Blockchain technology can successfully eradicate the middlemen from the equation. Moreover, the users themselves will maintain access to their data at all times, which fine value is considering into. There is no longer a necessity for centralized servers or firm CEOs. Instead, social media will, once again, be a tool for the people, by the people. It noises like an ideal vision, but such a decentralized social network may not be too far off.
Some entity all of the huge social platforms have in common is by what means they gather data. To many of users, that is apparently not a bit tricky. Though, this data comes in the hand of a select few entities who can access this data. Besides, the information is used to generate digital outlines of all users to deliver them with the “best” paid content. It is an interesting trade which works well but also obtains a lot of criticism. No one must own this type of data completely and in a unified way.
One of the schemes accepting the blockchain-based social platform business model is Matchpool . Their decentralized matchmaking generates pools of users with mutual interests. Furthermore, pool inventers can monetize their groups in different ways as they see fit. This plan also has its particular native currency identified as Guppy. This token can be received and spent by networking with this new social platform. All expenses take place on the blockchain without interruptions or mediators.
There are other platforms which use alike perception as of right now. Decentralized social media compromises a lot of keys, even though it may not be all that suitable to use in its existing form. We may even see current giants shift to a blockchain-based model in the upcoming years. Telegram is creating powerful strides in this regard, while they use a private blockchain. A decentralized version of Twitter and Facebook is approximately everyone can look advancing.