Did you know that social media platforms have already massively taken over users’ lives in the past ten years? It serves as an entryway point for content engagements, social interaction, and connection for the majority of people.
For example, teenagers of today have spent at least 9 hours every day on social media platforms, especially through their smartphones. That is more time than they actually spend socializing in person.
The majority of social media platforms are free. Factually, no company has exploited customer information and data like today. That includes insights into the content, location, habits, preferences, and behaviors of the users. Furthermore, you can easily log into any social media site, and you will be met with targeted marketing and advertising campaigns, influencing you to consume more.
Blockchain Technology for Social Media
Whenever a concern exists, someone will be there quickly to propose a solution to it. Blockchain technology is being tested as a solution to everything, and social media is one of these. Along with its distributed and decentralized ledgers, blockchain can be employed to secure the social data through encrypting it, with advances in anonymity and privacy.
Even though the majority of decentralized social media platforms have end-to-end encryption, the issue lies with the meta-data which gets exchanged with the messages. It leaves digital breadcrumbs which third parties could pick up.
Blockchain-based social media provide more than simply security and privacy. It’s a cryptocurrency you can employ to purchase content and pay for services. Cryptocurrencies today also combine the benefits of socialization and communication with P2P marketing and commerce.
Top blockchain-based social media platforms today:
- Indorse. Indorse is very similar to LinkedIn on top of the Ethereum blockchain. However, the only difference is that it has its own currency and economy.
- Steemit. This blockchain-based social media app works on top of a decentralized network called as Steem. This supports social interaction and community building through cryptocurrency rewards. Thus, every user is paid for their posts.
- Obsidian Messenger. This app employs Stratis-based blockchain and it stores data in a decentralized system, and the data isn’t utilized for advertising or analytics.
- On the other hand, Synereo employs WildSpart which uses blockchain. With this, users are paid for all their creations. It features its own internal currency called AMP. Have we mentioned that it has “LIKE” and “SHARE” features?
- Nexus. A nexus is a blockchain-based approach which seeks to decentralize most of the operations which include social media.
A good blockchain technology which can also be employed in social media platforms is XinFin. For those who aren’t aware, XinFin is the first and perhaps the only blockchain network of the globe. It’s constructed to help connect enterprise and communities around the world through the blockchain technology. You see: its network is powered by its XinFin Digital Contract wherein it mixes transparency and power of public network together with the security and speed of the private network.
Currently, XinFin (XDCE) is working on offering P2P financing platform via XinFin XDC network.