On April 30, we closed Voice to the public for the next few months while we upgrade from a fungible token-based social platform to a non-fungible token-based social platform.
I would like to share more insight into that decision and our future.
Why the change?
We set out optimistically to work with regulators in the US to gain approval for our fungible and transferable Voice Token. We believe the Voice Token can both fix much of social media and powerfully leverage EOS mainnet.
After more than 18 months of close engagement with regulators, we do not have an end in sight yet. The change of administrations has introduced further uncertainty. Recent actions by the SEC indicate a long road ahead. We remain in pursuit of those approvals, but we do not have an end in sight yet.
NFTs represent a new media format altogether. The kind that can disrupt the status quo and render existing platforms obsolete. And, in their purest forms, they’re decidedly not securities.
By tokenizing the content itself, instead of putting tokens next to the content, we are giving creators the opportunity to monetize their work directly. Voice has found a better path to empowering creators and leveraging EOS mainnet.
While we are moving towards building on EOS mainnet, we are not able to from day one for three reasons. First, the New York State Department of Financial Services does not permit EOS (amongst many other tokens) to be traded in New York state.
Secondly, our proprietary file storage system requires buy-in from major block producers that we cannot guarantee.
Lastly, and most importantly, our NFT protocol (built on top of SimpleAsset) needs to be released and widely adopted on mainnet in order for us to guarantee that our creators will always earn their royalties. The current honor system has already been undermined by a growing black market.
We will work on solving all three of those issues with the help of the EOS community. But it cannot happen in time for our launch this summer. So, we will begin by decentralizing our chain and allowing exporting to EOS as a failsafe to our NFTs, while we work towards enabling full migration to mainnet.
Our mission remains the same: build social as it should be. NFTs + EOSIO uniquely make that possible.