The Cyber.Fund team has announced creation of a Russian-language within decentralized social network Steemit. The Golos (“Voice”) project will undergo an ICO.
Steemit earlier claimed to have an unprecedented traffic level comparable to that of early Facebook and Reddit, however, the Russian-speaking community seemed to fail to see any advantages in that.
Cyber.Fund’s statement notes that they decided to shift their focus from launching a separate blockchain to the launch of a Russian-language blockchain based on Steem technology.
“Currently the Russian speaking community owns not more than 3% of a Steem network (tokens), despite the fact that Russian is one of the tenth most spoken languages in the world. As a result, an algorithm of quadratic voting leaves no more than 1/900 portion for the payouts to the Russian speaking community. So from the author’s perspective Steem is not attractive,” Cyber.Fund co-founder Dmitri Starodubtsev wrote.
Among other reasons to justify this project, Starodubtsev cited Steemit’s lack of appeal to the Russian-speaking developers.
“From the developers’ perspective it is also not attractive. We as developers have zero motivation to build apps because of incentive structure and a huge hassle of finding a way to pay for the registrations. The Russians are used to earn in their national currencies: ruble, hryvnia, tenge, etc. So dollar as a payout currency is not the best option for us.,” Starodubtsev noted.
Following several discussions between Cyber.Fund and Steemit, the parties decided to launch a separate Russian-language project within the platform under the following conditions:
- 10% of the GOLOS tokens from the initial 1 month phase will be distributed to the whole Steem community;
- 10% of the crowdsaled bitcoins will be payed to Steemit Inc for the license;
- Cyber.Fund hires a dedicated team of developers for maintaining the forked blockchain in accordance with a core protocol. This dedicated team will also contribute to the original Steem blockchain;
- Cyber.Fund reserves 1% of GOLOS tokens for the exchange in case there is going to be a Chinese Steem-based social network.
The project’s ICO is scheduled for October 15, 2016. The crowdsale will be unlimited during the first 24 hours of the campaign. After that, the amount will be limited to $3 mln in Bitcoin equivalent. Steemit Inc. will provide information support to the new project.