The Relationship Between Social Media, Cryptocurrency and Blockchain

Many digital ledgers and blockchain-based platforms still have problems scaling as more users hop on board, it appears the amount of blockchain-based Social Media Crypto startups is increasing both in number and in usership.

“These decentralized systems are simply not made to grow and scale for the masses yet,” Anthony Di Iorio, co-founder of ethereum, said within an interview with Bloomberg. “You will find always difficulties with early technology. It requires time.”

But Di Iori pointed out that it’s worth the wait. “This could be more important than the Internet,” he told Bloomberg. “It’s going to be massively disruptive for every single sector.”

Here a review of seven social networking platforms on the blockchain, or experimenting with blockchain and cryptocurrencies.

 

Sapien (sapien.network), a highly customizable, democratized social news platform built on the Ethereum blockchain capable, describes itself instead to social news platforms like Facebook and Google.

“You want to reinvent social from the floor up,” said Ankit Bhatia, co-founder and CEO of Sapien, in December 2017 at an event in Palo Alto, California.

Its mission, in accordance with a current post by Sam Mathews here on Medium, is “to champion users and truth, not financial gain, because the core of its social network.” The post highlights that “the blockchain is the foundation upon which a truly transparent and democratic platform can be built” and it allows Sapiens to reward “countless content creators and curators without any centralized intermediaries.”

Mathews explains that “modern social news sites are generally obsolete and dangerous.” He says: “Sapien rewrites the social network experience to champion the user and the reality while leveraging the powerful capabilities of the blockchain. In doing so, the Sapien team hopes to build a richer social future that brings forth the most effective in people, their creations, and their ideas without sacrificing the importance of transparency and accuracy.”

Steemit (steemit.com) describes itself as the first social network built on the Steem blockchain, a decentralized reward platform for publishers to monetize content and grow community. It’s a kind of Reddit.

“Many social networking sites extract this value for the advantage of their shareholders, Steemit believes that the users of the platform should receive the advantages and rewards because of their attention and the contributions they make to the platform,” the business explains on its website. “At its root, Steem is just a points system. However, since this points system is blockchain-based, the points can be traded on markets as tokens. People buy and sell these tokens, and many hold in anticipation of increased purchasing power for various Steem-related services. The rewards people earn are tokens that have market value and are readily tradable. It resembles how someone playing a video game could obtain a small item or currency by playing the game. If the currency or items are transferable between users, then they are able to sell or get them on game item markets.”

“Personally i think like I’m in the Stone Age when I’m on Facebook or Twitter,” David Kadavy, a person of Steemit, told Bloomberg. “They have no value without what you’re adding to them. If Facebook doesn’t respond to this, things can alter very quickly. They should be very concerned.”

 

Sola (sola.ai) is just a hybrid of media and social network governed by AI altogether with users.

The platform, which in accordance with its website counts a lot more than 700,000 users worldwide, has evolved from what it calls “the idea of following.” Sola “spreads information such as for instance a viral disease to the most interested users, applying AI algorithms coupled with users reactions. Quality content can easily reach the whole Sola user base. Users post news, stories and entertainment cards, Sola takes care of the rest.”

The platforms, explains The Merkle, uses Action Points, or even a Sola internal virtual currency which does not need monetary value until someone endorses or comments on content. That is when Action Points are became to SOL tokens.

“SOL is an energy token with a monetary function that powers the Sola economy,” co-founder and CEO Ilya Zudin explained within an interview to ICO Alert. “It permits us to share revenue from advertising, user payments, and partnerships with users, providing a solid financial incentive to use our service and create quality content.”