Today, on social media, practically everyone is involved. In 2017, 81 percent of the US population had a social media presence, according to Statista, while by 2021, the monthly global user base is projected to hit 3.02 billion.
So did the instances of data breaches as data output from prominent social media sites skyrocketed. A new type of social networks, namely Blockchain Social Media, is evolving and rapidly expanding against this backdrop to provide better protection.
Since most conventional social media networks are centralized, a different type of data production and control is promised by the new decentralized social media platforms. Most notably, it allows users to have greater control over their knowledge.
We will explore the different aspects of blockchain social networks in this insight blog, including:
What is Social Media for Blockchain?
Why Social Networks Decentralization?
Social Networks of the Top Blockchain (2020)
Challenges to social media application of Blockchain
What is Social Media for Blockchain?
Blockchain Social Media are decentralized networks that are based on blockchain technology that allow applications and smart contracts to be developed.
These decentralized social media platforms allow each interaction to be encrypted end-to – end. Moreover, they typically have characteristics typical of the Blockchain ecosystems, such as native currency used for:
- Transactions in-platform
- Users who are earning Via crowdfunding
Why Social Networks Decentralization?
First, the confidentiality and protection of personal data.
Two, power accumulation in the hands of a few who manage the centralized structures.
Usually, anything related to blockchains or DLTs is mostly aimed at decreasing the various downsides of centralized systems. The social media case is very close.
So, what are the major benefits of Blockchain and Social Media interconnections?
The following three benefits are provided through Blockchain Social Media:
- A User Commodification Check
- Confidentiality of freedom of expression
- Crowdfunding spectrum
- A Check on Commodifying Users
Presently, one of the most profitable assets is data. The mind, actions and other aspects of the data producer can be regulated by those in charge of information. Moreover, centralized social media sites are personal data goldmines.
It is an open secret that, among others, the likes of Facebook and Instagram exploit user data to allow their customers to target advertising. When you browse something on Amazon, for instance, the product’s ad shows up on Facebook or Instagram.
While the strategy is applaudable from a marketing viewpoint, at the receiving end, it has significant repercussions for the consumer.
These risks of user commodification are removed due to their peer-to-peer network, end-to-end encryption, and the lack of ‘third-party,’ distributed social networking sites. It also, by extension, gives users greater control over their details.
This is largely assured by the use of private and public keys.
The user may initiate a transaction using a private key, the details of which are stored in a block of data on the blockchain. Only after being confirmed by the majority consensus of other network members is this block attached to the chain. Consequently, only the intended recipient is able to access the data.
The information contained in these blocks is in the form of a ‘hash.’ These are one-way algorithms, so that (theoretically) a hash can not be decrypted to get the original information.
Each hash is special and a different hash is generated by any unique data. A different hash results in even a slight change in details. The data stored on the blockchain is thus permanent, resulting in documents that are unalterable.
Confidentiality and freedom of speech
Any contact, including private messages, on centralized social media is open to those in charge of moderating these networks. This, among other items, poses a significant threat to the privacy of users.
Additionally, material shared on social media is constantly being used for political gains and suppress dissent. This is, understandably, a huge impediment to the democratic values of freedom of speech and expression.
Blockchain social media networks with their decentralized consensus structures guarantee greater privacy and help realize the freedom of users to express themselves freely.
Such a lack of legislation, however, may pose more new risks. Such problems need to be resolved over time if these decentralized networks are to equal the success of the present social media giants.
Blockchain social media also provides materialistic perks, aside from non-monetary benefits.
Many social networks that are decentralized reward users (nodes) for posting on their network. Such incentives come in the form of the native cryptocurrency of the network, similar to other blockchain ecosystems.
In addition, these social media sites allow users to execute efficient campaigns for crowdfunding through processes similar to token sales. In addition, they also enable financial transfers from user-to-user using the native cryptocurrency.
The 2020 Top Blockchain Social Networks
Let us now turn our attention to some of the most popular examples of the former, after addressing the need for decentralized social media networks instead of centralized platforms.
Here, we are talking about the following six common social media blockchain platforms:
- Of the Diaspora
- Earn Out
Let ‘s explain in depth each one of them.
Steemit is one of the most successful blockchain social networks of all time, a leader in this area and focused on the Steem blockchain. The platform has elements similar to Facebook and Reddit in terms of functionality.
The steem scheme automatically distributes prizes to the creator in Smart Media Tokens (SMT) based on the interaction and ‘upvotes’ on content.
According to Steem Figures, users have received up to $22 million for their content on this website. In addition, the Steemit whitepaper promised a whopping 6 million transactions per second, which is greater than Bitcoin and Ethereum ‘s current TPS.
For writers and content creators who want to monetize their material, Steemit is ideally suited. In February 2020, Tron acquired Steemit.
With millions of users, Diaspora is another common social media site for blockchains. It is a “online networking environment where you are in charge.” It enables users to enter, host and chat in their favorite pods.
Moreover, like conventional social media sites, users in the Diaspora’ culture,’ as they call it, will follow hashtags.
The Diaspora is focused on three pillars with regard to its functionality and structure.
Decentralization-The ‘pods’ of the network are operated and managed separately by the distributed servers. This means that the system is genuinely decentralized and that none of the information is stored on a central server.
Freedom: Users do not need to disclose their true identity to participate in the Diaspora culture. It is also a user’s option to share personal details such as contact number. Aside from being free-to-use, the app gives its users full freedom to communicate as they want.
Privacy-‘Aspect,’ a distinctive Diaspora feature, allows users to monitor their data completely and share it at their absolute discretion. In addition , users do not sign off their data privileges, either to Diaspora or some other third-party, when signing up for the community.
This zero-censorship network is one of the few digital revolutionary networks where absolutely all of their data is controlled by the user.
In addition , the software is entirely open-source, providing users with greater flexibility and allowing them to use the software in full sync with their individual needs. All the now-popular features of applications such as Facebook , YouTube , Twitter and more are supported by the platform.
The platform is increasingly rising in prominence as an advocate of freedom of speech and expression. Consequently, over 2 million have already been accumulated by its user base.
It is a one-of-its-kind social media platform for Blockchain, in the sense that it provides a total social network functionality, combined with a revenue mechanism.
All.me, a multi-layered framework, is based on four main elements:
MeNetwork: The main social networking platform of All.me enables users to connect over a distributed network. This social network, in terms of content, is like Instagram or Pinterest, where people typically share pictures.
MeMarket-It is a distributed marketplace that, in return for the ME token, enables users to sell goods on their profile or purchase things from their newsfeed.
MePay-The in-built payment protocol is an integral part of the All.me network , allowing users to move funds for commerce and other purposes.
MeToken-It is the native cryptocurrency of the network, which users have to use on the site for transactions.
This use case of Blockchain in Social Media, hosted on Coinbase, enables users to gain bitcoin by completing microtasks.
Upon creating a profile, users, based on their skill set, can enter ‘lists’ and receive paid messages. The Earn network mainly uses a paid email system designed to maximize the chances of earning for users.
This platform can, in essence, be compared to LinkedIn.
SocialX is a social media site that is community-driven. It enables images and videos to be shared by its users. It is decentralized, even though it operates similarly to conventional social media sites such as Facebook. It runs on a decentralized blockchain network, and in the form of its own cryptocurrency, SOCX, its users can receive rewards in return for their material.