Will it be incorrect to say that social networks have taken over as the hub of the modern Internet? Probably not. We live in a time when social interaction takes place primarily online, with social media being the most used and well-liked activity.
Social media is anticipated to experience market growth of 32% CAGR from 94.83B USD in 2020 to 308.96B USD by 2025.
Do you know? By 2025, there will be roughly 4.41 billion users active on social media platforms. The driving force behind social networks is their users and user-generated content. It propels the lucrative social media advertising and marketing sector and generates sizable profits for the operators of social networks.
However, social media networks have a fundamental flaw: they are centralized, which means that all user data is stored on centralized servers.
To overcome these flaws, there is a rise of Social Media Platforms and Blockchain Technology. Are you curious to know how blockchain technology might impact social media platform functionality?
In this blog, we will discuss Social Media Platforms Based on Blockchain Technology.
Let’s begin, then.
What are the key features of Social Media Platforms based on Blockchain Technology?
The distributed ledger-based blockchain technology is fundamentally decentralized. In blockchain social media, all user activity is encrypted end-to-end and permanently stored in a decentralized blockchain network.
The devices of every social media user on the blockchain are included in this network of servers. Therefore, the network’s capacity to hold data increases as user numbers increase.
Blockchain-based social networks offer several features that distinguish them from traditional social networks.
Here are some of the key features in more detail:
- Decentralized Data Storage: In blockchain-based social networks, data is stored in a decentralized manner, which means that there is no central authority that controls the data. Instead, the data is stored on multiple nodes in a network, making it more secure and resistant to censorship. This decentralization also means that there is no single point of failure, which makes the network more reliable.
- User Control over Data and Content: In blockchain-based social networks, users own their data and content, and have greater control over who has access to it and how it is shared. Users can decide what information they want to share and with whom, and can set their privacy preferences. This user control is a fundamental feature of blockchain-based social networks and aligns with the core principles of blockchain technology.
- Cryptocurrency-Based Reward Systems: Many blockchain-based social networks use cryptocurrency tokens to reward users for creating and curating content. These tokens can be earned by contributing to the network in various ways, such as creating content, commenting, or voting. The use of cryptocurrency rewards incentivizes high-quality contributions and can help to build a more engaged and active community.
- Transparency and Accountability: Because blockchain-based social networks are decentralized, there is greater transparency and accountability in terms of how data is used and how content is moderated. All transactions on the blockchain are transparent and can be audited by anyone, which makes it easier to track and identify any fraudulent or malicious behavior.
- Reduced Dependence on Third-Party Intermediaries: Blockchain-based social networks can reduce or eliminate the need for third-party intermediaries such as advertisers or content moderators. This means that users have greater control over their online experiences and are not subjected to unwanted advertising or biased content moderation.
- Greater Security: Blockchain-based social networks are more secure than traditional social networks because they use cryptographic algorithms to ensure that data is stored and transmitted securely. This makes it much more difficult for hackers to compromise the network or steal user data.
Which Social Media Platforms are based on Blockchain Technology?
There are several social media platforms based on blockchain technology.
Some of the most popular ones are:
- Steemit: Steemit is a blockchain-based social media platform where users can earn rewards in the form of cryptocurrency for creating and curating content.
- Minds: Minds is an open-source social media platform built on a decentralized blockchain. It allows users to earn tokens for their contributions to the platform and also offers end-to-end encryption for user privacy.
- Sapien: Sapien is a blockchain-based social network that aims to provide users with greater control over their data and privacy. It also has a token reward system that incentivizes users to create high-quality content.
- Voice: Voice is a social media platform built on the EOS blockchain. It aims to provide users with a more transparent and democratic social media experience, where users can earn tokens for their contributions to the platform.
- Indorse: Indorse is a decentralized professional networking platform that uses blockchain technology to verify the skills and achievements of its users. It allows users to earn tokens for endorsing the skills of others and for receiving endorsements of their skills.
What are the Advantages of Decentralized Social Media Platforms?
Decentralized social media offers several advantages over traditional social media platforms.
Here are some of the key advantages:
- User Control: Decentralized social media platforms give users greater control over their data and content. Users can choose what data to share and with whom, and can set their privacy preferences. This gives users greater autonomy and ownership over their online presence.
- Privacy: Decentralized social media platforms provide greater privacy than traditional social media platforms because user data is not centralized on a single server that can be hacked or compromised. Instead, data is stored across multiple nodes in a network, making it more difficult for third parties to access or exploit user data.
- Censorship Resistance: Decentralized social media platforms are resistant to censorship because there is no central authority that can control or manipulate the flow of information. This means that users can freely express themselves without fear of being censored or silenced.
- Openness: Decentralized social media platforms are open to everyone, and anyone can participate in the network. This creates a more diverse and inclusive community, where users can engage with others from all over the world.
