Polkadot Parachain Introduces Path for Highly Scaled, Established Web 2.0 Apps to Deliver Web3 Value
AUSTIN, Texas, April 26, 2023 - Today at Coindesk's Consensus 2023 gathering, Frequency announced that popular social networking app MeWe has adopted the Frequency blockchain that will connect its 20 million users to the Social Web – an evolution of the internet in which social networking functionality is delivered as part of the web itself. The first phase of the initiative is to deliver a self-sovereign Social Identity that is fully owned by each user, in contrast to the established norm of centralized social media platforms that control users' data. By leveraging Frequency, a parachain within the Polkadot ecosystem, MeWe will be able to provide millions of people with the basic right to own their Social Identity. This Social Identity also serves as a foundation from which users will access an increasingly robust Web3 feature set that puts people – not platforms – in control of their data and value exchange in the digital world.
Blockchains make it possible to deliver a new era of social networking apps in which people, for the first time, can interact in digital spaces while retaining direct control over their data. However, until now, when blockchain technology has been applied to social networks – which entail high-volume transactions with low individual value – costs overwhelm a business model before an app reaches even a million users. Frequency enables apps to overcome this barrier with a revolutionary pricing model, allowing builders to reserve replenishing transaction capacity at a predictable, low cost.
"Frequency breaks the price barrier so blockchain technology can be used to decentralize social at massive scale," said Braxton Woodham, president of Amplica Labs, the team that was the initial technical contributor to Frequency. "This breakthrough enables a bridge for Web 2.0 apps to connect their existing user bases to Web3 value, and opens blockchain for use cases that go far beyond DeFi."
MeWe has successfully adopted Frequency, demonstrating how the value of blockchain technology will be used to deliver decentralized social at the scale of mature, established businesses. The company is migrating its user base to decentralized Social Identities beginning this quarter.
"Since our founding, MeWe has surpassed industry norms to protect individuals' digital rights," said Jeffrey Edell, chairman and CEO of MeWe. "We are furthering this commitment by literally handing control of data over to our users. By pioneering the migration to the Social Web, we seek to be a leader in bringing into existence a world in which people, not corporations, control the way digital spaces work."
The Social Identity includes a universal handle and enables users to leverage a single following and network of personal connections across any app that joins the Social Web. Each user on the Social Web is also connected to a shared public social network that makes it possible for users to be discovered, connect and interact with others independent of which app they use.
The Decentralized Social Networking Protocol (DSNP), released by international nonprofit Project Liberty in 2021, is a new open source project that is designed to be a foundational element of the Social Web.
"Today's prevailing tech architecture, one that profits from exploiting and dividing people, has caused widespread harm and led to a breakdown in our social fabric; and with the emergence of AI the damage being done will only accelerate," said Frank McCourt, founder and executive chairman of both Project Liberty and McCourt Global, which includes Amplica Labs. "With this significant milestone, we are witnessing firsthand the creation of a new and exciting model for technology. By utilizing DSNP to catalyze systemic change and by empowering people to take control of their digital lives, we can replace today's broken tech model with a better version, enabling a much brighter future for us all."
Frequency launched as a Polkadot parachain in November of 2022.
"MeWe's adoption of Frequency marks a milestone for Polkadot, as the technology envisioned by Gavin Wood for Web3 will be reflected in a social network that reaches millions of people. This is just the beginning of the benefits that the decentralized world offers, where users have ownership of their data," said Bertrand Perez, CEO of the Web3 Foundation.
About Frequency
Frequency is a Layer 1 blockchain optimized for high-volume use cases that makes it possible for builders to deliver decentralized social applications at massive scale. Blockchains typically have volatile, high transaction costs that become prohibitively expensive at the frequency required for social networking. Frequency solves this problem with a revolutionary pricing model in which builders reserve replenishing transaction capacity at a predictable, low cost.
Frequency is designed to support the scaling of the Social Web, an evolution of the internet in which core social networking functionality is integrated within the web itself. The Decentralized Social Networking Protocol (DSNP), released by international nonprofit Project Liberty in 2021, is a new open source project that is designed to be a foundational element of the Social Web. By connecting to DSNP over Frequency, applications can cost-effectively deliver Web3 features to large, established user bases while tapping into the compounding network effects of the universal, shared social graph enabled by DSNP.
For more information visit Frequency.xyz and DSNP.org.
About MeWe
MeWe is a social network built to put privacy first and committed to giving users more control over their data and social media experience. The company offers a groundbreaking "Privacy Bill of Rights'' which guarantees users control of their data and news feeds. MeWe allows users to join groups, engage their friends, and puts them in complete control without ads or algorithms. With 20-million users worldwide, and unique features such as the MeWe 2-way camera, MeWe is host to over 600,000 user-driven interest groups.
MeWe was named a 2020 Most Innovative Social Media Company by Fast Company and a 2019 Best Entrepreneurial Company in America by Entrepreneur Magazine. In 2016, MeWe was honored as Start-Up of the Year Finalist for "Innovative World Technology" at SXSW.
About Project Liberty
Project Liberty is an international nonprofit accelerating the world's transition to an open, inclusive data economy that empowers people over platforms by working to mobilize the foundation of a new internet for the common good. Project Liberty is building a global alliance for responsible technology and bringing together technologists, academics, policymakers, civil society and citizens to build a safer, healthier tech ecosystem.
SOURCE Frequency
