PoX — Blockchain Game Changer
We live in the age of centralized internet data control and monetization. For a flashy headline, Facebook and Google own and monetize your data, while you contribute to these communities for no reward. To break this current model down, a user on Facebook, Sally, is involved with a specific Facebook group, Cats Wearing Hats (CWH), this user moderates and contributes a few pictures a week to CWH. Sally gets enjoyment and likes this community, but Facebook profits on the contributions of Sally into CWH. Well, it doesn’t have to remain this way, the internet can be built differently. This is exactly what PoX and Stacking can enable when it comes to users owning their data and rewarded for interactions within an internet community.
How does PoX change the current model? First, we will look at what PoX is, PoX is a blockchain consensus method that is a proof-of-transfer. There are various ways to validate a blockchain, Bitcoin is Proof of Work, others are proof of stake, while others could adopt a proof of burn. We won’t spend too much detail on blockchain consensus, but why does PoX matter for Sally in terms of CWH?
With PoX rather than burning crypto or running a miner, instead they are transferred within a community based on consensus. For instance, back to the Cats Wearing Hats example, if Sally contributes say 3 photos to the group that receive likes, Sally could be rewarded via PoX for this activity. The terms of community rewards are up to the creators. This creates tangible incentives for constructive community involvement.
Ok, what will Sally be rewarded in, cat coin?!?!?! Well this is where PoX differentiates, rather than reinventing the wheel, PoX can back new blockchains based on existing ones, for example Bitcoin backed Cats Wearing Hats blockchain community. As users contribute to communities, PoX can reward certain levels of engagement with Bitcoin that not only validates a user’s contributions but ties monetary gains to the ecosystem.
Now this is only a beginning of what could be. This will take community involvement and education across internet users. If this sounds interesting, I encourage you to read more: https://paper.dropbox.com/doc/Blockstack-STX-Overview-zE4eupDmqFcJncT1cOEbd
More developments to come.
