Jet8 is taking a new approach to social media and data ownership using blockchain.
Chief strategy officer Joshua Thomson sat down with CoinDesk to discuss how his firm is putting users “back in the center of the value chain.”
First, the platform enables anyone to create “instagram-like” applications centered on their own interests, hobbies or career. Secondly, members and content creators receive a portion of advertising revenue in the form of a U.S. dollar-backed stablecoin for engaging with these apps.
This J8T token can be redeemed at nearly 25,000 retail outlets, including 7-11 and Circle K, and a host of e-commerce platforms. Soon, Thomson said, the firm will release an ERC-20 counterpart token to redeem real-world objects on the ethereum blockchain.
With nearly 20 million app downloads, Jet8 is making moves at a time when social media heads are facing scrutiny for the way their platforms turn users into products. In Thomson’s words, “They’re monetizing our content and data.” He added off camera:
“Today 100 percent of digital advertising dollars go back to the social networks for our data and engagement…….an inequitable relationship. At JET8, we are giving the ad dollar back to users for their data. This to us is much more equitable and empowering.”
Image via CoinDesk Video