The X Foundation is the first foundation created to support the ecosystem for the X decentralized cryptocurrency project. We have a commitment to auditability and making all of our apps open source. Our apps will be governed by TGR when it is released and use Hertz as the utility token.
"Your government will tell you that if you have nothing to hide then you have nothing to fear as they increase surveillance. In the same breath they will say that they must hide information from you. I wonder what they are so afraid of you finding out?" - Zer0
What Are We Building
Our first app will be a decentralized freelancing dapp. It will act to distribute our governance token in a way that aligns with Web3 principles. Namely governnance will be distributed to our users and builders, it will not be tied up to the small group of people with the most utility tokens/stock like traditional applications and services. Through this we will develop the X cryptocurrency in a decentralized manner and work towards the destruction of modern corporations.
Why Are We Redesigning Social Media Apps
After X we will target decentralizing the governance of social media apps because they have become the most popular apps in the world, yet control of them is incredibly centralized. Messaging using the internet is now almost as common as using a phone. There is an ever increasing amount of data or private information/pictures/files of yours that is stored with companies who don't care about you.
"That may be good for the world, but it's not good for us," - Zuckerberg wrote in an email about restricting the sharing of user's personal data
This admission explains why the big tech companies are not concerned with the numerous backdoors, data breaches, downtime, censorship, storing passwords in plaintext, allowing lower employees access to god control of peoples accounts, etc. that occur and keep occurring.
People don't have much choice with the social media apps they use today because their friends are not on them yet. This creates an atmosphere where these companies make you accept whatever terms and conditions they please. A few people have complete control of how/when/if/what and can read everything you send to your friends. This gets worse for the "Neighbors" app where they can soon also control if you are alerted about a crime, they can influence the results of criminal investigations, control the profitability of local businesses etc. If those apps catch on we will live in Orwell's nightmare, so we are working on creating decentralized alternatives before it reaches that point.