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How would my data (say status updates) be stored? On a single server of my own choice?

How do you decide who has access to what? Will it be somehow encrypted, so that only a subset of my contact list could get access to a part of it?

Would I be able to move all my data to a different server if I decided it is no longer trustworthy?

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The unit of sharing is the channel. You start with a personal channel user@domain.com and can create any number of new channels (holiday-photos@domain.com). Each channel has followers, moderator etc that you can control access to (or just set it as public): https://buddycloud.org/wiki/Channels_Explained

Think of the architecture like your email provider: You can always grab your mail spool and find a new provider. buddycloud is not dissimilar - just grab your posts and followers from the API and import them on a new provider. We're make this easier soon but, the data and endpoints are all there to facilitate it.

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