Blockchain technology is disrupting each and every space today and this is no surprise that internet consumption and social media will be its prime target. Rather than saying target, we should say, given the level of breach of trust, scam, unauthorized use of user data, selling them to ad firms, targeted marketing, these companies have literally asked for blockchain tech projects to take over. In reality, this is not actually the fault of these companies as the model on which their business is based on are like that from the beginning. But like all other field blockchain is here to challenge how business is done and user experience. So let’s check the top five ways blockchain tech is influencing the internet and social media usage.
#1 Rewarding Value in Social Media and Changing the Way Content Are Consumed
Blockchain technology, as well as cryptocurrencies, offer an exciting combination for altering the future of social media networking platforms and this is inevitable. And the same has been voiced by April Gilmore of ClickFirst.
Today the centralized platform dominate the world but when decentralized platforms become mainstream, social media users will have the option of platforms from which to network – centralized or decentralized. platforms including the social media do not offer a general user the chance to earn. But decentralization offers users an ability to earn small amounts of cryptocurrency for their online activities, and this will definitely attract more users to these platforms where their contributions to the platform growth are rewarded. For example, consider the amount of time you spend on current social media platforms and then imagine what if each of the posts you share can give you a small amount of crypto coin.
Just the way YouTube, Netflix, SoundCloud, and others control user consumption in entertainment, our consumption of social media on just a handful of platforms have allowed these media (Facebook, Twitter, Instagram, LinkedIn, and Pinterest) achieve massive scale. Now, these popular networks modeled on ad-based business models. The major issue with this model is creators, users, and platforms are all compensated unequally for their participation on the platform and some time even is completely missed out.
You can take the example of ex-President Barack Obama. He produced the most liked tweet in the history of Twitter but did not receive any reward for that. Also, take the case of an artist named Helen Green who in spite of creating a GIF eventually lost attribution as the post was widely shared across Instagram and Tumblr.
In this regard blockchain tech offers easy tracking – for example, Ethereum blockchain private ledger provides these companies with the ability to better track user interaction with the content. This way will users’ worth to the network can be assessed easily and therefore a just wat to determine how to reward or compensate them for their activities. The idea of sharing money is radical and will definitely encourage users to create and share great contents.
#2 Access to Content Anywhere
If the internet has connected us and brought the world together, then social media has opened the door to flood of news across the world. We can always search for certain news if we know about it or read about major things happening around the world. But various social media especially Twitter has pushed the way of news sharing on a different level.
But these social media are centralized in nature and that means few people are in control of what you can post and share. They can bring down anything they don’t like or find offensive. For example, for violation of the rules Facebook, Google or for that matter Reddit can actually ban you. Then there is other governing bodies and rules of various countries that have to be taken into consideration. They can also ban an entire social media platform in their countries if they find their activity too liberating for their population.
For example, there are countries like China, Syria, and North Korea where the government can block their citizens from accessing social media and certain contents, including news, movies, music, and many more. Yes, though VPNs is a way to go around these restrictions and access it, governments are also working heavily on these services. Another example would be the restrictions on porn sites and torrent sites. The very concept of decentralized content offers an alternative to fight this internet and social media censorship.
Blockchain technology offers a ready-made solution to this issue, thanks to its decentralization nature. Companies can use it completely sideline those governing bodies and ideally reach out to anyone on the planet with smart devices or computer and internet access.
In this respect, there are a handful of blockchain projects that are working on this issue which we will be discussing in full later. For now, one such company currently developing an open-source protocol to completely decentralize premium content is DECENT. The firm has managed to raise $4 million in their ICO in 2016. The firm offers a distributed ledger to ensure that no entity even the government can block valid access to content. The platform or app user can participate in the DECENT network by buying their native token (DCT) and use it to both pays for content from other users as well as publish their own content.
The issue here for blockchain is to get enough user at the start to sign up to reach a meaningful scale. We the customers have got accustomed to accessing contents for free and therefore to get or persuade the freeloaders to adopt blockchain-based social media is a challenge here. The user will eventually understand that paying a nominal amount for buying token is a very small price to pay when in some countries these contents are restricted or inaccessible.
#3 Content Authenticity: Blockchain Technology Influences the Presence of Fake Contents
Be it Facebook, Twitter, Instagram or any other social media platforms, it is very easy for spam bots to flood those platforms with fake contents and fake news. This is because how these social media are structured. To us the users they are free of cost and rely on ads. That is there is no cost involved to post anything, therefore becoming an easy choice for people with mal-intentions and spam bots to spread the fake contents. Another thing, there is no mechanism built into the system to fight or verify the genuineness of the content, add to that there is no way to trace the source for a user to verify. So we have been facing the rampage of fake contents these days and this is on the rise.
For example, the last U.S. presidential election experienced a rise in targeted false content on social sites such as Facebook and Twitter which was used to sway voter emotions and viewpoints. These social media platforms have tried their hand to deal with the issue of fake news by various attempts most centered around employing or partnering with independent fact checkers, but this method is costly, cumbersome and hasn’t shown the level of improvement we would like to see.
Blockchain technology with its smart contracts offers a solution to this problem by the distribution of only verified information and making the contents traceable. The very nature of blockchain doesn’t require a third party to verify the content. This ability to block fake content with the contributors is very exciting for brand builders and marketers.
