Introduction to Blockchain Based Social Media Platforms
The famous American sit-com Silicon Valley revolves around the protagonist’s dream of building a decentralized internet.
An internet platform where users will have full access and control over their data instead of any social media giants such as Facebook or Google.
Now, as we move from reel to real life, an array of decentralized social media platforms based on blockchain technology have emerged which seek to challenge the supremacy of the traditional social media networks.
Simply put, a blockchain social network offers a decentralized platform which means that there is no central overseer of the network. It gives an advantage to people who use blockchain as they are collective contributors to the platform.
Dealing with fake information
It is one of the biggest concerns plaguing social media. It is due to the traceability and decentralized nature of blockchain that the problem of fake news can be effectively handled.
Getting creative with loyalty programs
What blockchain does is integrate the different parties present in the marketing ecosystem i.e the consumers, marketers, and loyalty program partners.
It presents the opportunity to create a consistent experience for consumers resulting in increased brand loyalty.
The privacy of individuals is a complex issue as there are concerns about obtaining, misusing, and selling personal information.
With vast improvements in technology and data mining techniques, user data has now become easy to collect and process.
However, blockchain technology can alleviate the resultant stress due to loss of privacy as transactions on the blockchain platform are not tied to the real identity of the consumer and are routed through random sets in the network.
It is the instances such as the Facebook-Cambridge Analytica data scandal, the Russian interference in the 2016 US elections, and frequent breach of data reported by companies that have led to the rise of blockchain-based social media networks.
Take a look at the blockchain start-ups which have set the ball rolling in 2021.
Steemit is one of the few websites powered by blockchain and operates as a community of users. Based on the Steem blockchain, the platform mints tokens which are awarded to users as a reward for their content contribution on the platform.
To earn Steemit tokens, you can share posts and earn upvotes from members or purchase them using Bitcoin tokens.
It works as a point-based system where the points are blockchain-based and can be traded as tokens in the market. These tokens are bought and sold by people to avail of different Steemit services.
It is touted to be the most valued platform and is powered by blockchain to give users both ownership and control. Peepeth focuses on thoughtful content and is ad-free.
Due to being powered by blockchain, it provides users with the control to manage their data online. The posts, also known as peeps, can’t be edited or deleted. What it does is create user accountability as the content you create is accessible forever.
Peepeth is spam resistant as it is relatively expensive to write to the blockchain, and spammers lose their posting privilege.
Get access to future blockchain-based services as Peepeth can interact with other computer programs based on the Ethereum blockchain.
Running on the blockchain, Sapien is the social media platform built for humans with a different business model when compared to traditional social media networks.
Sapien doesn’t work by selling ads and by a central authority; rather it lets the community decide its functioning.
This makes it an independent place to thrive where the rules are decided and enforced at the community level.
It is not just another social media network; rather it is the place where users come together to explore new possibilities.
Take your social media browsing experience to the next level with SocialX. It is a decentralized blockchain network that allows users to publish content and awards them in the form of SOCX tokens.
The tokens can be traded at platforms such as ForkDelta, TOKEN, and Token Store.
People earn rewards on the platform as they earn likes, comments, and shares on their posts. User privacy is protected with the choice that it can be made public or be stored safely.
It is the place to have an open conversation with people. Users get paid to create content and drive traffic to the platform.
The earnings on Mind are based on tokens where individuals are awarded tokens for their daily use. The payment can be received in the form of Bitcoin, Ether, and even USD.
The principles of the platform are based around transparency and open-source code.
Helios is a decentralized social media app that is funded by the European Commission under its H2020 program.
Since it is an open-source platform, developers can create their apps easily. The platform offers robust architecture which can be used to create social network service and new modules.
It also offers modules for easy content production and delivery for different types of users.
It is an American online social platform powered by decentralized blockchain technology. The functionality of the platform includes providing users with the experience of crypto-commerce i.e allowing users to buy any product using Bitcoin, Ethereum, or USDC.
Users can earn passive income on the platform by building their net worth in cryptocurrency.
CoinLinked focuses on user privacy and offers anonymous verified profiles to users regardless of the status in society.
No membership is required to buy through CoinLinked. However, you won’t be eligible for any shipping credits or promotional rewards.
Driven by forging connections and relationships, we need social networks that are devoid of any ads, and user privacy is key to the social ecosystem.
It is via leveraging blockchain we can work towards achieving it. If you too want to leverage the functionalities of Blockchain and reap the benefits, hire full-time developers and get the job done.
Not only does it hold key to user privacy but it also brings along the chance to explore different blockchain modalities which is beneficial to both the users of the platform as well as the publishers and everyone else related to the digital world.