- Transparency: Decentralized social media platforms are transparent because all transactions on the blockchain are public and can be audited by anyone. This creates greater transparency and accountability in terms of how data is used and how content is moderated.
- Security: Decentralized social media platforms are more secure than traditional social media platforms because they use cryptography to ensure that data is stored and transmitted securely. This makes it much more difficult for hackers to compromise the network or steal user data.
- Incentivization: Some decentralized social media platforms use cryptocurrency tokens to incentivize users to create and curate content. This can help to build a more engaged and active community and can reward users for their contributions to the network.
What is Open-source social media?
Open-source social media refers to social media platforms whose source code is publicly available and can be modified and distributed by anyone.
This means that anyone can access the underlying code that powers the platform, make changes to it, and distribute those changes to others. Open-source social media platforms are typically developed by communities of volunteers or non-profit organizations, rather than for-profit companies.
Some examples of open-source social media platforms include:
- Mastodon: Mastodon is an open-source social network that is decentralized, meaning that there is no single owner or controlling entity. Mastodon allows users to create their instances of the platform, each with their own rules and moderation policies.
- Diaspora: Diaspora is another decentralized social network that allows users to connect with others in a distributed network. Diaspora emphasizes privacy and user control, allowing users to choose what data to share and with whom.
- GNU social: GNU social is an open-source social network based on the ActivityPub protocol, enabling users to interact with content across multiple platforms. GNU Social is designed to be interoperable with other social media platforms, allowing users to share content across different networks.
How to build a Social Media network on a blockchain platform?
Building a social network on the blockchain can be a complex process, but here are some general steps to consider:
- Define the purpose: Determine the purpose of the social network you want to build. What kind of content will users be sharing? What kind of interactions will be facilitated? What features will be included? This will help you to define the requirements for your platform.
- Choose a blockchain platform: Choose a blockchain platform that is suitable for your needs. Some popular platforms for building decentralized social networks include Ethereum, EOS, and TRON. Consider the platform’s features, scalability, and security when making your choice.
- Choose a protocol: Choose a blockchain protocol to use for your social network. Some popular protocols for social media include Steem, Sola, and Minds. Each protocol has its features and strengths, so consider what features and capabilities you need for your platform.
- Define the architecture: Define the architecture of your social network. This includes the smart contracts that will govern interactions, the user interface, and the database that will store user data and content.
- Develop the platform: Develop the platform by writing and testing smart contracts, developing the user interface, and integrating the database. This can be done in-house or with the help of a development team.
- Launch and test: Once the platform is developed, launch it and begin testing. This includes testing the platform’s security, functionality, and scalability.
- Build a community: To build a successful social network on blockchain, you’ll need to build a community of users. Consider incentivizing users to participate such as through the use of cryptocurrency tokens, and make sure to engage with users and respond to feedback.
Conclusion: The Future of Social Media Platforms Based on Blockchain Technology.
The way people interact and share information online has significantly changed thanks to decentralized social media platforms. These platforms are becoming more and more popular as an alternative to conventional centralized platforms because they give users more control over the data and are less subject to censorship.
Decentralized social media, despite its relative youth, has the potential to alter the way we view social media and how it impacts our daily lives. As more people become aware of the advantages of decentralized social media, more platforms will probably start to emerge and gain traction in the market.
The decentralization of social media is a positive development for the future because it gives users more control and privacy.
Decentralized social media platforms powered by blockchain are providing much-needed relief from traditional social networks’ numerous data-related concerns. To promote engagement and participation, users are given complete control over their content and given financial rewards.
In the end, this produces more interesting content, highly customized feeds, and targeted advertisements that increase the social platform’s worth and profitability. Social media platforms powered by blockchain provide a wide range of monetization tools and enable the creation of additional revenue-generating channels.
FAQs on Social Media Platforms based on Blockchain Technology
Q: How do blockchain-based social media platforms differ from traditional social media platforms?
Blockchain-based social media platforms are decentralized, meaning they are not controlled by a central authority. They also typically offer greater transparency, immutability, and security for user data and content. In addition, users have greater control over their data and can be incentivized to participate through the use of cryptocurrency tokens.
Q: What are the benefits of building a social network on the blockchain?
- Decentralization and increased security
- Transparency and immutability of data
- Greater user control over data and content
- Incentivization through cryptocurrency tokens
Q: What are some popular blockchain platforms used for building social networks?
- Ethereum, EOS, TRON, and others
Q: How do I build a community for my blockchain-based social network?
- Incentivize users through cryptocurrency tokens
- Engage with users and respond to feedback
- Offer unique features and benefits not found on other social networks
- Collaborate with influencers and thought leaders in your industry or niche.
Q: Can users remain anonymous on blockchain-based social media platforms?
Some blockchain-based social media platforms allow users to remain anonymous, while others require users to verify their identities. The level of anonymity will depend on the specific platform and protocol.