Userfeeds is one such company looking to solve this problem of fake content by incentivizing users economically to rank the contents correctly. As of the present scenario, though the ability to control the spread of written content or news is extremely relevant, it is only matter of time before the future of fake news may stretch its muscle beyond just texts.
Also, the recent improvements in machine learning and artificial intelligence have made it possible to create realistic audiovisual copies of people. A great example of this would be the video of US President Obama giving a speech created by researchers at the University of Washington.
Naturally, the possible way this piece of technology can be used or the fields that it opens up is quite staggering, and anyone or group who utilize propaganda as a tool for marketing or recruiting can cause some serious damage if they can lay their hand on the technology. Therefore this way it can underscore the importance of a proven validation system. But there are crypto startups like Prover, a video verification platform built on the Ethereum blockchain, have the solutions to verify the authenticity of user-generated videos and it is quite promising.
#4 Blockchain Can Satisfy The Increased Interest In Verified Online Identities
There is something for the companies who depend on social media and their ad campaign for attracting customers. Various companies use social media especially Facebook for marketing and even YouTube has become increasingly supportive of in-video ads (which we don’t like either). It’s not good for the users as they choosing what ad they might want to see is a far cry. But there is another issue bugging these firms.
Social media platform industries such as Facebook and Twitter, are experiencing major bot problems leading to companies spending more and more but not seeing the result of their investment in advertisements. That’s why these companies are now searching for other customer outreach platforms where they can increase their ROI value or marketing return on investment.
Blockchain readily offers the solution these firms are looking for. It has the ability to engage with customers who have their identities verified using blockchain technology and smart contracts and that is a very attractive proposition to the company owners. After all who wants to put their money on this ‘black hole’ of social media and remain vulnerable to false pay per click ad impressions?
On other note, this also opens the door for a scenario where the user may choose what type of ad they want to view or even get paid for watching that.
#5 Blockchain Offers Verification Of Marketplaces
Similar to the verification of identities and its influence on blockchain-based social platforms, the verification of marketplaces is another area which is of great importance. Virtual marketplaces are the areas used to grow specific company needs and interact with like-minded companies or vendors.
As blockchain technology becomes more commonplace and mainstream, marketplace verification will also increase a company’s potential for growth. The ability to market to verified vendors or companies will make marketing simpler as they will know what you are selling; thereby, reducing all marketing efforts while improving the time for ROI.
Now we have discussed the top 5 ways that blockchain technology is influencing or directing the nature of social media and internet consumption. We think it will be much easier to prove our points if we talk about those projects that are responsible for this landscape shift.
So we will now concentrate and examine some of the blockchain projects that are targeting and changing how the internet is being used especially in the social media scene. Though some of these projects are with us for long and became popular many of us may not even know that they are blockchain projects. So let’s get started.
We are 100% sure that you stumble upon this blogging site very often while searching for reviews and things, but how many of you were aware this is actually a blockchain-based site? So let’s now take a dig on how Steemit is changing the nature of the internet and social media.
Steemit, launched in 2016, is the first social site on the blockchain – Steem blockchain. As happens with other projects, tech enthusiasts were the first one to adopt it, but since then its popularity has gone up significantly. So what is Steemit?
Being a social media platform you can do whatever you do on Facebook, Twitter or Instagram, but it is actually a Social Blogging Platform just like Medium and Reddit where you can post articles, write opinions, post photos, publish posts, and then users can comment or vote on the content i.e. – upvote or downvote posts and many more.
But how it differs from the other is instead of just getting what we can call the “ego boost” out of our dedication towards the platform, Steemit offers you the chance to earn real money. The general idea is to make money from votes from Steemit users. You can earn money for publishing your article or posting your photos, as well as by commenting and upvoting on someone else’s posts.
Before we check how Steemit works in a bit details, let’s talk about the interface of Steemit. It is aesthetically clean and easy to use, for the most part, much like Reddit and Medium. However, some of us may find the text editor rather especially if you are used to WordPress for your blogs. But there is a workaround in another interface called Busy.org which offers an improved interface to the Steem Blockchain. Whatever you post on Busy.org, will be recorded on the Steem Blockchain meaning it will also be seen on Steemit.com.
How does it work?
We know that you can make money on social media, but it is not easy. You will probably have to do a lot of research and readings and other things before you can figure out a plan that works for you, then you may hope to earn money.
As said earlier, if users like your content they will upvote it, and the more your content gets upvoted, the more you get paid as Steemit states, upvotes mean Steemit tokens.
The way the voting system work is like this: say you have posted a “good quality” article on Steemit which is now up to the users or the Steemit members to upvote or downvote. Now based on the power of their votes, the collective votes pay you with Steem, Steem blockchain’s token or currency and SBD (Steem Backed Dollars), Steemit’s cryptocurrency.
Now, using this currency, you have the option to either power up (by buying Steem Power) within the ecosystem so that your votes have more power meaning higher monetary returns or use this to buy goods or services within the Steem platform. Also, you can transfer the cryptocurrency to exchanges like Binance, Polonex, OpenLedger or Bittrex in order to convert it to Bitcoin and then, if you may choose to, add it to your bank as Fiat Currencies like Dollars or Euros. Isn’t it wonderful!
