Facebook, Instagram, Twitter — we’re all familiar with these social media platforms. These platforms are no longer just apps, they’ve become an important part of our lives and to some extent, even represent who we are. Social media keeps us connected with one another and also keeps us in-the-know of latest news. The downside to social media, however, is that it’s owned by large businesses that make money through harvesting your data and selling it to advertisers.
Privacy and securing your personal data has become a concern in this day and age. Although companies have promised to respect users’ privacy, there is no knowing whether these organisations will truly keep their word. This is where blockchain and cryptocurrency comes into the picture.
How do social network coins work?
Just as Bitcoin was built on a trustless system, so are social network coins. In social network coins’ decentralised system, users can manage their personal data and ensure that any data associated with them is not infringed by corporations. With the privacy of your data guaranteed, usership for these platforms are growing, which is potentially disruptive for the social media sector.
Here are a few social network coins worth checking out:
Sapien is a social media platform built on the Ethereum blockchain. With a mission to “to champion users and truth, not financial gain”, Sapien believes that utilising blockchain will allow them to create a transparent, democratic platform.
The platform uses a proo-of-value protocol to reward valuable content and prevent the spread of “fake news”. Each user will have a reputation score that changes based on users’ contribution and the reliability of their posts. Users who have greater reputation will be able to promote their content and hence, reducing content which are against the value of the Sapien community. Its token, SPN, is required to access the Sapien network and users will need to hold SPN to be allowed to vote, comment and post on the platform.
Kin is not exactly a new kid of the block — it’s actually launched by Kik, a popular messenger service. The Kin platform was developed mainly to allow content creators and users to directly connect with each other. Since Kik already has 15 million active users, the Kin platform has gained traction pretty quickly. In light of their large user base, Kin intends to eventually move out from the Ethereum platform and instead, be built on their own blockchain to achieve more scalability. Kin’s ecosystem is powered by their token, KIN.
Blockchain’s decentralised system not only prevents a single corporation from owning users’ data, it also fights censorship. onG.Social is a blockchain based social media platform which seeks to build communities and social interaction through cryptocurrency rewards.
What makes onG.social different is that it “brings all social networks of an individual to one place.” This means that through posting on onG.social, your content can be distributed to other platforms, including traditional social media platforms like Facebook or YouTube. Additionally, content creators get to claim ownership of their content when they post on onG.social.
Just like previous platforms mentioned, Steem is a decentralised platform which rewards creators for publishing good content. When content published on Steem is upvoted, creators will be rewarded with STEEM tokens. Built on its own native blockchain, mining coins in Steem requires individuals to first create and contribute content on the platform.
The Steem platform has three different currencies. The first is its native token, STEEM, which has an exanding annual supply of 100%. The second is Steem Dollars (SBD), a stable currency pegged to the US dollar. SBD was created to counter the volatility of STEEM tokens. 50% of rewards content creators receive are in SBD and the next 50% of rewards are in Steem’s third currency, Steem Power. Steem Power, a non-tradable token that represents a users’ reputation, measured in upvotes. Although Steem Power cannot be traded, it can be converted to STEEM tokens on the platform. Doing so, however, will reduce creator’s Steem Power balance.
With its Delegated-Proof-Of-Stake (DPOS) consensus, Steem is a highly scalable platform that is quickly gaining traction with the masses.
Although businesses have been harvesting users’ information for a long time, not many consumers are aware of it. With Facebook making headlines about selling users’ data without their knowledge, consumers feel “sold” and want to take back control overhear private information. Since social media has become an integral part of our lives, it’s impossible to simply quit these platforms. Social network platforms that run on blockchain can help solve this problem and give users more control over their data and give them access to quality, reliable content.
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