Block.one — the company behind EOSIO (EOS), has injected $150 million into its controversial blockchain-based social media network, Voice.
Announced on March 26, the investment comprises $50 million in intellectual property assets and $100 million. The injection is intended to give Voice the resources needed to operate independently from Block.One.
Voice is in closed beta
Voice is currently in closed beta testing and is exclusively available to U.S. users. The platform is built on top of the EOSIO protocol.
Users must verify their identity to use the platform, after which they can earn Voice tokens according to their participation in the network. Voice users must provide their home address, government identification, and images of themselves in order to be verified.
The Voice tokens currently are not listed on any exchanges and do not have a monetary value. All Voice tokens earned during beta testing will be reset when the platform launches.
Privacy concerns surround Voice
Despite comprising a cryptocurrency-powered platform, Voice has come under fire for exhibiting significant privacy concerns.
None of the posts or user data is stored on the Voice Chain, with the blockchain only containing hashes for all of the platform’s data.
U.K.-based firm, HooYu, will store all of the actual data for Voice. The firm reserves the right to share all user data collected with its employees and contracted third parties providing HooYu with data processing services.
HooYu offers a debt recovery service, through which user data can be used to trace debtors by “revealing all connections to an individual or business; this allows them to discover hidden addresses, associates, telephone numbers and email addresses.”
Data collected by HooYu can also be used to “prevent and detect crime.”