And in case you got confused, let us state here, the platform has three currency system – Steem, Steem Backed Dollar and Steem Power.
So voting is the way to earn here, right? Wrong, even likes and comments on posts get rewarded albeit a fraction of it. But it makes much more sense than to spend too much time on those non-paying social sites.
And if you are not convinced, then check out these two facts – one – since the launch, Steemit has paid out a total of US$40,154,371 as reported in July 2018, second – Steemit has about 1.5 million monthly posts. And that is a figure which will make you think about using your time wisely – wouldn’t you choose this and get paid over Facebook or Reddit.
So What are the Values of Steemit?
- It provides a value-added public content platform
- It removes the issues to publishing monetization
- Monetization allows for attracting internet’s best content
- It also enables developers and entrepreneurs with a platform to develop and scale the digital content economy
Things Going for the Project
- The first point that definitely goes for it is you can make money here, though first, you need to put our own money. You earn by voting and commenting and you gain by just delegating your Steem Power to somebody else who will put it good use.
- There are a lot of users on Steemit which is part of one of the very active blockchain in the world. So there are lots of transactions and activities happening within the platform.
- It is one of the fastest growing Social Media Platform on the internet, with meteoric traffic rise.
- Steemit, being an article sharing platform, is a source of some of the best content related to cryptocurrency and blockchain and therefore a great learning place.
- Steemit is decentralized and mostly uncensored. So there is no governing on the way you write or language you use or the topic you cover, meaning no one tells you and there will be no ban.
- If you already have a blog, posting in Steemit only allows you to gain more audience within the platform. There is SteemPress plugin available for those WordPress bloggers enabling you to publish your post on the Steem blockchain automatically.
Things Against Steemit:
- You need an initial investment to build an audience otherwise it is going to be challenging to get a following.
- Though Steemit shows no sign of stopping or failing there is also the example of Dobo – your content is gone if the platform itself is no more.
- It requires a certain level of cryptocurrency handling proficiency. You do need to know what to do with cryptocurrency and how to do. To get the money that is in fiat currency you need to convert the Steem token to Bitcoin first and sell that to cash, meaning you are required to have a wallet and an account in cryptocurrency Exchange in addition to the knowledge.
- It is not really easy to understand how the Steemit platform works and how the money is distributed – a definite barrier for beginners. For example, as an author, you can earn 75% out of it which 50% is stuck for Steem power, and the rest you will get in SBD which you need to convert on exchanges.
- Steemit’s reward pool structure is open to abuse as those few people or accounts with substantial investments controls the reward pool of the platform. Currently, the top 2% control the reward pool. And this leads to our next point.
- Corruption is also possible. There are huge possibility and trend to having not-so-great content on Trending page genuine content on the “Trending” page missing out on the real genuinely great content. This is due to those select people having huge voting power at their disposal can upvote themselves and push their friends’ contents as well.
Steemit team is working on the cons that we have mentioned. To give you an example, to address the issue of those content writers who may otherwise go unnoticed, the platform offer some initiatives to reward them – Travel content curator TravelFeed, rewards content creators throughout Steemit, then there are initiatives such as Photofeed and some photography contests run by @Juliank and @Czechglobalhosts which helps those photographers.
Though two weeks back Steemit reported having laid off 70% of its staff due to current weakness of crypto market, remember that Steemit is in its nascent stage but in just two years it has shown a massive growth. Steem is also the most utilized blockchain in the world with more transactions than giants like Bitcoin and Ethereum. The user base much more than a million with the number still growing as more people are getting aware and trend followers are adapting to it. So there is plenty of time for it grows. Remember the example of MySpace.
So the main competition here is with Reddit, and though it offers a monetary reward for almost everything and highly unlikely to get banned, let’s face it, Steemit is not going to be a competitor for Reddit, well at least not anytime soon. And therefore Steemit is more like a much younger brother to Reddit.
Ned Scott is the CEO of Steemit. Some of the advisory board members are Frank Rimalovski, Andrew Haines and William Mougayar.
Check Steemit here.
Now we realize how blindly we hand over our personal data to social media sites and most of us never think about how that data is being used. As said, those companies use those data or rather sell those to advertisers and other firms for preaching their product. We ourselves have finally become the product – dreadful reality, isn’t it? On top of that, there is fake news ramping havoc over various social media platforms, especially Facebook. These web 2.0 social media platforms are fundamentally built to own our data due to their centralization and therefore are open to sell and use these data for profit. And Sapien is here to change that exactly.
There are other projects tackling that issue of social media but Sapiens one of those few that is gaining its momentum steadily, and it all started with raising $11 million within the first two hours of their ICO.
Sam Mathews of Medium explains that “modern social news sites are both obsolete and dangerous.” He adds that: “Sapien rewrites the social network experience to champion the user and the truth while leveraging the powerful capabilities of the blockchain. In doing so, the Sapien team hopes to build a brighter social future that brings out the best in people, their creations, and their ideas without sacrificing the importance of transparency and accuracy.”
