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Author Topic: Is Blockchain-based social media worth it?  (Read 303 times)
Abiky
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August 15, 2019, 09:34:13 PM
 #1

After Blockchain's success within the mainstream world, we've seen various implementations of it into areas of finance, notarization of documents, proof of identity, and more. Yet, one of the most exciting implementations of the Blockchain has been social media, in my opinion. The first-ever social media platform was Steem, but other alternatives started to gain traction after it. We now have AKASHA (ETH Blockchain), HyperSpace (AMP cryptocurrency), and even Voice (EOS Blockchain).

With so many Blockchain implementations of a social network, it's becoming evident that this is the industry of the future. Of course, none of the mentioned platforms have been able to overcome Facebook or even Twitter. But the potential is there, to help change our world for the better. Still though, the number of users within these platforms are not comparable to the likes of Facebook.

Which makes me wonder, if Blockchain-based social media platforms are actually worth it? Do you think there's a future for them? Or are they just a niche? Huh


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August 15, 2019, 09:37:55 PM
Merited by suchmoon (4)
 #2

My flippant response is no, no social media is worth it. But on second thought blockchain based social media would be a good move, if and only if the blockchain was immutable. A good thing for centralized governments to use to track people with and a good thing for doxing trolls. Yeah, I'm still not seeing the benefit.
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August 16, 2019, 10:47:21 AM
 #3

It's hard to know, the main difference between these new platforms and the mainstream ones is that they offer their users the chance of earning crypto by using them, at least in the case of Steem and HyperSpace, and this is what their users are looking for. They are not so interested in the platforms features or advantages, but in earning crypto with them. However, the earnings that one user can get with those platforms are currently too low, so the number of users doesn't grow significantly. My impression is that the future of these platforms will depend totally on the future of cryptocurrencies, if they become mainstream these platforms will have a chance, if not, they will stand as they are now.

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August 16, 2019, 12:13:10 PM
 #4

actually feasible and this is much safer. but unfortunately everyone is comfortable with the mainstream technology that exists today such as Facebook, Twitter or Instagram. so it's hard for blockchain-based social media to develop. especially crypto is still a taboo in some countries. so the blockchain social media platform is difficult to get active users.

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August 16, 2019, 12:32:33 PM
 #5

Yes , the social media blockchain like foresting, steem are Mich worth and giving reward to every content and post with most high merit which signifying the best one out of all and are used to connect different people around the world with a best of encourage.

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August 16, 2019, 12:38:56 PM
 #6

for steem I think it's still feasible, but for others I find it hard to accept. even the reason why steem is worth it is only because users can get free coins every time they post. If the platform doesn't have this mechanism, I think Steem will also have a hard time finding users. anyway for what blockchain-based social media, if what is currently good. isn't that a futile development?

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August 16, 2019, 12:40:04 PM
Last edit: August 16, 2019, 01:35:30 PM by Bestmanbuka
 #7

I think Ethereum has much greater potential than Bitcoin in terms of sheer utility and market capitalization. ETH Blockchain to me has overrun that of Bitcoin.
think ETH is here to stay. BTC will be around as well but it will likely face a schism in the coming year or so due to mounting scalability issues and ever growing philosophical divides in its community. ETH is more reliable.
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August 16, 2019, 12:41:33 PM
 #8

my response is no
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August 16, 2019, 05:48:01 PM
 #9

My flippant response is no, no social media is worth it. But on second thought blockchain based social media would be a good move, if and only if the blockchain was immutable. A good thing for centralized governments to use to track people with and a good thing for doxing trolls. Yeah, I'm still not seeing the benefit.

Well, the idea is still there in order to take the social media industry by storm. So far, neither platform based on the Blockchain has been able to overcome traditional services within the mainstream world because of they lack the adoption necessary to keep moving forward. Not to mention, some Blockchain-based social media platforms are relatively centralized (like Steem and Voice). If these Facebook contenders want to become a serious rival, they would need to improve their model/design in every way. By implementing a truly decentralized, yet efficient platform for social media content, they can present themselves as a better alternative than Facebook or even Twitter.

Right now, Voice will require users to verify their identities (KYC), while the Steem Blockchain is controlled in the hands of a few. If they stay this way, then they'll become worthless over time. Only a truly decentralized social media platform, with high performance and user-friendly features will be able to transform the social media industry for the better. Until that happens, the idea of a Blockchain-based social media platform will be just a dream.

