Wondering how Blockchain can impact social media platforms? You have landed on the right page. This article will explain what Blockchain-based social media is, concerns related to traditional social media platforms, and what happens when Blockchain is incorporated into such platforms.
Table of Contents
- What is Blockchain-based Social Media?
- Concerns Associated with Traditional Social Media Platforms
- How Technology Impacts Social Media?
- Concluding Lines: Top Blockchain Social Networks to Watch Out
What is Blockchain Social Media?
As technocrats and Blockchain experts continue to think about technology development, economic models, and freedom of speech, Blockchain has emerged as a viable solution for solving many issues, including social media.
Social media platforms have always been an entry point for establishing social communications for billions of people, and at present, platforms based on Blockchain technology are attracting a lot of public attention worldwide.
Blockchain Social Media are nothing but decentralized platforms that allow the development of applications and smart contracts. The major benefit of such platforms is that they offer end-to-end encryptions for every interaction enabling individuals to have more privacy and control over their information.
Concerns Associated with Traditional Social Media Platforms
If you have been paying attention to the news, you must have heard a lot about social media threats. Traditional social media platforms have always been under the limelight due to its privacy and security concerns.
Undoubtedly social media have changed the entire way of communication, but they have complete control over users’ data, and thus, they are able to control the mind, behavior, and other aspects of the data produced.
Almost all existing popular social media platforms track user activity. Not only this, such platforms sell the aggregated information in order to provide the highest bidder with more helpful targeting for their advertising and marketing purposes. Since all platforms such as Facebook, Whatsapp, Twitter, and others are centralized, they very well exploit the user’s content.
How Technology Impacts Social Media?
Let’s explore what happens when Blockchain is incorporated into social media platforms.
Privacy of Information and Freedom of Expression
User privacy on social media platforms like Twitter, Whatsapp, Facebook, and others is a growing concern. This is because they are governed and monitored by centralized corporations. Having an account on these platforms means you are giving away your privacy rights in their hands. Moreover, content posted on such media platforms is also used frequently for political gains and curb dissent.
For example, in July 2020, it was announced that the Twitter accounts of the most influential people in the world were hacked to a crypto-related scam. Prominent and high-profile accounts were targeted in the Twitter attack, including Bill Gates, Elon Musk, Joe Biden, George Wallace, Kanye West, Kim Kardashian, Wiz Khalifa, Warren Buffett, Mike Bloomberg, and Jeff Bezos.
Coming to Blockchain-based social media platforms, they ensure greater privacy and allow users’ right to express freely. Distributed ledger technology enables users to make transactions privately as only the sender and recipient know about the transaction’s contents. Blockchain enables people to express their opinion without the risk of punishment.
Let Users Permanently Save Their Content
As we already mentioned, traditional social media platforms are centralized, meaning people’s data is not in their hands. Anyone can edit the shared information or can even delete it permanently without users’ consent.
Blockchain has introduced ‘Minds,’ a decentralized social media platform allowing users to permanently save their content, ensuring that nobody can ever delete it once published. With Minds, users can publish their content on the “permaweb” with no additional setup required.
Minds CEO Bill Ottman ensures that the platform provides optionality to the users, explaining that users may delete all previous activity traces if they so chose to. Ottman believes that Blockchain is just an inevitable evolution, and immutable ledger will be more common in the years to come.
Content Producers to Get Paid for Creating and Sharing Their Content
Apart from security and privacy, content producers on social media platforms are losing a significant amount of money due to the involvement of third-party intermediaries. Blockchain-based social media platforms allow users to have complete control over where and how their content can be distributed. The distribution capability gives them the improved capacity to profit from the production of passive income.
Not only this, such decentralized platforms reward users for posting on their network. This phenomenon is similar to most blockchain ecosystems as rewards come from the network’s native cryptocurrency.
Concluding Lines: Top Blockchain Social Networks to Watch Out
Well, we have already learned a lot of benefits of Blockchain-based social media platforms. Now, let’s enlist some of the most popular platforms of 2020.
When it comes to traditional social media platforms such as Facebook, Twitter, and Youtube, the fundamental problems include fake news, excessive trolling, censorship, and demonetization, respectively. No matter which way we look, the decentralized nature of Blockchain technology is the future of several fields, especially in social media, because of the fact there is no central organization or supervisor controlling value.
To end up, we can say that these Blockchain-based social media platforms may transform the way we interact on the internet.
So when are you switching to these social media platforms? Let us know your opinion in the comment section below.