Sapien or rather the Sapien network is, a highly customizable and democratized social news platform built on the Ethereum blockchain. The Web 3.0 platform gives its users control of their data, rewards content creators, and fights fake news. And the Sapien team claims to be an alternative to social news platform giants like Google and Facebook.
So the problems Sapien is trying to address and solve are –
- Unfair system for rewarding content creators
- Centralized control of a user’s personal data
- Fake news and Bots
- Lack of versatility for different types of content
- Siloed content and restrictive or leading advertising
As the site states:
- Democracy: Users should have a say in the communities that they are part of.
- Free Speech: A fundamental principle that should be protected with disruptive tools.
- Privacy: Whether you want to be famous or anonymous, your data on Sapien belongs to you.
- Customizability: Each user should be able to tailor a social experience to their liking
- Transparent and doesn’t see ICOs as a free-for-all (read their rationale behind a US$30 million hard cap)
- A true Jedi in the fight against fake news. Except that Sapien’s all about users and truth, and that’s just what the social media doctors ordered.
How it Works
Sapien users need to have or hold its native SPN tokens to access the platform. And this means you have to pay, though a very small amount, to access Sapien social media. But that is exactly why Sapien can put a stop to the rampant of fake news, bots, and trolls which makes social media a hell – they won’t be paying money.
Users build their reputation on by getting voted by peers based on their subject matter expertise. Sapien evaluates and scores each user using their Proof of Value protocol. Sapien will also use an algorithm called stance detection to distinguish and filter out the fake news. This is done by analyzing titles of posts and articles and flag those that disagree with the majority of articles on the platform as well as taking into account the reputation of the user. The platform also uses identity verification (stored permanently on Ethereum Blockchain) to verify content as well.
Unlike Web 2.0 based social media platforms which exploit the work of content creators to earn billions in ad revenue and give too less to the creators themselves, Sapien platform cuts out the intermediaries and reward the content creators with cryptocurrency directly through peer-to-peer (P2P) transactions.
The system is similar, you can post anything, and the more Sapien user community like it, the more you earn SPN cryptocurrency. This will urge and help users to create great content as well as help the Sapien platform grow. In case you are wondering why you would choose to opt for paying for watching or reading content when there are other platforms offering freely, understand that Sapien offers a unified media portal with quality content and provides its users the tools to monetize off the content they create.
You will be happy to know that the platform has already awarded tens of thousands of SPN token to their users for their posts and comments. So far 25201 posts have been created attracting 43288 comments from its users.
The Sapien Platform
Instead of using Facebook, YouTube, Twitter, Instagram for various form of news and media, Sapien offers users to publish, view or access everything: videos, gifs, images, gifs, articles etc. And just like Steemit it has its own SPN token allowing users to earn rewards in numerous ways.
Like Steemit, you will earn when you create and post content, tip, comment on and vote others’ posts. There are other methods to earn as well. Sapien also has a future plan to use tokenized rewards to compensate those users who choose to watch ads – something which is an added perk of choosing to watch a video on YouTube these days without pay. Sapien’s model is innovative and offers a unique value proposition as these actions are not usually rewarding on Web 2.0 and or other Web 3.0 platforms.
Note here that throughout the entire rewarding mechanism, the SPN token is in its staked form, the number at this time stands at 15911780. The Sapien Rewards Engine gives more SPN token to those users for their social activity on the platform who stake more SPN tokens. Users stake SPN tokens as collateral to vouch for a content’s truthfulness and value, thus discouraging trolls and bot attacks. The unstaked SPN token is listed on exchanges and users can keep these in their digital wallets.
Putting their money where their mouth is privacy-wise, Sapien lets you switch between using the network in public or private mode. We all live in fear of Facebook launching a “Who stalked your profile at 2 a.m.” feature. Sapien’s got your back. What’s a big one-up on our usual social go-to site, is their personal data protection and encrypted chat.
Being very much customizable according to the user needs, the overall experience of Sapien is very dynamic as well as engaging. Sapien has several useful features at its disposal such as voice channels for an immersive social experience. The platform is currently in its beta form and has shown tremendous workability and promise. These are some of the features that are already in place, or being developed.
Sapien offers their user the feature to toggle between using or browsing their network in private or public mode. This allows the user to choose to watch or interact as themselves or anonymously.
Apart from the usual share and comments on the post, much like Facebook, the platform also provides you with the ability to add your friends to your network, form tribes and groups, peruse public profiles. A text and voice chat feature is also planned.
Sapien has also planned a subscription feature as mentioned in their roadmap which will allow you to customize your Sapien account, filter content you want to watch or pushed to, and stay updated with the latest news ,stories and posts by other as well as your friends.
But Sapien aims to excel in the encryption of your data which is under development. This will ensure that data of all users and even their chats, in case you opt for it, will be secure and kept private.
Sapien’s growth in the short period is very much commendable. As of the time of writing, the platform already has 25,201 posts, 43,288 comments, 191 active groups, and 1439 active branches.
The firm has focused their work on user incentives and fine-tuning the user interface for beginners to crypto, as well as streamlining the platform backend to grow their user base. Sapien is currently working to increase its marketing and awareness of their upcoming rebrand and platform release in Q4 this year.
