Social Media Platform, Openbook to Take on Facebook Through Its Potential Cryptocurrency?

Netherlands-based social media platform startup, Openbook appears of have stemmed as a way to bring Facebook down. By analyzing the platform’s features, it appears that it plans to offer similar services like that of the social media giant. One thing that will surely differ among the two, is supposedly the fact that Openbook will not focus on advertisements.

A statement shared on their Kickstarter funding page reveals Openbook’s indirect way of letting users know that it will not do what Facebook has been criticized for. In particular, the extract focused on the Openbook business model, which reads:

“Our business model is not and will never be advertisements. We will have a transparent revenue model based on a generic way for people to securely transact physical and digital goods and services. This will be done through an atomic digital unit of value.”

Clearly, Openbook’s approach of relying on an “atomic digital unit of value”, shows that the team involved might be hinting out the possible launch of its own cryptocurrency. This does not seem coincidental, as Facebook voiced their involvement in blockchain technology in May 2018 – stating that an ongoing effort has been in place to round up an internal team of blockchain experts. The team will be led by David Marcus, who previously served as the head of Messenger and a board member on Coinbase USA.

The news of Facebook’s participation was first shared via a Twitter account known as “Cheddar”, which stated that Facebook will eventually create its own crypto in an attempt to “facilitate digital payments for its two billion users.” As for the many hurdles thrown at Facebook for the amount of fake news that surface its platform, CEO Mark Zuckerberg does not believe that all such information should be removed, as it may simply be a misunderstanding.

The startup is not the first of its kind to challenge Facebook, as previous attempts were made. For instance, in 2010, a not-for-profit, decentralized social media platform was successful in raising the necessary funds to stand as competition. Similarly, a platform called Gab was created in 2016, as yet another attempt to commence a face-off with Facebook.

As for how Openbook plans to execute its goals, it appears that the novice social media platform wants to establish its services in a centralized manner, as it would give them a competitive edge to stand next to Facebook. Once they do so, they then plan to assess factors that would help transitioning into decentralized ones more feasible.

Based on the Kickstarter page, if Openbook reaches its goal of nearly USD$117,000 then its next step will be to launch the alpha version by March 2019, with the complete package two months later.

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