The revolutionary effect of blockchain has the opportunity to impact potentially any facet of human lives. Social media is just one of those facets; though the opportunity is perhaps present here more than many other places.
There are presently four companies leading the transformation of social media; these are Steemit, Sapien, Indorse, and DTube. We’ll be examining all four of these social media blockchain disruptors below.
Steemit is a blog and social networking website built on the Steem blockchain, which rewards publishers through community interest. The social media platform uses Steem and Steem Dollars as its token which are tradable tokens obtained from posting, discovering, and commenting on content. It presently has a total 920,800 user count; making it one of the larger communities in crypto.
The site’s expressed goal it is to show the world the future of the web and to inspire a new digital content business model and app for entrepreneur and developers.
Unlike conventional social media where posts can go to a small network close to an author, on Steemit as post can be classified by subject and headline and attract readers from all over, that can also reward that author monetarily for good insights.
The Steemit Token (STEEM) can be traded on platforms like Poloniex, Bittrex, and OpenLedger, and can thus be converted to cash. Since its inception, the site has paid out a total of US$40,154,371.
Sapien is a Web 3.0 Social News Platform that gives users control of their data, rewards content creators, and fights fake news. It is aimed to power the world’s first democratized autonomous platform.
It offers users a say in the communities that they are part of. User data on Sapien belongs to them (anonymity), to tailor a social experience to their liking (customizability), transparency with ICOs, and works to fight against fake news.
To use the platform you have to hold SPN tokens to even first access the platform. The staked tokens can be used for voting access, commenting, and posting on the platform. This creates something at stake that helps to fight trolls, bots, and fake news on the platform.
Sapien provides a unique social experience by aggregating its user base to create special content; something wider social media has noticeably failed to do.
Indorse is a blockchain-based social network built for professionals. Through using blockchain technology, Indorse projects to make a social network where the user is in control of their data. It permits other users to verify and indorse a particular users’ skills. In return, the Indorse platform ensures rewards the users with the native token, IND, for their role in developing the network with a portion of the advertising revenue going back to the user base.
It creates a world in which professional representation is built on reputation—a LinkedIn alternative for the blockchain era.
DTube is the first type of crypto-decentralized video platform, created on top of the STEEM blockchain and the IPFS peer-to-peer network. It is an alternative to YouTube, where you can watch or upload videos on IPFS and also share or comment and earn cryptocurrency doing it.
Another exciting thing about it is that the decentralized nature of IPFS and the STEEM blockchain does not allow censorship of videos, or enforce rules. It is only the users that can censor it, via the capacity of upvotes and downvotes.
Antother perk is that DTube runs without advertising. Users can advertise any product or service they like, directly inside their videos, at their own risk of losing their subscribers. But there are no hidden algorithms is controlling the visibility or monetization of specific videos over others.
Social media apps on the blockchain have come, and many support better and more unique features than traditional social media. Time will tell how these might fare with adoption; social media companies are highly valued and funded, so the blockchain alternatives are coming in as the underdogs. Still, it’s great to see innovation happening on top of this great technology.