Sapien’s potential and effort has attracted some of the best partners including some high profile ones such as Blockchain Lab, BitClave, ComplyAdvantage, Civic, DAOstack, 0chain, Rocket.Chat, Monarch Wallet, and Onfido.
Sapien’s future looks very bright, as this seems to be a very well thought out blockchain project to disrupt how social media is consumed today. Its biggest challenge will definitely be offering its users a truly decentralized platform. Sapien has come at a time when there is a lot of dissatisfaction with our regular social media over the past few months and people are looking for alternatives. What is definitely helping Sapien is their strong team having people rooted in technologically.
The firm is co-founded by Ankit Bhatia and Robert Giometti, both students of Electrical Engineering and Computer Science at UC Berkeley. The similar technological background can also be found on their other 20 something member which includes Aurélien Nicolas CTO and a smart contract auditor and white hat hacker at organizations like Google, Oraclize, and Gitlab.
As for advisors, Sapien team has 6 aboard including Latif Nathani – the former CEO of eBay in India, Gregory Berkin – MD of Concour Ventures, a Silicon Valley angel investor group, a Christian Ferri – FinTech Investor, and Dr. Mihaela Ulieru – a PhD specializing in blockchain research as well as Adnan Javed – an accomplished crypto engineer and advisor.
Check Sapien website here.
Launched in Q4 of 2017, Indorse is a blockchain powered reward-based decentralized social network for professionals. The project is totally dedicated to presenting and upholding the skills, accomplishments, and experience of professionals so that they can form a new professional relationship. And we are sure that you now get who it is challenging directly. Yes, this is now competing for this space with our good old LinkedIn, only much better equipped with security and a plethora of features offered by blockchain technology.
Indorse completed its Token pre-sale, which ran from July 26, 2017, to July 29, 2017, receiving 13,807 ETH in the public pre-sale and about 4,000 ETH more in private placements. Indorse held a Token sale on August 8, 2017 through Sept. 8, 2017.
So what are the issues Indorse has set out to solve? According to Indorse’s page –
Our skill validation system is flawed – One of the core element of our growth and economy is how skillful people are but knowing that for sure can be a challenge. Also, the way skill is measured is fundamentally flawed which includes certificates which cost time and money. Moreover, there is hardly any or much fewer certificates for emerging and soft skills. And therefore we depend on recommendations and personal judgment which are open to bias and fraud.
The nature of our current social media is its centralization that retains control over the entire platform and its content which raises more issue as explained in the next point.
As mentioned earlier as well, the common problem from a user perspective is they give up their valuable private data to those firms for free. The social platforms then go on to sell those data to advertisers while in spite of their vital contribution the users get nothing in return. This is totally unfair.
So how Indorse is tackling the issues mentioned? First, Indorse employs various methods to verify and validate the skills of its users in a simple and objective way. One example of that would be the use of Decentralized consensus mechanism, where user’s examples of skill are judged anonymously by random other platform users. Another would be the A.I. based systems like chatbots for automated real-time validation.
Second, like the other blockchain projects focusing on social media, Indorse rewards their users with their in-house token IND for their activity on Indorse platform. Additionally, you can use these IND tokens to later trade or use on the platform to buy other Indorse-offered services like advertising or company pages with validated connections.
And in case you are wondering Indorse’s take on adds, this statement in their recent updated whitepaper should make their stand clear: “To be clear, we are not against advertising, and we are most certainly not against social media. However, we are against the centralization of social media. We believe the solution is a new model of social networks — a decentralized one that places ownership of information back in the hands of the members.”
How Indorse Works
Indorse is built on Ethereum blockchain platform and employs various ‘decentralized stack’ tools like IPFS, BigchainDB, and uPort.
Indorse not only rewards users for adding their skills but also for endorsing other users’ profiles and skills. For this Indorse employs an internal reward system called Indorse Rewards, and an internal reputation system, called Indorse Score. So the idea is to engage as all of their members to actively participate on the platform and that is how users earn Indorse Rewards. Like other platforms, the content creators here will avail IND tokens, i.e. a part of IND is reserved for them. Indorse uses what it calls the Reputation Score feature to measure the quality of its users activities on the platform and indicates how much value they bring to Indorse.
As Indorse CEO David Moskowitz’s has explained, “If someone is an expert in NodeJS, they put up a claim and attach proof such as their GitHub repos.” “Other members in the same domain on Indorse verify it. Based on the consensus, the claim is either ‘indorsed’ or flagged.
Indorse’s ecosystem is very self-sufficient as there is something for everyone. Professionals are of course the prime focus of its idea, but there are opportunities for companies looking to hire, for advertisers searching for a suitable advertising platform, and for investors who want to get rewards from contributing to this system. Advertisers can also participate in the Indorse platform and buy space using IND tokens which they can purchase through an exchange.
The platform is simply great for companies looking to recruit as the professional profiles are endorsed by third parties and validated through blockchain technology. These companies will be able to showcase itself to potential employees and partners alike using the token.
The whole concept behind Indorse is built on the basis that reputation is one of the most important commodities in today’s professional market, and therefore the platform allows professionals to gradually build this reputation from start by sharing details about their professional exploits while earning rewards based on their reputation alone. The more a professional share their profiles and professional credentials, the more they will earn.
