How blockchain is changing the social media narrative

For years, social media giant models like Facebook and YouTube have been the favourites on the tech scene. Their unchecked growth has moved the markets and made them one of the wealthiest companies in the world.

Of course, the social media economy is based on the placement of ads, which requires a significant violation of privacy for users and strict guidelines for content creators. Cambridge Analytical scandal revealed the depth of data which are obtained through the users’ activity.

Facebook stated recently that 87 million users mismanaged their user-data, exposing them to potentially biased and manipulative ads. A typical example is the mismanagement of the age information which can’t be controlled by Facebook.

The terrible attack on YouTube headquarters reflects, to a certain extent, the growing animosity towards YouTube, the control over the content of the creator and its ability to significantly influence the results panned out from the material of YouTube creators. YouTube demonetised videos and affected channels which have led some content creators to look for new platforms to reach their target audience just because their platform needs to reassure partners and advertisers that it has the capabilities to stay limitless.

As the blockchain gains in popularity and usability, the new platforms create a secondary network of social networks that replicates many features of today’s most popular social media hangouts.

The content creator’s move

The new creative improvements happening in blockchain technology are allowing content developers the freedom to decentralise their operations without losing compensation on popular platforms like YouTube. According to a Bloomberg Business report, video artists are targeting these platforms to adopt new models of money and viewers. For example, DTube which is mainly a blockchain platform that is designed in the same model as YouTube allows users to monetise their content through direct contributions rather than advertising revenue. Through DTube, creators can apply directly, intimately and democratically directly to their members. Blockchain enacts collaboration and support, and on DTube, people use their cryptocurrencies to vote for the content they want to see the most.

Blockchain-based social networking platforms such as PINC and SteemIt enable platform participants to develop value by increasing their digital cryptocurrency.

“In developing PINC, I envision the day where we will be able to address such imbalances, when equity is in the ecosystem and that society justly rewards content creators and provides respite to brand owners. In the era of big data and blockchain technology, I believe that PINC will be the solution and beacon of hope,” PINC’s CEO and founder, Sabrina Wang shares.

“As the platform becomes more valuable, the logic assumes just like its digital currency. This system also has other more altruistic advantages,” Steemit’s director, Ned Scott, told Bloomberg. “The whole experience is more transparent… There will not be many authorities dictating how social networks work.”

Way forward?

Less regulation means more opportunities for embezzlement. The terrorist organisation and hate groups are eager to spread their messages over the Internet, and the ability to earn money with this message is an additional motivator.

Besides, the spread of false news or misleading information is not significantly improved due to the lack of a centralised authority.

Blockchain platforms are working on the “false news” issue, but it’s a problem that could get worse before it gets better.

However, as Mark Zuckerberg prepares to testify before the Congress, it is important to remember that our current information economy is in poor shape. As blockchain continues to gain in popularity and ease of use, developed platforms can accumulate much of the market.

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This should encourage companies like Facebook and YouTube to improve their products while making their blockchain platforms more viable and available.

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