Nonetheless, I believe that Blockchain-based social media has the potential of becoming something big in the future if people allow that to happen. The tech is still relatively new, so we'll have to wait a couple of years from now to see what happens with this space. Comparing various Blockchain-based social media platforms, I'd say that AKASHA is the most decentralized to date. Just my thoughts Grin


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August 16, 2019, 06:17:34 PM
 #10

I have seen a lot of blockchain based social media projects and platforms, reddit and Steemit appears to the most popular among them, there are several others that had come with such high hopes of providing something spectacular and different from what we have seen but haven't delivered yet

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August 16, 2019, 06:21:00 PM
 #11

Blockchain based means once its on the chain, nobody can remove it which is a bad idea. Once 4chan freaks decide to abuse that platform there won't be going back. It will never work.

Forums, social media... these stuff needs to be centralized.

Centralization is not always a bad thing.




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August 16, 2019, 06:39:02 PM
 #12

This reminds me of a project called Investfeed. It is like twitter but most posts I saw there were crypto related. They also have a tipping feature. They created some buzz in 2017 but I haven't heard of them for a while now.

I think it is worth it. There will come a time where users will no longer be satisfied with their content being used by social media platforms for free. They'll want to be monetized.

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August 16, 2019, 07:41:08 PM
 #13

I think its a bit boring because social media requires a bit of people you know and talk and in crypto its mostly about crypto related stuff so its getting limited by two. In places like lets say instagram people share photos and strangers can see it but they have friends that see it, like it and comment on it, plus it can be picture of a cat or picture on vacation or a motivational quote, doesn't really have a limit.

In places like steem or whatever its usually you writing stuff about crypto that gets attention from strangers and that is it. If it can move beyond that limitation than it can have a bit more attention. For example a place like instagram and twitter combined (where you can share pictures and write short stuff) that can be gifted a crypto currency can get widespread attention if marketed well because that is literally what instagram influencers are doing, using social media to make money.

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August 16, 2019, 09:23:25 PM
 #14

Any social media platform that wants to come up now needs to bring in fresh ideas that other existing platforms do not already have. That is the only way they can make any meaningful impact in the social media space. Just bringing in the concept of blockchain-based decentralization,  incentives and other mumbo jumbo in the whitepapers won't make any impact on the big competitors out there.

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August 16, 2019, 09:41:12 PM
 #15

I agree with people here that social media based on blockchain would be good especially to help put out premier content. I think people forget that the crypto space wouldn't have been successful wihtout social media for the most part
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August 17, 2019, 01:50:20 AM
 #16

Answer the blockchain from this topic, narrow latitude:
The problem solved by blockchain technology is the way data is stored, which is to increase efficiency while sacrificing efficiency.
Spears and shields cannot be owned at the same time.
Therefore, in terms of the needs of social media, solving the effective delivery of information is a top priority, but in some areas involving data security, blockchain technology may be used to solve it.
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August 17, 2019, 03:56:41 AM
 #17

I don't know the truth, but it depends on the function of the blockchain-based on social media itself. So far, blockchain has been used for recording the transaction, and maybe blockchain can record the database of the user in the social media. But that is out of my expectation because I don't know much about blockchain itself. But I think we don't need a blockchain-based on social media because we want to communicate with other people and talk to them or we want to meet new people from all countries. So maybe that blockchain can be applied when the user wants to make a transaction with the website or with the members.



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Rainbot
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August 17, 2019, 04:39:18 AM
 #18

After Blockchain's success within the mainstream world, we've seen various implementations of it into areas of finance, notarization of documents, proof of identity, and more. Yet, one of the most exciting implementations of the Blockchain has been social media, in my opinion. The first-ever social media platform was Steem, but other alternatives started to gain traction after it. We now have AKASHA (ETH Blockchain), HyperSpace (AMP cryptocurrency), and even Voice (EOS Blockchain).

With so many Blockchain implementations of a social network, it's becoming evident that this is the industry of the future. Of course, none of the mentioned platforms have been able to overcome Facebook or even Twitter. But the potential is there, to help change our world for the better. Still though, the number of users within these platforms are not comparable to the likes of Facebook.

Which makes me wonder, if Blockchain-based social media platforms are actually worth it? Do you think there's a future for them? Or are they just a niche? Huh

The blockchain is convenient for storing data on transfers, voting and storing various kinds of documents.

But it cannot be used for social networks since your information will remain in it forever and it will not be possible to change it.

If you want to get anonymity in the future, it will be impossible, since your data is already in the blockchain.

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August 17, 2019, 05:05:14 AM
 #19

I also do not see the benefits of such social networks. Any user will choose the social network with the most users and the most activity. Remove monetization from social networks on the blockchain, then who will stay there?

Although decentralization looks attractive in this case, blockchain is not necessary for this. Especially considering that all data is saved and cannot be deleted.

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August 17, 2019, 06:31:30 AM
 #20

social media is fast growing and fast developing project so blockchain integrated may work in highly developed project with new innovation and futuristic development

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