Future of Indorse
Indorse has a well-thought out roadmap and they are steadily progressing. The project along with other similar project has the power to create a parallel decentralized world professional networking platform.
The firm is co-founded by Gaurang Torvekar and David Moskowitz. Gaurang, CEO of Indorse, has been in the Blockchain space from the last 3 years, and Indorse is his second firm. He is considered one of the thought leaders in the blockchain space in South East Asia. Another important member of the team is the Chief Scientist Rajeev Gopalakrishna, a PhD holder in Computer Science, ex-Security Architect at Intel Corporation with 20 years of R&D experience.
The Indorse team advisor panel has 12 advisors including Benedict Chan – Director of Engineering BitGo, Loi Luu – Co-Founder and developer at Kyber Network, Mathew Tan – CEO and Founder of Etherscan.io, Yacine Teraï – former VC Coinsilium Group, Eddy Travia – CEO of Coinsilium, and DigixGlbal’s Kc Chng – CEO and co-founder and Saun Djie – co-founder and partnership director.
To find more about Indorse, visit their website.
Social Media has transformed the way people connect with friends and family. It has opened up new ways to connect with prospects and existing clients. Companies operating these platforms, gain revenue from the users but few pass any of that money back to their users. Sola was introduced with a view to addressing some of these deficiencies. It works as a decentralized social platform and gives incentives to users. The platform is intended to fill in as an open ecosystem. It also gives access to its source code with the goal that anybody can review and improve it. The Solas platform has over 700,000 users worldwide.
Sola is a hybrid of social network and media. Launched on 18 November 2014, it is a successor of Plag and is an open social layer. Plag became Sola after a major upgrade was done to the app. Plag was developed to democratize access to the audience but Sola allows all involved parties to benefit from it. It is governed by AI altogether along with users.
Sola.ai is a crypto social network like Steemit network. It’s a Paradise of Pictures. In this social network site, you can share pictures. The site uses the concept of a card(posts). When a card is created with a photo, video, link or text, you will receive some SOLs for every endorsement. SOLs are the ERC-20 tokens created with the ICO. You can put your pictures or series of pictures and videos which people can endorse. You will also find space to write a message to describe the content of the picture. The distribution of the card will go up when you get more endorsement.
When you open the Sola application, you will see pictures of the content. Now, you can skip the image or endorse it and if you endorse it then more users will see it. Basically, you see more of what you endorse. This is Sola’s way of recommending content. In view of the collective decision of other users, Sola chooses how to reward content circulated in its platform. You will win more tokens if the users are more engaged in the content you created. There is not so much risk in investing in this site as the tokens here are very cheap unless you invest large amounts. So, you can invest in this social network in your leisure time and make some money.
How does Sola work?
As mentioned before Sola differs from other popular social media platforms like Instagram, Facebook etc in that it actually pays for content sharing. In Fact, whenever someone registers on Sola they are awarded 30 Action Points. Action Points or AP is not the currency of Sola. AP is simply an activity measuring metric. It is used to post, comment and endorse. Whenever you endorse a post in Sola, you spend AP. The minimum is 5 AP, but you can spend more also, up to 100 AP. Endorsing a post means upvoting it. The more AP an endorsed post holds, the higher it is ranked and will appear more frequently when users browse content. For comments, you have to spend a minimum of 1AP, the maximum being 10 AP. The AP’s which you transfer when you endorse a card is moved into the account of its creator. Each post you create has a shelf-life of just one week. So, better the content you create, the more AP you receive. Just like other popular social media platforms, Sola too allows you to boost your posts. For every 100 boosted views you will need 10 SOL.
When someone gives you APs by endorsing your posts, you also get SOL which is credited to your account. To withdraw you must have a minimum of 100 SOL in your account. The transfer will be made to your Ethereum wallet. The whole process can take from a few hours to a few days to complete as Sola has to do a background check for potential frauds. Sola also pays you to invite other people to the platform and you get part of their earnings too.
Some of the benefits of using in the app are:
- You will get paid when some users endorse your content. Sola shares part of its profit with you.
- In this site, you will also get an opportunity to locate appropriate crowd for your business.
- Since the platform pays for posts endorsement, you are bound to enjoy your time on it and you find incredible pictures and places from around the world.
Some of the disadvantages are –
- Some inappropriate content is present in the site, they should have offered categories and filters so that it becomes easy for users to find exactly what they are looking for.
- Edit facility is missing. Like Twitter, you cannot edit your post once it is published. The only option is to delete it or keep as it is.
- Does not provide a step by step tutorial of how to get started. It will be difficult for people who are in the platform to find their way around. Moreover, as the options are not intuitive, you need to discover what is available.
- You can get soft banned if Sola feels you are promoting your posts.
Let’s now check how different Sola is than Steemit.
Unlike Steemit, Sola is not a decentralized application. It is very much centralized. There have been many cases of people getting soft banned as Sola felt they were promoting their posts. This does not happen on decentralized social media apps like Steemit, which is uncensored and where you have complete freedom.
Then what is different about Sola from Facebook? The big difference between how Sola and Facebook work is that Facebook profits from you using its platform while Sola gives you a part of the profit for using and making content that is going to be shared. Sola chooses how to reward content distributed in its platform, based on the collective decision of other users. The more users are engaged in the content you created, the more tokens you will get.
