Jack Dorsey, the founder and CEO of Twitter and payments operator Squre, has revealed that Twitter is funding a dedicated team to develop a decentralized standard for social media. In a series of tweets on Dec. 11, Dorsey set forth a number of challenges social media networks face in their operations. These include the shift away from content hosting and removal to recommendation algorithms directing users’ attention, and content that sparks controversy and outrage rather than healthy and informative conversations. Addressing existing challenges in the field Dorsey went on to address new challenges centralized solutions are struggling to meet, specifically …

Voice, the social media platform first unveiled by EOS creator Block.One in June, announced that it will launch in beta on Feb. 14 — Valentine’s Day — in 2020. Voice announced the beta launch date in a blog post published by the project on Dec. 5. The firm also promises that it will share its progress with the community as the development goes on. Voice also claims that thousands have already signed up to take part in its beta testing. The firm also admits that the initiative is still plagued by regulatory uncertainty and that it is still working with …

Binance’s official account on China’s major microblogging website Weibo has been blocked. The account of the major global exchange was blocked on Nov. 13, purportedly due to violations of the site’s policies, Taiwan-based publication The China Times reported on Nov. 15. At press time, Binance’s Weibo page is blocked, displaying a notice that the account has violated provisions of the Weibo Community Convention. All content, including Binance’s posts and the number of followers, is currently unavailable. Cointelegraph has contacted Binance for a comment on the issue, but the exchange has not replied as of press time. Binance’s plans to launch …

A Yale professor and Goldman Sachs veteran are planning to complete a new project of a blockchain-based Facebook rival in 2020. Returning control of data to users David Gelernter, a Yale’s professor of computer science and Mirror Worlds creator, and Rob Rosenthal, a 19-year veteran of Goldman Sachs, are collaborating on a new social network called Revolution Populi, Business Insider reports Oct. 22. Gelernter and Rosenthal are planning to ensure user privacy with blockchain technology, also providing maximum security and enabling decentralization. According to Gelernter and Rosenthal, the new social media platform will return control of personal data to individuals …

Banks may be bound to stop working with social media giant Facebook if the firm launches its Libra stablecoin, according to ING CEO Ralph Hamers. Bank can choose to “not accept the client” Financial news outlet Financial Times reported on Hamers’ remarks on Oct. 22. Per the report, he explained that institutions like ING have to guard the financial system to prevent criminal activity. Because of this, concerns over Libra’s potential for illegal use may result in a response from the banks: “We can take measures and exit the client, or not accept the client, so those are discussions you …

Bank of England Governor Mark Carney has defended Facebook’s choice to create a new currency. Canadian news outlet TheStar reported Carney’s remarks on Oct. 15, noting that he highlighted the shortcomings of the current traditional financial system. Because of the inefficiency of the payments, Carey thinks that firms such as Facebook should be involved in projects like Libra. The current payments industry is lacking More precisely, he reportedly criticized the high costs of moving money, saying that they penalize small businesses and can cost firms as much as 200 basis points per transaction, besides being processed too slowly. According to …

South Korea’s Cyworld social media platform shuttered its services on Oct. 1 without giving any prior notice, English-language local media The Korea Times reported on Oct. 14. What’s more, the website for its Clink (CKCT) crypto-asset has also become inaccessible. In response to the news, local cryptocurrency exchanges supporting Clink, namely CoinZest and BitSonic, are now considering delisting the token. Moreover, some investors who bought Clink are reportedly considering filing a lawsuit against Cyworld and its CEO, Jeon Jae-wan. Great losses are expected for investors Unspecified industry officials reportedly estimate Clink investors to lose least 1 billion won (about $844,000) …

A U.K. tech firm has raised a £1.6 million ($2 million) investment for an app that allows users to send Bitcoin (BTC) using their social media accounts. As reported in the North East Times, Oct. 11, Newcastle company, Block Matrix, received the funds to further develop its Bottle Pay platform. “Allow everyone to use Bitcoin” The Bottle Pay platform lets users transfer Bitcoin using their social media accounts. This enables payments to any social media contact regardless of whether they have a Bottle Pay account. The Bottle Pay app will allow users to easily access the platform. Founder, Pete Cheyne, …

At a time when the term “fake news” has become a household name thanks to its repeated use by President Donald Trump, deepfakes — i.e., seemingly realistic videos that are in fact manipulated — can further escalate the problem associated with distrust of media. Technologists are looking at the inherent nature of blockchain as aggregators of trust to put more public confidence back into the system. Truth is increasingly becoming a relative term. When everyone has their own version of the truth, democracy becomes meaningless. The advent of deepfakes is surely pushing society to a point where facts can be …

A subsidiary of Argentinian smart contract platform RSK has purchased Latin America’s social media giant Taringa, gaining exposure to 30 million users. RSK-powered rewards for content on Taringa IOVlabs, a startup dedicated to the development of the RSK smart contract network, is already building a crypto-powered incentivizing program for sharing content on the platform, as reported by Cointelegraph en Español on Sept. 27. Specifically, Taringa will purportedly reward users for active participation in its communities with IOVLabs’ RIF token (RIF), a crypto token operating on the RSK Smart Bitcoin platform. At press time, RIF’s market cap accounts for over $49 …

Facebook’s Libra stablecoin must meet the highest Anti-Money Laundering (AML) and terrorism financing standards, according to United States Treasury Under Secretary of Terrorism and Financial Intelligence Sigal Mandelker. Business news outlet Reuters reported Mandelker’s remarks on Sept. 10. Cryptocurrencies must comply Per the report, Mandelker also told reporters in Geneva that any cryptocurrency operating in the U.S. — including Libra — has to satisfy local regulatory standards. Regulators are concerned by Libra Global financial regulators are concerned about Libra, with the European Central Bank’s key legal official Yves Mersch recently saying Facebook’s stablecoin is “beguiling but treacherous” during a speech …

A couple of years back, the term “exit scam” became synonymous with the crypto industry. This was at a time when the market (at large) was replete with a number of cash grab ventures that looked great on paper but had little to no substantive value to back them up. In its most basic sense, an exit scam can be thought of as a fraudulent scheme wherein the organizers of an initial coin offering (ICO) or a similar fundraising avenue disappear with their investors' funds after acquiring a sizeable sum of money. In this regard, during November 2017 — a …