Mark Cuban Backs Mercury Protocolbr>
A team of software developers backed by serial entrepreneur Mark Cuban has announced the Mercury Protocol, a way to distribute messages and social media content on the ethereum blockchain.
The team behind Mercury Protocol stated that centralized communication platforms that use private servers expose users to privacy violations by having their personal behavior data sold to advertisers. Mercury Protocol offers an alternative, by allowing platforms that adopt it to be able to exchange content across previously isolated privatized applications, increase user privacy by creating monetization strategies that do not depend upon their behavioral data, leverage tokens to encourage user participation, and provide stronger network security than a private system that has single point of failure.
Underpinning the Mercury Protocol system is an ERC20 token dubbed the “Global Messaging Token,” or GMT. The protocol integrates the GMT token to be used as a utility metric for communication platform participation. In September, the project team will attempt to raise funding through an initial coin offering (ICO).
The protocol was already implemented by the chat application (app) called Dust, which was also developed by Mercury Protocol team and was previously launched in 2014.
The team describes Dust as the future standard of private communication. They built Dust to put content ownership back in the hands of users. It is a private encrypted messenger which renders data forensically-unrecoverable upon deletion. Based on the premise that Dust aims to become the new industry standard of messaging, the team felt it was a solid candidate to champion the switch to a decentralized blockchain-based ecosystem.
The team also plans to put the protocol on a new platform called Broadcast. Broadcast is being developed by the same team and is expected to launch by the end of the 2017. The aim of Broadcast is to counter the curated social media feeds that are common in today’s world, and encourage people with differing views to discuss topics live.