Sola is co-founded by Ilya Zudin & Pavel Panov. Ilya, the CEO of Sola is a Marketing specialist in Information Technology, Web Application, and Mobile Application. He also has experience in startup and project management. Pavel, on the other hand, is the CTO of Sola. He had previously co-founded WeHeartPics and was its Project Manager till September 2014. Prior to that, he was an iOS-developer at Rambler and Peregrine.
The finance department of Sola is under Maxim Belov who is the CTO there. Maxim is also the CFO of GOSU Data Lab and was previously associated with CTC Media Inc and Begun as the Finance Director of Business Support and Finance Controller respectively.
The Sola team advisor panel includes Ronny Boesing and Mike Brusov. Roney Boesing is the Owner & Founder of the OpenLedger ApS and is also a Member of the Board of Advisors at ‘Crysviser GmbH’ and ‘AgentMile’. Mike Brusov is the Co-Founder & CEO of Cindicator.
The main idea behind Sola is to give more voice to the users. In mainstream social media applications like Facebook, Twitter, and Instagram, the users don’t get so much voice and definitely don’t get a share of the profit. This is a new trend and there are other applications like Sola which aim to achieve the same goal. If then it will revolutionize the Social media platform and will put power (and money) into the hands of the users.
To know more and use Sola, visit their website.
DTube, as you can guess from its name, seems mostly similar to YouTube and yes it is similar to YouTube but is slightly different. Some of you might call it as a blockchain YouTube and you might as well be thinking that what’s new in it that makes it so much interesting to the Bloggers and Youtubers’.
If you have ever thought of continuously rewarding and a way more secured video streaming platform than you are in the right place, it’s DTube. It streams videos on IPFS network and uses STEEM as its database.
YouTube as you all might be well aware that it was called a people’s platform all the time but now in this era of 2018 that lies no more. It restricts contents based on countries and states also may block your account or limit it.
How it works
DTube works very similar to YouTube, yikes!!! That’s it? Then why are they shifting to a blockchain network?
No, it isn’t so if you are thinking it to be that simple enough, yes it is a video sharing platform but without any tricky restrictions imposed on it unlike YouTube, the so-called “People’s Platform”.
It does not impose any restriction nor it implies any penalty for any video you upload, it is always safe to upload any video, but your reward depends on how much popular your video is and how many and upvotes and downvotes your video gets. For every upvote you get paid, starting from 2 cents.
Dtube is a third-party crypto-decentralized app built on the Steem blockchain. As you might know, dApps don’t cant use databases to store and query data. The natural solution is to use Blockchains. Dtube uses Steem’s blockchain which is quite fast and free of course. Once a user uploads a video on Dtube it becomes a STEEM content, and it can earn rewards for 7 days. By the way, DTube takes only 10% beneficiary rewards on all videos uploaded to it, which is quite low.
For Dtube, content is king. Better the content the more you get to earn. When people upvote( endorse) your videos, you get rewarded with steem dollar and Steem power. Pretty easy right? There is a small catch here. Your videos must generate whatever it can within 7 days because the steem blockchain does not allow monetization after that period.
Pros of the Steemit Platform:
- As the name suggests Dtube is just like Youtube. You could say that its a decentralized Youtube. Thus you have many of the Youtube’s features in it.
- You get paid for uploading content. The better the content, more you will earn.
- Simple and intuitive user interface.
Cons of the platform.
- The videos are not embedded in Steemit but are simply hyperlinks. This feature needs to be incorporated if Dtube wants to offers its users a rich experience.
- A few important features like subscriptions are missing.
- Your videos can earn for only seven days. Thus, content creators have to regularly upload videos and expect them to go viral if they want good returns.
Apart from the fact that its rewards its content creators( for seven days only), there is nothing that Dtube offers than can rival Youtube or other video sharing platforms. The likes of Youtube, Twitch etc are backed by large corporations with deep pockets. If Dtube wants to stand out then it must make sure that the content on its platform is top quality. Also, it needs to remove the 7-day earnings limit as it will encourage content creators and provide them a means for long-term earnings.
Nitechain is an end-to-end incentivized nightlife marketplace powered by blockchain. Founded in 2018, Nitechain’s CEO and Co-founder, Anna Frankowska is an extreme tech enthusiast at heart who studied the whole nightlife industry. A fund of £500,000 was exclusively raised by her from a Bacardi family member and shareholder to build the Nightset platform, a decentralized mobile application.
Nightset is a mobile platform which associates the whole nightlife ecosystem. This application enables people to find the best party around the local area. Through this app, venue owners can directly connect with the users, can make advertisements and thus they can successfully do their business. Nightset is totally powered by Nitechain protocol. It’s a multi-award-winning app. Skyline, a Singapore based nightclub has recently announced that they will enable Ethereum as a payment method for food and drinks.
Nitechain aims to enhance the nightlife experiences for its users. It diminishes dissatisfaction and makes a consistent journey. It has been designed to allow for loyalty programmes, community rewards, spendings like ticket purchases, tables, drinks and entries and also tippings the bartenders and DJ’s. It offers rewards for peer to peer recommendations, machine learning, microtransactions, honest and optimized ratings. The community is rewarded for its contributions with NITE coins.
