Some social media have already made their move and built their platforms on blockchain technology
After some scandalous news about data breaches, with the world’s biggest social networks involved, reaches public ears, the matter of privacy becomes more acute. An increasing concern for data safety is also triggered by the fact that many social media involves financial operations of some kind. Someone seeing your personal photos, or reading your private chats, may be embarrassing, but when hackers get access to your financial information – it is more than painful.
It seems, however, that social media platforms are intent on keeping their payment gateways up and running. Instagram allows paying for promotions, as well as linking your profile to Instamojo or AKrazyMug. Venmo, Snapcash, Google Wallet, Apple Pay, and Twitter Buy are all kinds of payment systems connected to social media accounts. Finally, Gram and Libra are the most anticipated cryptocurrencies based on media platforms.
Where cryptocurrency is involved, there’s always a place for blockchain. Among other things, it gives users greater control over their data and greater privacy.
Some social media have already made their move and built their platforms on blockchain technology. These decentralised versions of social media channels have strong end-to-end encryption, so your privacy is safe and sound. No place for big corporations sniffing out your browsing history to target you with advertising. Let’s find out more about these pioneers.
This blockchain-based blogging and social media website rewards its users with the cryptocurrency STEEM for publishing and curating content. It combines the functionality of both Facebook and Reddit. Recently, it has released the ground-breaking token-launching protocol, Smart Media Tokens (SMTs), on a testnet. SMTs will allow any publisher, creator, or entrepreneur to launch their own custom token on the Steem blockchain, which will help them monetise their digital content and reward consumers who engage with their content through likes, votes, views, shares, and comments.
The platform is based in Singapore which it describes as “the perfect environment to create an innovative, equality-enforcing approach to measure professional qualification”. By utilising blockchain technology, Indorse enables users to verify and validate (‘indorse’) a certain user’s skills. In return, the platform ensures that users are rewarded for their roles in growing the network. The company uses internal Indorse Rewards, and a reputation system, coined as a user’s Indorse Score, to encourage members to add their own skills and accomplishments, as well as ‘indorse’ the skills and accomplishments of others. This way, it helps professionals to promote themselves and companies to find the right workforce.
The most desired feature of this platform is its highly secure blockchain-based messenger. Their powerful end-to-end encryption means to ensure that files and messages can only be seen and accessed by the intended recipient. Moreover, it has a timed auto-deletion annihilating past interactions, hence, making them completely inaccessible to third parties. The platform is powered by Stratis protocol, and its native coin, ODN, was forked from Stratis as well.
It allows users to upload their own content and be rewarded for it in cryptocurrency whenever they receive likes from other users. In 2018, the platform was listed among the most promising Korean startups dealing with blockchain. Their ambitious plans to disrupt Blockchain SNS business models are presented by Foresting Social Media Services, Foresting foundation crowd donation, and Foresting Digital bank system.
This decentralised platform brings to mind Facebook and Instagram. It allows users to place their photos, videos, and groups on a single blockchain platform. SocialX has built-in license management that gives you the choice to keep your photos private or sell them to other users. Photo rights can be exchanged for SOCX tokens. A built-in messaging service allows you to chat with your friends and exchange currencies. Users can also earn money when they share content with the community.
It is a location-based social engine creating an adjustable small world network where users can rate any experience, providing real-time updates to the people nearby and leaving a geo-stamp along with geofencing the experience. Any user can upload pictures, videos, ask questions about certain issues, thus, creating a strong awareness about a problem in their respective areas. The project creators believe that awareness makes one active and vigilant to take action and make their communities a better and safe place to live. The social media app can help to solve any kind of issues and problems without addressing a centralised government or an organisation. The platform rewards users for raising awareness and helping each other.
This visual-based social network is powered by ME Token cryptocurrency. Users are incentivised to create quality content by receiving crypto-rewards which can be used on all.me’s marketplace (meMarket) or exchanged for other cryptocurrencies. By activating the Promo account users enable ads to display to their subscribers. Promo users can earn up to 50% of the advertising revenue generated by the network. The app has also recently launched meMarket – a marketplace that lets users buy goods directly from their newsfeed, sell products by posting items on their profile, rate the sellers and discuss purchase details. In addition, users can create and subscribe to magazines, which are online journals filled with content categorised by topic.