes the world open
• Changes the election culture
• Is a channel for horizontal social change
What is the problem that Foresting Network solves then?
By 2018, the number of social media users has risen to 3 Billion. This has started a new wave of the digital economy today. The problem is, all of the most common platforms are centralized. This means the billions of dollars generated is distributed only among the operators and stakeholders.
With Foresting, the most important assets – traffic and content- will be distributed fairly in that users will be able to share interests and interact for free.
But then personal user data is often sold today for advertising. These are the benefits that users are supposed to share.
Foresting network solves:
Excessive reliance on ad revenue
– Personal data leakage and theft.
– Adverts abuse
– The unfairness of value distribution
– The irrationality of value distribution: revenue of content providers, participants, and operator.
In simple terms, Foresting brings decentralization and fairness in social transactions. It is more than a social platform.