Rob Rosenthal, a Goldman Sachs veteran, has joined David Gelernter, a Yale professor, in order to create a blockchain-based project that could become a rival to Facebook. The new social network created by them will be called Revolution Populi.
According to the duo, they plan to create a network where privacy of the users will be protected, which will be ensured with as much decentralization as possible. The main goal of the platform is to help people regain control over their identity online and to choose the kind of personal data that is really shared, something that does not happen with Facebook.
Rosenthal, which was interviewed by Business Insider, affirmed that one of the primary benefits of the blockchain technology is that it can help you to create a database that is decentralized, something important to be protected against hackers.
“First of all, it’s decentralized. You can create a decentralized database that’s owned and governed and controlled by nobody except for the users. It can be democratically governed and it is a way to quit that ownership that those two companies have over people’s lives.”
With the use of smart contracts, people will have unprecedented access to their own data and monetize it. This means that they can choose to sell the information or to keep it. The data will be truly their own, not belonging to a social media company.
At the moment, the two creators of the project are already planning the Initial Coin Offering (ICO) that will raise money for the platform. According to them, this will help with the funding and will generate a token that will be used on the platform. Right now, the technology they will use is still being developed, but the founders believe that it is possible to launch it early in 2020.