Why Blockchain-Based Social Networks Are Better. Period.
In the digital world, things can change faster than you can snap your fingers. However, out of all the newest kids on the block, there is one that’s been touted as the most promising: blockchain. A blockchain refers to a distributed peer-to-peer ledger that is secured by state-of-the-art cryptography. The reason why the blockchain technology is blowing up with regard to social media is the increased levels of personal data security and reduced invasive advertising.
With 79% of the U.S. population using social media in one form or other, the cases of data breaches have become really concerning (hint: Facebook and Cambridge Analytica ). Against this backdrop, many new Blockchain social media projects are popping up to provide better security.
If you are a newbie to the world of blockchain, this article will help you learn what exactly blockchain is and why blockchain social networks might be better. We’ll also cover a few popular blockchain social alternatives that have the potential to become bigger than the present social platforms like Facebook and Instagram.
What is Blockchain?
Blockchain is actually a form of Distributed Ledger Technology (DLT), which makes the history of any digital asset transparent and unalterable through the use of cryptographic mojo and decentralization. ‘Unalterable’ being the operative word here.
Imagine you want to transfer money from your account to your friend Joe’s account. You’ll reach out to the bank and ask them to make the transfer to Joe’s account. The way this works is, the bank will keep an entry on the register of transactions throughout the process. This entry will need to be updated on both accounts, i.e., the accounts of the sender (you) and the receiver (Joe). There’s just one catch.
The entry can be tampered with. A skilled black-hat hacker can work their way into the register and easily manipulate the entry. Every modern banking facility and financial website is prone to hacking and people know this. This is where Blockchain factors in.
Perhaps the easiest way to understand the blockchain technology is this: think of a Microsoft Excel sheet or a Google Doc. When you create a spreadsheet or a document and share it with different networks or groups of people, everyone gets a copy of it. This becomes a decentralized distribution chain where everyone has access to the document at the same time. Everyone can see the sheet and observe the changes made in real-time – but no one can edit it.
That’s what blockchain is. It is revolutionary because it almost completely wipes out the risk factor and there is no margin for fraud. As so aptly put by the MIT Technology Review, “The whole point of using a blockchain is to let people — in particular, people who don't trust one another — share valuable data in a secure, tamperproof way.”
What is Blockchain Social Media?
Now that you know what blockchain is, you might be wondering how it works in regard to social media.
Due to its decentralized nature, blockchain social platforms allow end-to-end encryption for every interaction. As a result, users have more privacy when using these networks and a data-breach becomes virtually impossible. The cherry on top is the fact that users actually get paid to share viral-worthy content as well! Let’s discuss these benefits in a little more detail:
Why Blockchain Social Networks are the Future
#1 Get paid for sharing
Gone are the days when oil was the most valuable resource in the world; it’s ‘data’ now. Whoever controls the data, control the behavior and mind of the ‘data producers’…that’s us, the common folks, we are the data producers.
Decentralized social networks pay users to create and share high-quality content. Considering data is the new oil (or gold), it’s no wonder that people want to get paid for sharing their content. If the idea of monetizing your social identity and your content sounds exciting to you, consider exploring the various blockchain social platforms.
In other words, for the blockchain social networks, you (the user) are not a commodity, as is the case for the likes of Instagram, Facebook, and even Amazon. A blockchain network won’t bombard you with targeted ads or mine your personal data for their own profit.
The way things are right now, you create the content and the social media network gets paid for it; there is nothing in it for you. But with blockchain, you – the content producer – get compensated for the content. Doesn’t that make more sense?
#2 Enjoy your privacy
As history has taught us, private chats are anything but private Political parties and powers that be are constantly using our private conversations as well as the content we post online for political agendas. By simply opening a Facebook or Snapchat account, you may be saying adiós to your privacy rights. So where does this leave us? With blockchain social networks, of course.
Thanks to its decentralized consensus system, blockchain not only offers greater privacy, but it also gives you the right to express yourself freely. No ex or former disgruntled employee can hack into your account; no one can censor or delete your content or the account itself without your consent.
You can make the transactions in a private way as only the recipient and sender are aware of the transaction and its contents. Just imagine the ultimate level of privacy, and that’s what blockchain social media brings to the table.
Blockchain Social Media vs. Popular Social Media Platforms
Now, let’s compare the new-and-improved decentralized social networks with your favorite social media platform.
Will you accept the challenge & join the new generation of social media?
Karma vs. Instagram
Imagine a system that enables you to wake up every day, determine how you can improve someone else’s life, take action right away and then earn a reward when sharing your ‘good deeds’ with others. That’s what the Karma App is about.
The app publishes real videos and events, and other users upvote the content to receive ‘Karma’. Earn enough Karma points, and it gets converted into real money which you can withdraw at the end of the day.
