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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.
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.
To answer this question, let’s look into the issues with the existing social media platforms.
Large tech companies typically own and operate social media platforms. Hence, these companies have strong control over the platform’s policies and features.
Some social media platforms have been accused of censoring certain content or users. This is often based on political or ideological grounds.
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.
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.
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.
2016
Over 3.5 million registered users
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.
2015
Over 2.5 million registered users
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.
2015
Over 10 Million
Peepeth is a decentralized social network that operates like Twitter, where user accounts and their posts, called “peeps,” are stored on the blockchain.
2018
Over 50,000
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.
2018
Over 230,000
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.
