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.
Block.one has partnered with HooYu to verify members’ identity and will store all pertinent meta data.
Data collected by HooYu can also be used to “prevent and detect crime.”
UPDATE 14:45 UTC, March 31: This article has been updated to reflect that HooYu stores only what users provide during the KYC process, and the metadata required for verifying a user’s identity.