As we approach 2023, the potential for blockchain technology to transform the social media landscape has never been more significant. So today, we’ll look at the top blockchain-based social media companies leading the charge in this exciting space.
From content ownership to community governance, these companies leverage blockchain’s unique features to create innovative platforms prioritizing user privacy, security, and control.
So buckle up and get ready to discover the future of social media.
What Is a Blockchain-Based Social Media Platform?
A blockchain-based social media platform utilizes blockchain technology to provide users with a decentralized, transparent, and secure experience. So a blockchain is a distributed ledger technology that allows data recording and sharing across a network of computers in a secure and tamper-proof way. Moreover, using blockchain, companies create a decentralized platform that provides users with a more private, secure, and censorship-resistant social media experience.
Also, users can interact with each other, share content, and earn rewards in cryptocurrency for their participation.
Some examples of these platforms include Steemit, Minds, and Voice.
Why Do We Need a Blockchain-Based Social Media Platform?
To answer this question, let’s look into the issues with the existing social media platforms.
1. Centralization
Large tech companies typically own and operate social media platforms. Hence, these companies have strong control over the platform’s policies and features.
2. Censorship
Some social media platforms have been accused of censoring certain content or users. This is often based on political or ideological grounds.
3. Privacy
Many social media platforms have received criticism for misusing user data. They collect and store vast amounts of personal information, which they can use for targeted advertising or sell to third-party companies.
4. Algorithmic Bias
Social media algorithms can perpetuate biases and create filter bubbles, where users only consume content that reinforces their existing beliefs and values.
Blockchain-based social media platforms can be a suitable solution to tackle these issues.
Top Blockchain-Based Social Media Companies
1. Steemit
Steemit is a social media platform that uses blockchain technology to incentivize content creation and curation. The platform has a strong community of users passionate about creating high-quality content.
Year of Origin
2016
Number of Users
Over 3.5 million registered users
Features
- Decentralized in nature: No single entity controls the platform. All content is stored on a blockchain, making it immutable and resistant to censorship.
- Community-driven approach: The users can create and join groups based on their interests. They can also follow other users to see their content in their feeds.
- Reward System: The platform rewards users who create and curate high-quality content by paying them in a cryptocurrency called ‘STEEM.’ Users can also earn Steem by participating in community activities, such as voting on content and commenting.
Drawbacks
- The platform can be challenging for new users, and the rewards system can be complex.
- Also, the value of Steem can be volatile, making it difficult to predict how much users will earn for their contributions.
2. Minds
Minds is an Ethereum-based social media platform positioned as an alternative to Facebook.
It stands apart with its commitment to transparency, evident in its open-source code and algorithms and transparent policies on content moderation and spam.
Year of Origin
2015
Number of Users
Over 2.5 million registered users
Features
- Open-source: Anyone can contribute to its development.
- Decentralized: User data is not controlled by any single entity.
- Reward System: The platform allows users to earn ‘MINDS’ tokens for their contributions, which can be a valuable source of income for content creators. These tokens can then boost their content or access premium features.
Drawbacks
- The platform is still relatively small compared to mainstream social media platforms, so finding and connecting with like-minded users may be challenging.
- Also, the rewards system can be complex, and the value of the tokens may be volatile.
3. LBRY
LBRY (pronounced “Library”) is a decentralized content-sharing platform that runs on its own proprietary blockchain (also called LBRY).
The platform is designed to be a more open and transparent alternative to traditional content distribution platforms like YouTube and Vimeo.
Year of Origin
2015
Number of Users
Over 10 Million
Features
- Open-source: Anyone can contribute to its development.
- Ad-free: LBRY doesn’t contain any form of external advertising.
- Reward System: The platform rewards creators with native LBRY credits (LBC).
- Anonymous Commenting: LBRY enables users to participate in discussions without revealing their identities.
Drawbacks
- LBRY could be difficult for some users to understand or navigate without technical knowledge.
4. Peepeth
Peepeth is a decentralized social network that operates like Twitter, where user accounts and their posts, called “peeps,” are stored on the blockchain.
Year of Origin
2018
Number of Users
Over 50,000
Features
- Ad-free: Peepeth doesn’t optimize for ad impressions
- Fosters Creativity: The platform has a distinctive feature wherein users can only award one “Ensō,” equivalent to a “like,” per day. This limitation aims to foster the creation of more valuable content and user interaction.
- Crypto Tips: Users can receive cryptocurrency tips from their followers, and Peepeth charges a 10% fee for this service.
Drawbacks
- Peepeth is a relatively new platform with a limited user base compared to Twitter. This can make it challenging to find and connect with other users who share your interests.
5. Torum
Torum is a decentralized social media platform backed by crypto venture capital firms and operates on the Binance Smart Chain.
The platform is powered by Torum’s XTM utility token, which can be used to access its ecosystem. The XTM token is also compatible with Ethereum through the cross-chain swap.
Year of Origin
2018
Number of Users
Over 230,000
Features
- Support Crypto Community: Using XTM, users can buy and send crypto-themed gifts as a unique tipping system for community support.
- Organize Airdrop Event: External crypto projects can distribute tokens directly to the Torum community through a specialized feature.
Drawbacks
- Currently, the project could be vulnerable to the issue of making excessive promises and failing to deliver on them, which had a negative impact on Steemit for an extended period.
Conclusion
Decentralized social media platforms may not have the same level of popularity as the commonly used social media apps yet. But they bring in new opportunities for technology engagement and interaction.
These blockchain-based platforms offer advanced privacy, censorship resistance, and built-in monetization features, contributing to their adoption.
Blockchain’s borderless and permissionless nature can lead to a more connected, open, and collaborative global social media environment.
