Cryptocurrency Market: Social Network Coins
While most digital ledgers and blockchain-based platforms still have problems scaling as more users join board, this indicates how many blockchain-based social media startups is increasing both in number and in usership.
“These decentralized systems are just not made to develop and scale for the masses yet,” Anthony Di Iorio, co-founder of ethereum, said in an interview with Bloomberg. “There are always difficulties with early technology. It will take time.”
But Di Iori pointed out that it’s worth the wait. “This may well be more important compared to Internet,” he told Bloomberg. “It’s going to be massively disruptive for each sector.”
Here a review of seven social media 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.
“We want to reinvent social from the bottom 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, since the core of its social network.” The post highlights that “the blockchain is the inspiration upon which a truly transparent and democratic platform may be built” and it allows Sapiens to reward “countless content creators and curators without the centralized intermediaries.”
Mathews explains that “modern social news sites are generally obsolete and dangerous.” He says: “Sapien rewrites the social network experience to champion an individual and the facts while leveraging the powerful capabilities of the blockchain. In this, the Sapien team hopes to build a brighter social future that brings out the very best in people, their creations, and their ideas without sacrificing the significance of transparency and accuracy.”
Steemit (steemit.com) describes itself as the initial 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.
“While most social media sites extract this value for the benefit of their shareholders, Steemit believes that the users of the platform should receive the benefits and rewards for 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, since this points system is blockchain-based, the points may 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 is comparable to how someone playing a gaming could obtain a small item or currency by playing the game. If the currency or items are transferable between users, then they can sell or get them on game item markets.”
“I feel like I’m in the Stone Age when I’m on Facebook or Twitter,” David Kadavy, a user of Steemit, told Bloomberg. “They have no value without what you’re causing them. If Facebook doesn’t respond to this, things may 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 in accordance with its website counts a lot more than 700,000 users worldwide, has evolved from what it calls “the concept of following.” Sola “spreads information just like a viral disease to probably the most interested users, applying AI algorithms combined with users reactions. Quality content can easily 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 perhaps a Pyyro Social Media 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 an energy token with a monetary function that powers the Sola economy,” co-founder and CEO Ilya Zudin explained in an interview to ICO Alert. “It we can share revenue from advertising, user payments, and partnerships with users, providing a strong financial incentive to use our service and create quality content.”