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How Blockchain And Data Dividends Could Fix Facebook

Forbes says the paid advertising model has been egregiously abused by Facebook. And the hemorrhaging has begun. Trust has eroded. Viewership is down 20%. And 44% of users ages 18 to 29 have deleted the app from their phones in the past year. Two major underpinnings of Facebook need serious fixing if there’s even a remote chance of climbing out of its self-inflicted muck. The first is personal identification — simply put, verifying that you are who you say you are. The second? A rewards system for being an engaged user. Both require major reconstruction, not just another Band-Aid or mea culpa. At last year’s Techonomy Forum, David Kirkpatrick interviewed Chris Hughes, a former roommate of Mark Zuckerberg. Hughes suggested creating a “data dividend” to offset income inequality. He reasoned that, individually, our personal data has worth; collectively, we’re creating a commonwealth based on data. “I think it’s reasonable to ask that everyone who’s creating the data shares in a little bit of the upside,” said Hughes. Pandora’s box.

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