onG.Social’s ICO will help bring a unified social media dashboard to consumers while also fighting fraudulent news and social censorship, company officials say.
The IBM-incubated startup employs dual blockchain technology to help users control both central and decentralized social media networks. Through cryptocurrency-based rewards it encourages digital interaction between users.
The dashboard contains management tools and connects to social media platform APIs. The user creates content and uses onG to automatically post it to other accounts. Stream aggregation allows them to see all existing feeds and post without leaving current systems. Because it occurs on the blockchain, users can also post to decentralized networks such as Steemit which offer higher privacy levels.
onG said the key is a reliance on Gravity™, a weighted compensation algorithm that measures and rewards community-verified truth and overall global impact for social media posts.
The coin is built to ERC20 standards which allows them to work with the algorithm without compromising security. By using two blockchains, Ethereum and Waves, they help to stabilize the network while reducing redundancy during heavy network load periods.