Blockchain in Social Media: Potential Impact and Benefits
Looking back into 2017, one of the major developments was the complete acknowledgement of blockchain technology in the mainstream. This was perhaps due to Bitcoin’s unexpected rise in value, jumping from around $1000 USD in January 2017 to $17,900 USD by December 17.
Dating back to 2009, when Satoshi Nakamoto developed the world’s foremost cryptocurrency Bitcoin; blockchain was only used as a public ledger for storing Bitcoin transactions back then. From relative obscurity, Blockchain has gone on to become the most disruptive technology currently, with several thousands of cryptocurrencies already created.
A lot of industries have felt the impact of blockchain technology, which isn’t surprising anyway, considering its immense potential. Among these industries is the content industry – or more appropriately, the social media industry. Believe it or not, blockchain has helped shape social media, with features such as decentralization, security and scalability being important ones.
To the uninitiated, any talk about implementing blockchain technology in the social media space would seem like a big joke. The argument would be “what else does blockchain have to offer an industry filled with ‘giants’ competing amongst themselves for supremacy?”
Blockchain in itself is a ‘giant killer’ (pardon the pun) which has the potential of disrupting the social media industry. And that is what this article has set out to explain in detail: the potential (hugely-positive) impact of blockchain technology in the social media industry and how the industry can benefit from its adoption.
All set? Okay. Onward we go!
David Kadavy an American Writer, used to post on Facebook without expecting to be payed, but now he uses Steemit, a blockchain technology social media site which pays its users to post with their currency called Steem.
I feel like I’m in the Stone Age when I’m on Facebook or Twitter… they have no value without what you’re contributing to them. If Facebook doesn’t respond to this, things can change very quickly. They should be very concerned
So, Facebook has no value without its users unless they pay them.
What is Blockchain in Social Media?
Did I answer this question above? Blockchain technology on social media means that you are going to get paid to post content on them. Could this be the future of social media.
It seems like the number of social media using the blockchain technology is increasing and so is the number of people who are using them.
These sites pay you in tokens and tokens can be exchanged for dollars so why not gain from this opportunity?
Here are some social media platforms which are using the blockchain technology:
Sapien In Under 100 Seconds!
— Sapien (@sapien_network) March 13, 2018
But how is this platform different from other social medias?
In contrast he describes the experience that Sapiens brings as folows:
Sapien rewrites the social network experience to champion the user and the truth while leveraging the powerful capabilities of the blockchain. In doing so, the Sapien team hopes to build a brighter social future that brings out the best in people, their creations, and their ideas without sacrificing the importance of transparency and accuracy.”
In fact, the value of its currency, Steem, has greatly increased since it was created, which means that you can make more dollars when you exchange it, and the same true for other social media which use blockchain. People are buying them expecting that their value will appreciate again.
This is interesting, I wander how much the value of these currencies will be in a year from now, or five years from now.
If people could get paid for a Facebook “like” this could really change the game. More and more people would be willing to engage on this kind of money-making method.
It is said that this also would reduce the amount of fake accounts on social media.
A lot of people claim that this could be the future of social media. But a lot of them also say that investing on any cryptocurrnecy is too risky and you have to be prepared to lose. However, I believe that paying people for their engagement on social media will actually be the future of social media and that the value of these cryptocurrencies can only increase.
In fact, David Cadavy, mentioned at the beginning of this post claims that he has made $2,000 during January on Steemit.