What does FaceCoin do?
Have you heard of social networking? If you are like me you don't even use it anymore because of all the privacy implications, spam, etc. Mark Zuckerberg is literally saving everything you type and every site you visit and selling it to scammy advertisers for billions. I'm not alone in not wanting to be on Facebook, and this project will help with their demise. FaceCoin is doing to Facebook what Bitcoin did to banking, people have been saying this should happen and finally someone is working on it.
The idea behind FaceCoin is that instead of solving hashes to mine blocks, users can run FaceCoin nodes which creates a distributed website that they are rewarded for contributing their bandwidth and storage space to. So, you have a bunch of people running nodes and through the magic of peer to peer networking and cryptography, users can log on to it just like any other site in their browser and use it.
Why make a decentralized Facebook? Well for starters everything will be end-to-end encrypted, with zero knowledge sharding so your info isn't out there to be datamined. You can choose who and what information you actually do want to share and can put up your posts and photos just like any other site. There's not going to be a huge corporation overseeing everything, instead it's going to be community based so you won't have some greedy company trying to squeeze out every last cent from users.
Why I'm investing in FaceCoin
Overall, I like this ICO, theres a couple others that are kind of similar but aren't really decentralized even though they are, this is the only one that is truly decentralized and grassroots. They are raising a modest sum of Ether to hire on more developers, and there is no premine or reserved coins for the developers like most other projects.
