While most digital ledgers and blockchain-based platforms still have problems scaling as more users jump on board, this indicates how many blockchain-based social networking startups is increasing both in number and in usership.
“These decentralized systems are only not given to develop and scale for the masses yet,” Anthony Di Iorio, co-founder of ethereum, said in a interview with Bloomberg. “There are always difficulties with early technology. It requires time.”
But Di Iori remarked that it’s worth the wait. “This could be more important than the Internet,” he told Bloomberg. “It’s planning to be massively disruptive for every sector.”
Here a look at seven social networking platforms on the blockchain, or tinkering with blockchain and cryptocurrencies.
Sapien (sapien.network), a very 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 ground up,” said Ankit Bhatia, co-founder and CEO of Sapien, in December 2017 at an event in Palo Alto, California.
Its mission, based on a recently available 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 really transparent and democratic platform could be built” and it allows Sapiens to reward “an incredible number of content creators and curators without the centralized intermediaries.”
Mathews explains that “modern Crypto Social Media Site are both obsolete and dangerous.” He says: “Sapien rewrites the social network experience to champion the user and the truth while leveraging the powerful capabilities of the blockchain. In doing so, the Sapien team hopes to build a lighter social future that brings out the best in people, their creations, and their ideas without sacrificing the importance of transparency and accuracy.”
Steemit (steemit.com) describes itself as the very first social network built on the Steem blockchain, a decentralized reward platform for publishers to monetize content and grow community. It is a kind of Reddit.
“While most social networking sites extract this value for the main benefit of their shareholders, Steemit believes that the users of the platform should receive the huge benefits and rewards due to their attention and the contributions they make to the platform,” the organization explains on its website. “At its root, Steem is merely a points system. However, because this points system is blockchain-based, the points could 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 which have market value and are readily tradable. It resembles how someone playing a gaming could obtain a limited item or currency by playing the game. If the currency or items are transferable between users, then they can sell or purchase them on game item markets.”
“I’m like I’m in the Stone Age when I’m on Facebook or Twitter,” David Kadavy, a consumer of Steemit, told Bloomberg. “They’ve no value without what you’re adding to them. If Facebook doesn’t answer this, things can change very quickly. They must be very concerned.”
Sola (sola.ai) is a hybrid of media and social network governed by AI altogether with users.
The platform, which based on its website counts more than 700,000 users worldwide, has evolved from what it calls “the concept of following.” Sola “spreads information such as for instance a viral disease to the absolute most interested users, applying AI algorithms along with users reactions. Quality content can quickly reach the entire Sola user base. Users post news, stories and entertainment cards, Sola protects the rest.”
The platforms, explains The Merkle, uses Action Points, or a Sola internal virtual currency which does not need monetary value until someone endorses or comments on content. This really is when Action Points are became to SOL tokens.
“SOL is a utility token with a monetary function that powers the Sola economy,” co-founder and CEO Ilya Zudin explained in a interview to ICO Alert. “It allows us to share revenue from advertising, user payments, and partnerships with users, providing a strong financial incentive to make use of our service and create quality content.”