When we think of social media, we think of Facebook, Twitter, Instagram, Youtube, Whatsapp, Snapchat, and so on. Since its inception, social media has altered the way people communicate. Some of the modifications, however, could be better. There are several disadvantages to the extensive usage of these common Blockchain Social Media Companies. For example, they propagated social media disinformation since the area lacks adequate content moderation. It has recently been discovered in the COVID-19 epidemic that social media has enabled people to distribute fake news on many social media platforms.
According to the Centers for Disease Control and Prevention (CDC), this disinformation is harmful to the global discourse regarding COVID-19. Not just in the case of a pandemic, but also before that, social media has been grappling with concerns of privacy, user control, censorship, political neutrality, and other miscellaneous behavior that has resulted in riots.
To address this issue, a decentralized social network is being developed with new social media apps utilizing Blockchain Technology.
What is the definition of Blockchain Social Media Companies?
Blockchain has emerged as a feasible solution for many concerns, including social media, as technocrats and Blockchain specialists continue to think about technological development, economic models, and freedom of speech.
Social media platforms have always been an entrance point for billions of people to build social interactions, and platforms based on Blockchain technology are currently receiving much public interest worldwide.
Blockchain Social Media Companies are nothing more than decentralized platforms that enable the creation of apps and smart contracts. The primary advantage of such platforms is that they provide end-to-end encryption for every contact, giving people greater privacy and control over their data. Blockchain Social Media Companies offer significant advantages such as in-platform transactions, crowdfunding, and rewarding users with unique offerings. We shall go through them in depth later in the article.
What Does Blockchain Have to Do with Social Media?
As previously stated, centralized social media networks need to be improved in several ways. As a result, blockchain offers answers to these problems. Let us go through the fundamental elements required to build a better social media network.
Open-source code: Blockchain technology allows for the preservation of open-source code. This will provide the benefit of inspecting the data algorithms.
Decentralized control: Decentralization is possible with blockchain technology. This will allow the network to be decentralized, and no company or government will be obligated to take action.
Democratic decision: Having a democratic system is the best option for everyone. So why shouldn’t social media adapt to the network structure, allowing everyone to make democratic decisions? If this is not done, social media networks, like bitcoin, Linux, and Ethereum, can be divided into various ones. They are all available in Y-shaped variants.
Explainable AI: Integrating blockchain networks with social networks, resulting in explainable artificial intelligence (AI), might be a significant step toward digital transformation. This system is capable of explaining the reasoning behind each decision.
Blockchain Social Media Companies
We’ve previously learned about the numerous advantages that Blockchain-based social media networks provide. Now, let’s look at various blockchain-based systems that can replace the most popular Blockchain Social Media Companies we use daily.
Binded is a blockchain-based copyright management system for photographers. Photographers submit their photographs, which are then held in a copyright vault protected by a blockchain-based unique fingerprint. After uploading and securing their photos, artists may share their work and track similar images to prevent copyright infringement.
There are More than 350,000 photos recorded and safeguarded on the Binded blockchain. The firm has also eased Instagram photo copyright registration. When a user shares on a social networking site, the hashtag #Binded automatically registers the photo.
Sapien is a social news platform that allows users to manage their data and content. Sapien producers earn SPN tokens that they can spend throughout the venue and marketplace by providing the material that the community unanimously believes is accurate or connecting with other users.
Sapien community members have published over 24,000 news articles, written 42,000 comments, and earned 148,000 SPN tokens since the platform’s inception.
Rally online platform assists creators in establishing communities and economies to increase engagement with their followers. It enables users to create their own branded cryptocurrency, set up incentives and rewards for fans, and gate exclusive content. The best part? According to the company, using Rally requires no prior crypto experience.
Audius is a Web3-era music-streaming network. Users may listen to tailored playlists, discover new upcoming artists, and share music with friends while receiving token incentives. Audius, on the other hand, touts itself as a creator-friendly service, providing artists with measurements and tools to increase contact with fans, allowing them to develop their platform while remaining independent of large labels.
Mirror is an online publication platform pushing the media business to the limits of Web3. You log in using Ethereum, save your writing on Arweave (a decentralized storage network), mint your articles as collectibles, collect crypto subscription payments, and create a DAO with Mirror. You can even embed NFTs in your postings.
Verasity describes itself as a blockchain firm that combines eSports, adtech, and digital rights management. More precisely, the company’s Proof-of-View technology enhances video publishers’ advertising income by eliminating ad fraud. Verasity has also teamed with major gaming companies such as PUBG Mobile and Riot Games in eSports.
Traditional social media sites, such as Facebook, Twitter, and YouTube, face fundamental problems such as fake news, excessive trolling, censorship, and demonetization. Because there is no central organization or supervisor regulating value, the decentralized nature of Blockchain technology represents the future of various professions, mainly social media.
Finally, these Blockchain Social Media Companies have the potential to change the way we interact on the internet.
When are you going to start using these social media platforms? Let us know what you think in the comments section below.