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Meet Memo: An On-Chain Social Network Built on Bitcoin Cash

Bitcoin Cash

An on-chain social network called Memo for the BCH blockchain has been launched. The new platform, launched April 15th, will allow users to create profiles tied to specific bitcoin cash address and a private or public key pair. A user can then tether specific data through the program like a quote, a certain date, or a site URL hashed into the bitcoin cash chain through an OP RETURN transaction.

The creator of Memo explained that “I am so glad to announce the launch of Memo, which is an on-chain social network that’s been built on BCH. It is both a front-end app and a protocol. The protocol operates by writing transaction to BCH blockchain. Customer applications can read the transactions so they can see the network’s activity.”

“With the current social networks, users don’t control their information, and their accounts can be removed without any reasons. The blockchain is way more than just an un-censorable means of sending money; it is an un-censorable means of storing data. Memo is basically an experiment leveraging capabilities of the blockchain to store data.”

An immutable and censorship free environment

Using Memo is simple. All a user does is creating a username and password which will be tied to a particular key pair with some address. Users addresses will be seen on all blockchain explorers and users will have to load up their address with BCH so they can utilize the features of the platform. It does not take much; interacting with other users or writing a memo on the platform costs under a penny.

To try the application, we loaded up 1 USD worth of bitcoin cash, which allowed us to follow particular profiles that created a feed for us on the screen (at the bottom). Writing a memo is also easy; you write or better still copy and paste your text into a dialogue box, then enter your password tied to your profile. The memo can then be seen by every user on the platform and data is tethered to a transaction. You will only receive a memo if you are following the profile that shared it. You may also like and also tip the memo. So if you like the memo a user shares, you may add BCH to that profile which is basically tethered to that particular user’s key pair. In case a user collects some good amount of tips, they may withdraw the funds using the “export-key” button.

However, you should note that the app is still in an alpha-testing stage, which means that you probably should not add too much bitcoin cash to your account until the developer has released the stable platform. Memo has already seen a lot of use, and the creator says that “its server is under extreme load.” Through the Memo website, the developer says that at present, the app is highly experimental. The developer gives a risk disclaimer which users have to accept before utilizing the protocol.

Already, there are a lot of individuals to follow on the new platform, but it is difficult to tell whether they are who they claim to be. Various funny comments have so far been shared, and people have already added several links to Satoshi’s White Paper.

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