Social Media has fundamentally changed the way we interact with each other both online and offline (yes, you who may have problems coping a day or two without online devices).
But what has come along in the 21st century is a polished and new means to express, share, and learn about the world and the people and things that live in it. Now this is disregarding the barrage of memes and the quirks of the Online Space; but there are several harsh truths about these platforms.
Major Social Media Giants are here for profit; which is fine. But traditionally their revenue models rely heavily on Advertising.
We grant and entrust these corporations with our data, but in return it gets packaged up and sold to advertisers. Usually while were browsing or watching a video, we receive targeted ads that are more often than not unappealing and can be downright annoying.
It’s all thanks to the accumulated attention such platforms have amassed; marketers are trying to capitalize on the attention economy to expand their market base, but what do participants get other than a McDonlds commercial once in a while? Is it REALLY fair?
It is estimated that there are a whopping 2.62 billion Social Media users worldwide; and this is expected to grow further and quicker as:
i) Internet Penetration + Access Increases
ii) Cost of Smart Devices become cheaper
iv) The speed of technological advancement grows in line with an exponential curve
But what’s at stake is indeed our privacy.
Western ideals are quite intolerant towards privacy infringement, as it is a fundamental right. Eastern ideals on the other hand are seen no to be too concerned on a collective scale. Countries like China are at the forefront of an advanced digital economy.
Take Shenzhen for example, there are cashless & cashierless stores around the place with a heavy reliance on mobile payments such as Alipay and Wechat. These companies have an abundance of consumer data to sell off to advertisers or other parties (ie. Government).
Anything can happen, and the Facebook & Cambridge Analytica scandals should immediately come to mind when it comes to the nefarious or unethical use and distribution of Private/Personal Data. Even if one were subject to terms upon registration, there simply poses a problem with the current centralized model of Social Media.
Now we as Steemit users are challenging this model; and despite imperfections, we’re on track to revolutionizing and potentially solving these issues. With a monetary incentive!
Now without further ado, this is a select list of Social Media Platforms where YOU can earn Crypto for being part of the ecosystem, both existing and in progress products. All it takes is adoption.
A Better Video can be found on CoinReview.io’s Tweet
Think Tinder meets Instagram. Sola is a deecentralized social network based on a token called SOL, a Crypto that you essentially earn for creating content on the platform.
You earn SOL for things such as posting, commenting, and referring.
It’s quite different from Steemit.
Key differences are that you have no reputation and followers. People can choose to prioritize you and they may see your posts more often if prioritized. Secondly, there aren’t any Wales. Third, you need to create/post to earn SOL to Convert to Crypto.
When you pop in the platform (Mobile Centric, but Web Friendly too), you’re shown Cards. One card at a time, to which you can eitehr ‘endorse’ or ‘skip’ depending on your liking. If you endorse content, you expose it to a much broader audience. skipping it does nothing. How you’re shown Cards are based on the SOLA Ai which determines your geolocation and the algorithm of your preferences from your voting.
For starters, you generate small amounts of AP each day, 100 first, and the longer you log in each day you recieve more. This increases the more you log in daily until one it is at 200AP and you’re able to spend these points. Think of it like a rewards pool for which you Curate like on Steemit, but is not based on any Steem Power. Here are some key tips:
- Voting someone spends within 5AP to 100AP.
- Posting content spends 5AP and grows with each one in that day to combat spammers
- Don’t splurge your votes, they’re limited to your AP. Endorsing will allow the person who posted to be paid in SOL
- 1 SOL is equivalent to 15 AP
- Action Points have no value before they are transferred to another user as an endorsement of their created content. Hence, engagement is required to earn.
In order to cash out, you’d need to get an Ethereum Wallet to transfer to, which is pretty direct.
Read more about the Whitepaper Here
Indorse is a Reward Based Decentralized Professional Social Network.
Using new models of tokenization and decentralization to change the shape of the Professional Social Networking landscape.
That’s right Linkedin, you’ve got a competitor in the Crypto Space.
Their Native token is the Indorse Token (IND).
