Donald Trump met Twitter CEO Jack Dorsey in April,2019 “Lots of subjects discussed regarding their platform, and the world of social media in general. Look forward to keeping an open dialogue!” Trump tweeted back then. Source: Twitter/ @realDonaldTrump.
Blockchain has actually been hailed as the silver bullet for social media, which has actually long experienced censorship, information mining, and monitoring commercialism. In the last couple of years, innovators have actually developed numerous blockchain-powered social media platforms to combat the challenges found in “traditional” socialmedia None of these “decentralized” social networks has actually handled to prosper in taking a significant part of the social media market pie.
Today, Twitter‘s decision to fact- check and censor President Donald Trump’s tweets has when again triggered conversations about decentralized social networks.
President Trump posted this tweet Friday as violent demonstrations continued in Minneapolis over the death of a guy in cops custody.
@zhusu I question what will stop web3 from becoming cesspools like 4chan. Appears we have actually already attempted unmoderated content on Web1.
— Dennis (@pourteaux)
At the exact same time, Facebook CEO Mark Zuckerberg protected the business’s decision to leave the President’s posts up on its website. When it comes to decentralization, Twitter is a step ahead as last year they introduced a new project, bluesky, intended at establishing a “decentralized standard for social media.” Back then, Twitter CEO Jack Dorsey worried that it will take lots of years to establish a sound, scalable, and functional decentralized standard for social media.
However what’s the current status of blockchain-powered social media?
Social media has actually ended up being a vital part of our lives. These platforms have actually ended up being a main source of news, home entertainment and even earnings for some. While the impact social media platforms put in in people’s lives is self-evident, there are genuine issues of equivalent gravity that pester these platforms.
Social media giants like Facebook, Twitter, and TikTok are totally free tojoin As a result, people flock to these platforms in droves to link with their enjoyed ones or to develop an online existence for themselves or theirbusiness The problem, which users have actually now started to decry, is the business model used by social media giants to monetize their platforms.
Social media platforms offer their users’ information to the highest bidder. Sometimes, this results in more targeted advertisements for small organisations, which is generally thought about a safe result. In more damaging circumstances, this information might fall under the hands of dishonest companies who take advantage of it in methods which threaten democracy. What’s more, platforms like Facebook pocket the inflated revenues while users do not advantage financially.
In addition, users typically grumble of censorship on social media platforms. Breastfeeding images are flagged for pornography on Instagram and prayers are taken down after being reported as hate speech. Some users stress that this sets a hazardous tone and precedent for the flexibility of speech.
Provided the absence of personal privacy, top-down management model, and inequitable earnings circulation seen on social media platforms, it is simple to see why innovators would aim to produce social media platforms based on blockchaintechnology By design, the blockchain addresses these challenges and should in theory produce a more easy to use experience.
The success (?) stories
The concept is barelynew Because the early days of Bitcoin (BTC) when users on BitcoinTalk went over problems referring to the world’s first cryptocurrency, business owners have actually tried to turn the concept intoreality With the launch of the clever agreement platform Ethereum (ETH), traction for the concept grew even more.
While there are a number of blockchain-backed social media platforms today, just a few have actually had a significant effect. Steemit, for circumstances, made rather the wave when it was first introduced in2016 The platform was amongst the first to try to resolve the financial inequalities on mainstream social media platforms.
On Steemit, users earned money, paid out in steem (STEEM) and steem dollars (SBD) to post, comment, and curate. The platform attained success in the first couple of weeks after its launch. One user was supposedly able to make over USD 15,000 in just twelvehours
Sadly, the platform’s upward trajectory was short-term. Its creator, Dan Larimer, who’s now working with EOS, ended up leaving Steemit’s management following internal wrangles in 2017 triggering worries and a dive in user numbers. The “crypto winter” more impacted the platform’s numbers as falling cryptocurrency rates reduced the worth of the platform’s digital token leading to a mass exodus. The platform is currently involved in debate linked to its sale to Tron (TRX). Steemit currently has over 1.2 million users.
Speaking of EOS, Block.one, the business behind this platform, introduced the beta version of their decentralized social media platform, Voice, in February this year.
While Steemit faced its challenges, the platform also generated a number of rather effective social media networks based on its blockchain. A good example is the live streaming platform DLive, which introduced early in 2018.
DLive CEO, Charles Wayn, revealed the belief that the platform would change the streaming environment and empower its users. Wayn specified:
” Today, the market is controlled by a couple of enormous business who are incentivized to take money from their creators and push advertisements into content wheneverpossible By decentralizing streaming, we can equalize video content while offering a much better experience to audiences and creators.”
DLive acquired 500,000 active users in the first six months. The platform gathered traditional attention when it got in into a collaboration with popular YouTuber PewDiePie. At the time, PewDiePie was sharing content mostly on Youtube where he had the highest number ofsubscribers
The announcement that he would be live streaming specifically on DLive caused an uptick in DLive’s users as PewDiePie’s fans followed him to the platform. The content creator pointed out the more appealing earnings split provided by DLive as his inspiration.
While DLive ported from Steemit to the Lino blockchain, and PewDiePie just recently announced he’s leaving DLive and more than 800,000 followers, the platform still boasts 5 million regular monthly active users and more than 80,000 active broadcasters. While these figures are significant for a new social media network, the leading streaming service Twitch has over 15 million regular monthly active users.
Perhaps, one of the most effective blockchain-powered social media platform is Minds Minds.com has actually been referred to as “the anti-Facebook that pays you for your time.” The platform is totally free to join, comparable to mainstream social mediagiants It is based on open-source technology with rewards for engaging and creating content doled out in ERC20 tokens. The tokens users earn can then be utilized to promote their content through advertisements, called increases, on Minds. Users can use their earned tokens to decide-out of the advertisements provided on their home screens and support the content other users put out.
Minds has actually been around given that 2015 and began to get appeal following increasing personal privacy and censorship issues connected to Facebook. In February this year, Minds’ creator and CEO, Costs Ottman, explained the principles of the platform as:
“We’re built on a foundation of privacy, transparency, and free expression. As other networks continue to lose the public’s faith, Minds has more than doubled since last year, now with 200K+ monthly active users and 1.25M+ registered users.”
Now, the platform supposedly declares it has actually 2.5 signed up million users.
The platform’s principles of ideological neutrality has actually endeared it to groups of people who feel hard done by censorship on mainstream socialmedia
We are experiencing an ENORMOUS rise of Thai people looking for Web flexibility. #mindsth
— Minds (@minds)
Its appeal continues to grow as it engages in tactical collaborations. Ottman was a visitor on the popular Joe Rogan Podcast, catalyzing increased interest in Minds.
Nevertheless, compared to Facebook’s 2.5 billion regular monthly active users, Minds is de facto non-existent in the global social media landscape.
Taking a look at the user numbers of today’s leading blockchain social media networks, it is a regrettable reality that decentralized social media has actually not yet had the ability to compete with tradition social media in any significantway
Obviously, it takes some time to build a user base. TikTok, for circumstances, has actually been around given that 2016, however has just just recently caught the Zeitgeist and its user numbers blew up. It stands to reason that with time, decentralized social media platforms can take a significant market share away from tradition social media. It will likely take a really long time and the competition is intense and has really deep pockets.