Blockchain and Social Media: A Match Made in Heaven?

Blockchain and Social Media: A Match Made in Heaven?Since the 1990s, social media has changed, and it currently appears to be at a different stage, with many social media platforms aiming for new heights. It all began with accessing information and sending emails and then progressed to online searches and microblogging.

The dot-com bubble implosion in 2000 ushered in the era of social media platforms. Friendster debuted in 2002, followed by Myspace and LinkedIn in 2003, and Facebook in 2004. In 2004, Aldo, Google launched Ortuk, a social networking service.

Facebook and Myspace were popular social networking sites at the time, but Facebook eventually made a few adjustments to its platform, allowing it to dominate the social media platform. It targeted university students, which proved to be a colossal game shift in increasing user engagement.

Facebook, Twitter, Instagram, Snapchat, and YouTube all followed with the same goal in mind: to create a forum for users to share their daily lives and stories. The primary objective was now to develop content, and in order to commercialise the site, businesses were allowed to display adverts for free. However, when more users began to create content for better interaction, the service became more dominant, and the ad service grew faster than TV and other channels.

This model’s dominance also brought a slew of issues with it. For large social networking platforms, data breaches and hacking were serious issues and a source of concern. Allowing third-party influence caused problems for Facebook users, and LinkedIn reported a password breach as well. With all of this going on, advertisements have caused many issues while also ruining the user experience.

Spamming and the creation of fake accounts have recently reached unprecedented heights. According to Facebook, there were over 2.2 billion bogus accounts in 2019. Online harassment and hate speech have become serious issues in recent years, with ad-based models posing a significant difficulty.

Beginning With The Bitcoin

The has fundamentally altered the way people think about money and transactions. Satoshi Natamako invented the notion of a decentralised network for virtual currency. Since then, Bitcoin has revolutionised the way people think about money and online transactions. The idea was to develop a network that would allow for cross-border online transactions, especially in nations where sending money to another country is difficult. However, this decentralised network’s principle has since been extended to include areas other than money.

Ethereum introduced the concept of decentralised applications in 2015. The Initial Coin Offering technique was used to introduce a variety of use cases, one of which being social media. Some of the issues experienced by social media platforms could be finally overcome with the decentralised network:

  • Massive data management
  • Fake account prevention
  • Spamming is being reduced
  • Earning money from your content
  • Payments should be made through a proper system

Existing Projects

Let’s have a look at some of the current efforts aimed at overcoming social media challenges:

  1. Steemit

Steemit was the first blockchain-based firm to provide content creators incentives. Steemit, like many other social media networks, was launched with the ability for users to create accounts and upload content. Users can earn a token for publishing content, which can be swapped for other cryptocurrencies or used for fiat transactions.

The platform was created in 2016 and already has over 1 million users worldwide. However, it had not risen to the level of dominance necessary to defeat any of the current social platforms.

  1. Voice

The company behind the EOS cryptocurrency announced the launch of Voice in 2019. The social media platform removed bots and introduced a one-of-a-kind identification mechanism. Once the processing is complete, the platform will be free of bots and fraudulent accounts, a significant issue in the past.

The voice token will be necessary because users will earn it based on the material they provide and the likes they receive. However, the tokens cannot be used for any other purpose, such as mining; instead, they will be used solely to promote the article on the site.

  1. Facebook’s Libra

In 2018, Facebook’s CEO stated that the company is finally searching for ways to implement Blockchain technology. The goal was to give its users additional security and a better user experience. In 2019, several platforms announced the introduction of Libra, Facebook’s first cryptocurrency. The launch is scheduled for 2020, and it will make transactions on the Facebook platform more convenient.

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