The internet has been abuzz with a technology that has rapidly taken off over the fast few years: blockchain. Many debates have commenced over what would be the effects of integrating blockchain into social media and many more have taken these debates one step further by actually launching the first generation of decentralized, blockchain-based social platforms. But what does this all mean and how does it affect users? In this piece, we give you a breakdown of all the facts.
What is blockchain?
Blockchain is an electronic ledger that stores data. The ledger is public and it is continuously verified by a community of average computer users as opposed to a central authority. Basically, this technology lets digital information to be disseminated rather than duplicated.
The system originated as a means for tracking the widely recognized digital currency Bitcoin. Of course, nowadays the applications go beyond that. In various regions of the world, blockchain is now used for government databases, banking, and social media platforms.
Blockchain is made up of five main components. A block, which is the data or information stored. A chain denotes a collection of blocks (aka data). A node refers to a connected computer within the blockchain network. A network, therefore, is a group of computers (nodes). The network blocks and accepts the blocks added to the chain. Finally, a cryptograph provides security to the entire system by creating a unique digital fingerprint.
As an electronic ledger specifically intended for transactions, blockchain is one of a kind because of its ability to be immune to tampering or hacking. This is because blockchain only allows incoming new transactions. All previous data is stored in blocks, making them unable to edits, adjust or modify.
What are the benefits of blockchain?
Now that you know what blockchain is let’s look at some of the advantages. One of the main components to understand is cryptography. As we mentioned above, cryptography makes data tampering impossible because if a previous block of data is modified in any way the block will be invalidated along with all other blocks that follow.
In order for a transaction to be conducted successfully on a blockchain network, one user who adds a block is required to solve a mathematical equation (also referred to as proof). The answer is shared with the entire network of computers all of which must agree with the result.
Another aspect of blockchain that is often considered an advantage is the fact that it is a decentralized system. This means that data is hosted on several nodes (computers) and is accessible to anyone. Therefore, users will not rely on central organizations or authorities to safeguard data.
How does blockchain relate to social media?
Many argue that with all of its interworkings blockchain is an improved version of the Internet with values like user accountability and data security. While blockchain was initially intended for financial transactions, it has since changed the way social media platforms operate and how online business is conducted.
Blockchain’s security will make the verification process, prevent identity theft, and also tackle fake content, bots, and fraudulent ad impressions. Blockchain also encourages social media platforms to revise their sharing algorithms, data security policy, and payment methods. This also incorporates crypto transactions. Without a doubt, blockchain is the new digital wave.
What are some blockchain-based social media networks?
Some social media platforms that are blockchain inspired include Minds.com, Sapien, and Steemit. Another platform worth mentioning is all.me digital network. Actually, all.me is more than just a social media network. The company positions itself as a digital ecosystem that combines the most demanded internet resources. Specifically, all.me is a social network, trading platform and payment service all in one. all.me’s meNetwork is a social platform where active users earn ME Token, the network’s internal currency. meMarket is an online marketplace that lets users buy and sell products from each other (C2C) as well as directly from international brands (B2C). mePay is a FinTech solution that brings together blockchain technology, digital assets, electronic money, as well as classic payment services. With the internal billing system, transfers can be performed instantly without commissions within the network.
What makes all.me social network stand out is the opportunity users have to earn up to 50% of the advertising revenue. Users get their earnings in ME Token, based on their social activity, social ranking, and content. You can manage your own account, find people who share your hobbies and interests, and engage them with content you post.
Another unique feature of the all.me app is that users can create and subscribe to magazines, which are online journals filled with content categorized by topic. Both magazines and individual posts trend and the most popular ones appear on the all.me Hot list. Exposure here is great since it gives you a chance to attract even more subscribers.
All in all, the likelihood of any blockchain based technology succeeding is high for the simple reason that it is decentralized. Meaning there is no central organization or overseer controlling value. This, of course, gives a huge advantage to people who use these technologies since they are collective contributors to the product and have control over its value. In an industry like social media, where many users feel that they are being taken advantage of, this is a huge selling point. Try a crypto-based social network and check out the experience for yourself.Updated Date: 27 June 2019, 14:24