Connecting Blockchain and Social Media: Which Are the Opportunities?

Written by Kevin Liew on 02 Nov 2022
62,602 Views • Crypto

Blockchain Social media refers to decentralized networking platforms based on blockchain protocols and platforms that permit the creation of applications and smart contracts. Ethereum, Steem, and Stellar are a few of the blockchain technologies that help the creation of social media DApps. Blockchain social media networks lack a centralized proprietary authority in charge of all data because they are decentralized.

The use of popular social media platforms has sparked discussion recently. Even if they want to, platforms like Twitter, Facebook, and YouTube can ban individuals and content.

They can also stop the flow of money by demonetizing materials. With blockchain technology, these problems can be resolved. Social media companies can circumvent censorship by storing user content on a blockchain's unchangeable ledger. By encrypting the data and sending it via unrestricted crypto transactions, they can also give users control over rewards and reputation points.

Understanding Social Media

Before going into how social media can benefit from blockchain solutions and vice versa, organizations will must first truly make an effort in understanding social media. After all, that's where all of their consumers are and not being able to read their online behavior often costs more than just the number of likes.

Social media has become an important online place for customers to seek information about the brands they like. For instance, knowing that the Instagram influencer marketing platform is bringing millions of dollars to many companies in the lifestyle, fashion, beauty, and travel industries.

That said, other platforms like Facebook, Twitter, and LinkedIn are not only contributing to sales but are also informing brands about the preferences, challenges, and needs of their target audience to help them improve their products.

Blockchain-Based Social Media

A rapidly expanding market, blockchain-integrated social media integrates decentralized and permissionless blockchain technologies into platforms designed to promote human connection and content exchange. 

Peepeth

Peepeth is a decentralized social media network with a microblogging platform. Don't be deceived by its appearance it's a Twitter clone. In comparison to earlier "free" businesses, Peepeth's revenue strategy, mission, and backend technology are completely different. It involves opening up what you've become accustomed to and are proficient with to the rest of the world.

Based on the Ethereum network, Peepeth requires a little amount of Ether to participate, much like all decentralized apps or DApps. In other words, it is not "free" and does not hide costs from customers. For a full day of routine encounters, Peepeth costs just a few cents in the United States.

Sapien

Sapien is another social site built on the Ethereum blockchain. It is very democratic and flexible. Fake news is combated by Web3, a social network that rewards content producers and gives users back control over their data. A social news site called Sapien is built on the Ethereum blockchain. It is very democratic and flexible. Fake news is combated by Web3, a social network that rewards content producers and gives users back control over their data.

The Sapien engine allows users to invest SPN tokens and receive tokenized rewards for posting comments, voting on posts, and creating content. Users have total control over their time and data on this decentralized social network.

Steemit

The user-generated content and community development platform Steemit combines social media, blockchain technology, and cryptocurrency. The social network's users produce and curate content in exchange for a 50/50 split of Steem Dollars and Steem Power. 

It was created on the Steem blockchain and is currently one of the most well-known blockchain social networks ever. The user-generated content and community development platform Steemit combines social media, blockchain technology, and cryptocurrency. In terms of functionality, the platform has components that are similar to those on Facebook and Reddit.

Decentralized Social Media Networks on Bitcoin Cash

Although Bitcoin Cash (BCH) is mostly known as a peer-to-peer (P2P) cryptocurrency, its underlying network also supports several other noteworthy features. Through the simple ledger protocol (SLP) and a strong ecosystem of blockchain-based social media, Bitcoin Cash has its native token economy. The following are some prominent BCH-powered social media initiatives:

A blogging platform called Read.cash enables you to read and write articles. You receive a built-in BCH-enabled web wallet when you sign up. When you upvote articles, you use the Bitcoin Cash protocol to send P2P micro tips on-chain.

You can publish visual assets and messages on the decentralized social network Memo.cash, which is available on desktop and mobile devices. It filters material using hashtags and substitutes BCH suggestions for likes. Each Memo.cash account has a crypto wallet address associated with it, and every post is public on the blockchain.

A blockchain social media platform called Member.cash is comparable to Memo.cash. You can "love" posts, leave comments, and tip with BCH. You can also "re-member" a post, which is similar to retweeting on Twitter.

Could Decentralized Social Media be Our Future?

Blockchain-based social media platforms offer new features and methods to interact with technology and one another, even though current decentralized social media platforms do not yet exhibit the same kind of network effects as the ubiquitous social media apps to which we are all accustomed. The adoption of crypto social media networks is mostly driven by their improved anonymity, resistance to censorship, and integrated monetization capabilities. Blockchain protocols' borderless and permissionless characteristics may contribute to a more connected, active, transparent, and cooperative global social media ecosystem.

On the one hand, the increased commercial and entertainment options that traditional social media offers its users are driving up its popularity. On the other hand, worries about these sites' potential connections to data and privacy breaches are mounting.

The blockchain-based application prioritizes the needs of the user over those of the business. People will be able to use these applications shortly, especially if they rely on a blockchain consulting company that has experience in the field and could carry out such projects with ease. 

Users on these networks also have more privacy because there is no central authority. People are not subjected to the pain of being attacked because of their social media opinions. On the majority of decentralized social networking sites, users can earn cryptocurrency by posting and chatting.

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