On the other hand, we have Instagram, where you can share a photo or a video with other users. It’s like the simplified version of Facebook, with a strong emphasis on visual sharing. If you are a business owner, you can post your product images on Instagram or maybe use an Instagram influencer to give a shout-out to your business. These efforts may direct traffic to your site but the post itself won’t generate any money. The Karma app, however, can help you make money with the post itself.
In addition, the Karma app comes with its own secure wallet, direct messaging, and charity integration. You can buy stuff from other Karma users directly, unlike Instagram, which is yet to embrace the in-app shopping feature ( only a handful of Instagram users can sell directly right now )
Connect with me on Karma username @erincell
Minds vs. Facebook
Minds likes to call itself The Crypto Social Network and it is the first social media site based on blockchain technology. Minds users can check their newsfeed, post photos and videos, publish articles, chat on a messenger app, participate in groups, and play in channels. This is a decentralized social platform with all the features a social platform should have and more.
Yes, Facebook also offers most of these features but raise your hand if you’re dead tired of continuously seeing targeted ads and suggested content whenever you log in. Not to mention, all the allegations of data privacy breaches that seem to follow Facebook like a lost puppy!
Minds is a platform that prides itself as an anti-censorship and anti-surveillance system which makes sure no single party or “big tech” corporation controls your digital presence. YAHOO!!!
Voice vs. Facebook
Have you ever created a ‘burner’ or fake account on Facebook to enter contests or…stalk an ex? Facebook has also admitted that nearly 4% of its active users are just dummy accounts.
This is where a decentralized social platform like Voice has managed to beat a standard social network. Voice uses a highly sophisticated authentication system to ensure that every registered user is a human, and not a bot or dummy or catfish.
Just like other blockchain networks, when you share something epic with other Voice users, and they ‘like’ it, you earn Voice tokens that can be converted into real money and a whole lot of visibility.
Voice is still in beta & we are patiently waiting for our first look at the new platform — so, stay tuned for updates!
SoMee.Social vs. Facebook
How many bucks do you make when your little-kid-feeding-a-homeless-man video gets hundreds of likes on Facebook? Zero. Nada.
But if you share the same video on SoMee.Social, you may end up earning a pretty decent amount of money, depending on your “gravitational pull”. SoMee uses a gravity algorithm to calculate the impact of content posted by users. This gravitational pull or gravity is determined in proportion to the number of people who watch the content within a specific duration.
Join me on SoMee.social – let's connect!
Bravo vs. Yelp, Google, Facebook, Trip Advisor, etc
Do you review businesses online after visiting? Many people do reviews to help others when searching for the best restaurant, bar, venue any other place you may visit. However, none of the most-used review platforms pay you for your reviews.
Bravo does though! Every single review on Bravo earns you Bravo coins — the better your review the more you earn. How cool is that?
With BRAVO you can earn cryptocurrency for writing and rating reviews of restaurants, hotels, service providers, movies, video games and more!
Join me now and receive 10 FREE BRAVO instantly funded to your account!*
LBRY vs. YouTube
YouTube ‘accidentally' removed multiple crypto accounts in Dec 2019. The next day they admitted their mistake & reinstated the accounts. Read more about this incident in an article by Rachel Wolfson on CoinTelegraph.
LBRY allows you to transfer all of your YouTube content to their platform at no charge
Dtube vs. YouTube
YouTube is a centralized video service which means, ultimately, the user doesn’t have any control over what happens to their videos. If you want to make money by monetizing your videos, YouTube will decide how much you can make. If YouTube doesn’t like a video you published, it can take it down, and even ban your channel forever – your consent or opinion doesn’t amount to anything.
This factor alone has pushed many users toward Dtube, which is a decentralized video service. You can create and publish videos on Dtube, knowing your content cannot be altered or censored by anyone outside the platform’s community.
Instead of using some hidden algorithm to rank videos or make money (like YouTube), Dtube uses direct user feedback. As a result, you won’t find any ads on Dtube either, unlike – yep, you guessed it – YouTube. Since Dtube uses its own currency (STEEM dollars), there is simply no need for traditional advertising.
If your video gains enough views, you earn STEEM Power and STEEM Dollars.
We may be witnessing an exponential increase in the popularity of traditional social media, thanks to the enhanced entertainment experience it offers to its users. But the legit concerns over the privacy and data breaches associated with these platforms are becoming harder to ignore each day.
Blockchain social media, with its decentralized systems, seem like the most likely solution to those security issues. But at the same time, the uncensored nature of these platforms makes them quite attractive for people with nefarious intentions. There is no doubt that some regulations are needed to ensure the decentralized social media doesn’t become a hub for criminal minds.
In all, disruption of social media seems imminent as blockchain transforms our current way of interacting on the internet.
*Please note: anything with an * is a referral or affiliate link meaning I am rewarded for referring you to join or sign-up. I would only refer you tom something I personally use & believe in. If you ever have any questions about anything I have promoted please reach out. I'm happy to answer questions*
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