Facebook clearly has eyes for blockchain. Rumour has it, that the social media giant is headhunting for blockchain devs and is looking for various ways to get the best out of blockchain technology. We don’t know whether Facebook wants to create its own stablecoin, or introduce instant Whatsapp payments, or at least make sure that this time its users’ data is well-protected. As long as it benefits the general public, the initiative is meritable.
Meanwhile, a lot of decentralized social networks have already emerged, built on the blockchains from scratch.
The idea of paying users for the good-quality content they create seems to be very appealing to the majority of social media dapp developers and, of course, users themselves. Centralized platforms let the public use their services “for free”, and instead the companies get access to their personal data. And since data is the new gold (or oil) it’s no surprise that people want to get paid for sharing their content and choosing a certain platform to do this.
The possibility of monetizing your identity (as well as your content) is something that anyone can get excited about.
Steemit is probably one of the first and most well-known platforms that makes use of the attention economy. In simple words, users get paid for their contribution and are encouraged to read and write content.
“While most social media sites extract this value for the benefit of their shareholders, Steemit believes that users of the platform should receive benefits and rewards for their attention and the contributions they make to the platform.”
The steemit blockchain stores this content on an immutable blockchain ledger. The reward system is powered by STEEM tokens, and the amount of your reward depends on the number of upvotes your post gets. It’s worth mentioning that your account’s value grows with time so the more you contribute the bigger the reward you get.
The Steem network continually creates new digital tokens to reward content creators and curators. Some of the newly-created tokens are transferred to users who add value to Steem by posting, commenting, and voting on posts by other people.
Sola is another blockchain social media app for iOS and Android with a twist. Similar to that one famous dating app, you just have to swipe up or down this time when you want to demonstrate your reaction to a post. Consequently, based on your preferences and by leveraging the AI algorithms, you get the most relevant content in your newsfeed. On Sola, you don’t have to search for interesting pages to follow, it’s supposed to be the platform’s task to know what you want, and then deliver.
Moreover, you can monetize your content on Sola as well. The platform uses SOL token to reward its users for valuable content. All you need to do is to create cards and comments people will vote for. You can also invite your friends to Sola and get a percentage of their earned SOL as part of the platform’s affiliate program. Users can pay various services using SOL or use it outside the platform.
If that sounds interesting to you, have a look at their Airdrop page to learn more.
Sapien is a new type of social news platform that gives users control of their data, rewards content creators, and fights fake news. Like on other decentralized social media projects it’s all about owning your own data and being able to get paid for sharing valuable content. In the Sapien ecosystem publishers, advertisers, merchants, and users receive benefits for their work.
Users earn a reputation based on how the other users evaluate them. Then the platform analyses these evaluations via smart contracts for full transparency. This way Sapien intends to punish trolls, and fight fake news.
Democracy, privacy, free speech, and customizability are Sapien’s core values. It is a community-oriented project and users can vote for various feature developments and which direction to take.
You will need an SPN token to use the platform (in order to vote, comment, and post), however, you don’t have to spend it on any of those actions. As long as you hold some SPN, it’s all fine. Not only can you earn your tokens by posting valuable content, but you can also choose to share your personal data with advertisers and get paid for it.
SoMee is a social dashboard on the blockchain. It helps you be in control of your social media channels whether they are decentralized or not. Basically, it’s a tool that makes your user experience much better. SoMee sees themselves as a bridge between networks.
“A bridge to all existing (centralized) social networks and decentralized social networks enabling users to connect, consume, create, and distribute information in a way that gives each user ultimate control over their information, social channel(s), privacy, and data encryption. Users will see all existing social feeds (Social Feed Aggregation) and be able to distribute content with ease without completely abandoning the existing systems already in place.”
The platform also matches advertisers and content creators improving the current monetization system.
The Bottom Line
Blockchain-based social networks are supposed to solve two major problems we have with centralized ones: transparency and security. A reputation system and digital identities can make sure a user’s profile won’t be stolen and also fight spreading fake news, spam, and unwanted ads.
All centralized social networks are designed in a way that their shareholders are the ones who get all the benefits, while blockchain media websites are dedicated to rewarding their users instead and letting them decide whether they want to monetize their personal data.
From perfected sharing algorithms to new payment methods — we expect blockchain will bring extensive adjustments to the social media space.
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