Social media has indeed transformed the way of communication all across the world by giving people a widespread system for bartering ideas, starting businesses, and proposing innovative ideas. Since the last decade, social media has served as an initiating point for making several connections. It has been extremely useful in content sharing and social interaction for many people around the globe. Now coming to the rewards, these platforms have solid rewards with good market value and can be easily traded over platforms just like cryptocurrencies have their exchange platforms such as bitcoinsystem.app.
Nevertheless, there are numerous restrictions to the use of this platform that includes propaganda, lack of effective content restraint, digital piracy, data breaches, identity scam, false news, and whatnot.
We all know the limitations of social media platforms and to address them, multiple studies are made to introduce a conclusion of the application of blockchain in social media. Blockchain is a growing distributed public ledger that records permanent and unalterable data of all transactions. It records all the data to keep the transactions secure, chronological, and unassailable.
Can Decentralized Social Networks Be A New Trend?
Still, most digital ledgers and blockchain-based platforms are facing problems scaling as more users are joining the network. It is observed that the number of blockchain-based social media platforms is increasing both in quantity and in users.
Primarily, all social media platforms that are available today are centralized, which means a central authority regulates them. This provided various opportunities for exploiting the user’s content well. For a person, privacy and data safety are of great worry when it comes to social media platforms.
Blockchain in social media provides decentralized sites and secures users’ content by encrypting it professionally. The social media platforms like WhatsApp, iMessage, Wire, etc. follow end-to-end encryption for security and safety purposes, with luxuries. There comes the major issue and that is when metadata is swapped along with messages which eventually provides chances for interfering parties to steal users’ personal details. The platforms that are based on blockchain give benefits like security, safety, and privacy.
Cryptocurrencies or digital currencies are widely used for secure communication by just paying or purchasing content in peer-to-peer marketing. Blockchains are usually used to achieve control over people’s content. This new decentralized perception of blockchain technology in social platforms makes sure that privacy is robust. Moreover, it ensures crowdfunding transactions, smart applications, and contracts.
Some Famous Blockchain-Based Social Media Platforms
Below are some of the most known social media platforms that are based on blockchain.
Sapien
Sapien or Sapien network is a fully personalized, democratized social new platform. This platform is developed on the blockchain of Ethereum, the second-biggest cryptocurrency in the crypto market. This new platform is known as the substitute for social news platforms such as Facebook and Google etc.
This platform was built because, with time, it became a need of the day. Our modern-day new channels are outdated and unsafe. Sapien is a platform that redrafts the social network understanding to the victor, the user, and the truth while leveraging the extraordinary capabilities of the blockchain. Moreover, the Sapien network makes sure that transparency and accuracy are maintained at all times.
Steemit
Steemit or steemit.com, is identified as the very first social network to develop on the Steem blockchain. Steem blockchain is a decentralized reward platform specifically for publishers to monetize their work and nourish the community. In simple words, it is some sort of Reddit.
Steem has brought forward a new idea of rewarding the users instead of the shareholders. The reward is for the attention and contribution of the users towards the platform.
Steem is just a point system, but as this system is blockchain-based, all the points earned can be traded in the markets as tokens. People can easily purchase or sell these tokens or you can hold onto these tokens and get amazing purchasing power for multiple steam-related services.
Sola
Sola or sola.ai is a hybrid type of media and social media platform that is regulated by Ai altogether along with the users.
Currently, this platform has over 700,000 users all around the globe. Sola makes sure that all its users get quality content according to their preferences. In addition to all this, users are allowed to post stories, posts, news, and whatnot. Moreover, the cryptocurrency SOL can be used in the Sola ecosystem to make purchases.
