Alexandra is a software engineer who specializes in core banking systems development for financial and IT spheres. Taking strong interest in blockchain, cryptocurrencies, and IoT, Alexandra got deep understanding of the emerging techs believing in their potential to drive the future.
Rewarding popular content with cryptocurrencies can boost its quality. But the effects of decentralized social networks can go much further than raising Internet surfing to a new level.
2017 is about to end and it is the right time to take stock of the year. While everyone is watching breathlessly as bitcoin hits new highes, there are lots of other blockchain-based technologies that deserve mentioning.
Social networks have become an integral part of our lives. They were the technology that changed the world; it is therefore not surprising that social networks are trying to feel the heartbeat of the tech sphere. They could not ignore such a technology as blockchain – and today we see the rise of decentralized social networks.
They can not measure up to such giants like Facebook or Instagram, some of them are still in testing, but decentralized social networks seem to be a promising innovation that can easily become mainstream in the world of cryptocurrencies.
Decentralized Internet is just starting its race for users. However, the crypto sphere is generous to its pioneers. Those people who have been trusting in bitcoin since its price was less than $1,000 do not seem to be disappointed. The amount of blockchain-based social networks is not that impressive; however, it is just beginning.
An incentivized, blockchain-based, public content platform – these are the first words you see at STEEM white paper. Today this project is recognized as one of the most influential blockchain-based solutions. More than 511K of user accounts is a glorious achievement for a network that has to compete in the world of big fishes.
Steemit, Inc, the New York-based company, chose a patriotic date for the official launch of the decentralized social network – the 4th of July, 2016. An inattentive user may take Steemit for a one more blogging website.
Nevertheless, this platform has a great deal for its users – they get virtual currency rewards for their activities. Creating content, voting and curating are bringing money. Moreover, users can choose between two different types of tokens: STEEM which is a cryptocurrency similar to bitcoin and Steem Dollars, US dollar-pegged currency tokens.
Ned Scott, one of the creators of Steemit, Inc , said:
“The people showing up to use this are going directly to the blockchain. We don’t have the authority to tell them not to. In fact, we implore it. What we set out to do is build an ecosystem and that’s exactly what’s happening.”
Steemit has already attracted lots of authors who want to make money through creating high-quality content. The mechanism of this network is designed in such a way that it gets the benefits of both blockchain technology and “natural selection” of content.
Steem seems to be a blogging platform of the new century: advanced technologies, good reputation and lots of perspectives. Anyway, some users see a big problem that makes them turn away from this network – the language.
The quality of content can hardly be appreciated by those people whose English is far from perfect. That inspired the pioneers of Russian blockchain community to create the Russian version of Steem – Golos.
There are no important differences between Golos and Steemit – at least at the moment. The main aim of this social network is to prevent Russian-speaking users from being left behind the rewarding on Steem due to language barriers.
This multitask messenger is at the very beginning of its story – right now you may take part in the second round of ICO. E-chat positions itself as the first app of this kind that is built with a decentralized technology in mind.
This application provides users with a wide range of functionality: messenger that supports HD video calls and voice conferences up to 10 people; multi-currency crypto-wallet and a possibility to attach your credit card; the content creating system resembling the one of Steem. All of these features are complemented by the traditional benefits of blockchain such as sustainability, privacy and security.
Steemit earnings model is enhanced in E-Chat with the usage of the most popular cryptocurrencies: Bitcoin and Ethereum.
The standardized concept of blockchain-based social network makes developers look for the ways to make their platform more attractive than its competitors. Creative design, variety of features, bonuses and tricky marketing hooks – the rush for the users is in full swing. But you can hardly compete with the trust in the rewards’ cryptocurrency.
Akasha is an ethereum based social network. Minimalistic design and user-friendly interface are making this network a pleasure to work with, but these are not its main attractions. Votes for your posts would bring you ETH – one of the most popular cryptocurrencies, while in testing they are replaced with a mimic called AETH. The project is aimed to become the main Ethereum network by the end of 2018. And positive reviews of Akasha beta version make us think that their plans are quite realistic.
Decentralized social networks may not be as popular as their traditional rivals, but these project bring together all of the benefits of blockchain. They are safe, sustainable and progressive. What is more important, they allow users to convert great content into money and attract new people to the cryptocurrency sphere.
There is one more advantage of blockchain-based social networks: they strengthen the quality of content. The freedom of speech is not limited by external control, with the value of an account being determined by the appreciation of the ideas outspoken. All in all, that creates a truly liberated community based on the most popular technology of the year.