BLOCKCHAIN BASED SOCIAL PLATFORMS
Whilst European SMEs are still learning how to leverage online presence on the most popular social media such as Facebook, LinkedIn and Twitter, the American ones have already started keeping up with blockchain trends and preparing their presence on decentralized blockchain based social platforms.
The blockchain technology (the decentralized and distributed ledger used by cryptocurrencies) has, indeed, introduced a new concept of decentralization and a new way of engagement that has gone beyond financial applications to disrupt other industries, social networking included.
Why are the new social platforms using the blockchain technology?
The blockchain technology allows social platforms to offer a new approach to social networking that is more decentralized, immediate and compensatory for their members. The main benefits include:
- The protection of privacy, secrecy and security of data.
- The benefits of secure authentication whilst still ensuring anonymity and freedom from censorship.
- The possibility of integration of ecommerce using cryptocurrencies. This brings advantages such as:
- the elimination of chargebacks because the payments must be initiated by the buyers;
- the elimination of having to store sensitive data such as credit card numbers;
- the elimination of processing fees (because the payments are direct from the buyers to the vendors) and the rapidity of cryptocurrency transactions.
- The possibility of integration of secured transactions and payments in the social platform’s own native cryptocurrency.
- The possibility of integration of crowdfunding into social networking to accelerate campaigns.
- The control by the community members over their own contents.
- The possibility of being financially rewarded for interacting and creating quality content.
Which are the main blockchain based social platforms?
The decentralized social media platforms, based on blockchain systems such as Ethereum and NEO, are still nascent and developing. However, their number is growing quickly, each of them differentiating itself from the others through unique values, architecture features and compensatory rewards offered to their members.
Here is a list of these blockchain based social platforms that offer a new way of networking, engaging and sharing information.