In a nutshell, you just sign up, create a profile, and begin adding your accomplishments, experiences, and other ‘Claims’ which will be backed up by links to proof of claims. Whoever is within your Social Network can Endorse your skills using what the platform calls the ‘Anonymous Indorsement Protocol’. Using Zero Knowledge Proofs and Randomized Data Sources provided by Oraclize.
As you and the endorser come to a consensus and validates your proof, raising your reputation in the platorm, and then both parties are rewarded with an ‘Indorse Buck’.
An Indorse Buck can then be traded for Indorse Tokens.
The Indorse Token can later be utilized for the use of Advertising purposes or other services. (Or in other cases, traded for other Crypto!)
As you can see, Indorse is still a work in progress, so monetizing your data is yet to come as the Cryptocurrency Reward side of endorsement is yet to be implemented. Though at the rate they’ve been at it won’t be long. Sign up here to save yourselves a seat, or check out their Whitepaper Here.
onGSocial is an interesting project with a Social Media Marketers twist.
It’s founder had a vision to create a Social Media Dashboard on a blockchain that provides the ease of control for those using centralized and decentralized Social Media Networks and supports community building and interactions via multiple Cryptocurrency rewards.
Basically posting there allows users to connect and distribute information (Cross Post) to main social media platforms like Facebook and Twitter and other Decentralized ones.
Based on the Gravity Algorithm (pg 12), it helps to calculate the weight of content and other contributions that are made by community members.
Advertisers can use what is called G-Bucks which is pegged to the USD. It’s Whitepaper is rather complex and can be read here. Though it seems as though this is a handy tool for Social Media Marketers to cross post easily and monetize while they do it. Though upon registration things look a little messy and confusing.
This site does indeed show potential but it’s currently transitioning to Cryptocurrency Rewards so earning and withdrawals are disabled temporarily.
Despite having launched, it’s yet to tangibly show positive results, but it does show a promising way of monetizing your posts. But we urge everyone to keep an eye on this project!
Now if you’re a Steemit user, chances are you’ve heard of a new Social Media app powered by the Steem Blockchain as a SMART MEDIA TOKEN called APPICS.
They’ve gone out of their way to create a platform that turns ones’ Pictures and Videos into a Profit via incentivising users to create and curate content. Rewarding Participants for engaging themselves in the Ecosystem.
Think Instagram on the Blockchain. This is a proven concept with Steepshot, an interface on the Steem Blockchain. Much like Steemit, one will have voting power and their likes will be proportional to this. Though, the creators proposed that the network will distribute:
- 65% of the value of a content being shared to the Creator
- 25% will go to the Curators
- 10% will be reinvested into the platform to support the Ecosystem
With 15 different Categories in the App, APPICS is poised to challenge the Social Media Giants. Offering more than just a Social Media Platform, but a means to accumulate, share, and transfer value.
Though currently APPICS is a work in progress as well, much like a number of other platforms. But it has recieved a lot of attention and we’re truly looking forward to seeing further developments.
How can we not attribute the grand daddy of Social Media on the Blockchain? Steemit by far is the most developed, most used, transparent and lucrative of the platforms that currently exist.
With 2 Native Currencies, Steem Dollars and Steem, along with the various functionalities on the platform. It has revolutionised Blogging and Rewards for Curators and Creators.
Along with that, the Steem Blockchain allows for additional UI to be created, along with a plethora of Crowdfunding initiatives like Steem Park and more
Steemit is a work in progress, but with a tangible product. There’s much controvesy over the use of Bots and the issues of Spammers and a saturated degree of content. But It has housed a new means for people to get known, from integrations of Decentralized Video Sharing on the Blockchain (D.Tube), Decentralized Livestreaming (D.Live), to FREE wallet transfers.
Here’s a list of Work in Progress Social Medias to check out too!
- SocialX Network(in Progress)
- Sapien Network (Beta, requires 100 Sapien required to be staked, has a rather strange interface)
- Props Project (in Progress)
- Synereo (Not a Social Media Platform, but has elements of one. In progress, has Wildspark)
- Datecoin.io(in Progress, Dating on the Blockchain)