The CEO of Voice, Salah Zalatimo, announced on Twitter the closure of the social network for the next three months, when it will relaunch in a new version based on non-fungible tokens.
According to Salah, this new path has been taken mainly because of delays in getting Voice's fungible tokens approved by US regulators. Apparently it's been over 18 months since the Voice team has been working with regulators to establish the methodology for approval of the fungible token, however, even given the change of administrations, there's still no indication of this.
Through Non-Fungible Tokens (NFTs), Voice could continue its innovation, while also protecting itself from a regulatory perspective. Indeed, NFTs are "decidedly not securities ".
As previously announced in our article, by integrating NFTs into Voice, users will be able to freely create digital assets in various formats: visual, written, audio and video, and they can be simply bought and sold.
The integration with Non Fungible Tokens will be done using EOSIO blockchains, but for now there is no mention in the EOS mainnet. In any case the Voice NFTs will be:
Below we leave you the complete Twitter Thread of Salah
Voice Token + EOS
We have just closed Voice to the public for the next 3 months while we upgrade from a fungible token-based social platform to a non-fungible token-based social platform. I would like to share with our community more insight into that decision and on our future.
Why the change? (pt 1) 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.
Why the change? (pt 2) 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. We remain in pursuit of those approvals, but we need an alternate path.
Why NFTs? The stars aligned in front of us. NFTs are a new media format altogether. The kind that can disrupt existing platforms. And, they're decidedly not securities. Voice has found a better path to empowering creators and leveraging EOS mainnet.
Why not build on EOS mainnet from day one? 1. EOS is currently not permitted to be traded in New York state. 2. Our file storage system requires buy-in from major block producers. 3. Our custom royalties are not supported by marketplaces on mainnet.
We will work on solving all 3 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 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.