Nitechain aims to solve three main issues faced by the Nightlife Industry:
- Lack Of Authentic Information and Trust
- Fragmented and Inefficient Nightlife Journey
- Missing Reward System
Information is the most valuable asset for any business currently there are not enough communication tools to help customers have a seamless nightlife journey. Social media platforms like WhatsApp Facebook or Discovery platforms like Google and TripAdvisor do not necessarily provide a real local perspective. For consumers, the location and entry fee of the party might not be the only information that they require. They might also want additional information like the type of music being played, how crowded the event is etc.
Nightchain will make your nightlife most successful, so no more missing out on amazing events, wasting time on long queues or moving from one location to another just to find the right one for you. Nightchain stores the public activity in its Event Data Pool, which is a data marketplace for use of DApps, cities, brands. Nightchain verifies the content through Proof-Of-Stake so that optimized, honest and transparent reviews and ratings and available for you.
Nightchain will also remove transactional efficiency in a purchase like an entry ticket, table, drinks etc. You can pay for all these through the app itself with the tokens you receive from its loyalty program. This in-app payment system for transactions as well payments splitting allows you to make faster and cheaper purchases with international use. Nightchain also offers a reward system for community members for sharing their nightlife experiences and posting the reviews and recommendations for the night. You can also tip your favorite DJ’s, bands & performers as well as rate the bouncers and bartenders at the venue.
In modern society, nightlife has become a multi-billion dollar sector globally. It has excellent economies of scale and also network effects. Nightchain wants to tap into this sector to improve the nightlife offering for all the stakeholders and create a better experience and provide seamless nightlife journey and reduce frustration. Nightchain is like a community-driven application, through which you can find the best party in an area according to the inputs and reviews of other community members. In short, you could say that it is the social media platform for nightlife which boosts the engagement & participation rates by incentivizing all stakeholders to contribute information and recommendations, verify the content, share the data and provide services.
Nitechain is also planning to release its own cryptocurrency, an ERC20 token called Nitecoin. This will be used to incentivize its clubbers to stay active and engaged within the nightlife ecosystem. Nitecoin will reward its users for attending clubs, recommending venues, and bringing along friends. Night scene will soon release a white paper and will present proof of Concept decentralized application powered by the night chain protocol.
The team is comprised of some really amazing people
Anna Frankowska is the CEO & Co-Founder of both Nightchain and Nightchain. She was previously an analyst on a rotation programme in Markets and International Banking in Royal Bank of Scotland and was handling International Banking, Capital & Portfolio Management. She also handled Trade Asset Management in RBS Markets and International Banking, London.
Andrzej Frankowski, a software engineer, is the CTO at Nitechain. He has an experience of 5 years in custom cloud solutions, UX design and mobile applications development. He is also CTO & Co-Founder of Nightset, London, a mobile platform which connects the entire nightlife ecosystem.
Maciej Wojtowicz, a social media specialist, and a graphic designer is the Social Media Manager at Nightchain. He is also Digital Marketer at Nightset and a freelancer in Graphic Designing and video editing.
John McAfee, the founder of McAfee Associates, a computer anti-virus company founded in 1989 is also an advisor of Nitechain. A British programmer and businessman, he is also Chief Executive Chairman and CEO of MGT Capital Investments, a technology holding company. He is also a cryptocurrency champion and a major influencer in the industry.
Daniele Monteleone, an expert Blockchain Developer is an advisor for Nitechain, the Chief Visionary Officer for Metalyfe and a blockchain developer at Bitcoin Private. He is also the Project Development Manager at Angelini, Acea, and Robotica IT.
Props is a project by YouNow. It is a decentralized digital media ecosystem. Digital media today is pre-heavily concentrated with a couple of big players who own it. That created a couple of problems. The first is around distribution. Distribution of contents is highly centralized. The second problem is the disproportionate distribution of value. And this is a key point. A couple of companies have generated hundreds of billions of dollars in enterprise value but the people comprising these networks, the creators, the users, the developers building on top of them, all of them received a very very small portion of the enterprise value that these networks have created. Now, Props is trying to reshape that. And by tokenizing the digital media economy, we can achieve greater decentralization of the distribution and we can accurately and proportionately distribute the value that is generated on a digital media network.
According to Yonatan Sela, the SVP of Business Development and Product “PROPS is a decentralized ecosystem for digital video. Our motivation is to create a video application ecosystem built to empower users and to deliver on the internet’s original promise. The PROPS ecosystem will fairly reward developers, content creators, and consumers for their contribution to the growth of digital media networks by digitally creating, sharing, consuming and engaging with content. The PROPS digital token innovates by providing the video infrastructure and financial foundation that is available for integration for other developers and media applications that participate in the ecosystem.”
The PROPS platform rewards( through it cryptocurrency tokens) the hands of people who will most benefit from them: developers, content creators, their supporters and enthusiasts These partner rewards are distributed by the Decentralized Media Foundation to the apps in the system. The Foundation reserves 50% of the total token supply and the rest is distributed over time to its partners and the public.
Developers can use the PROPS’ video infrastructure to create video apps that run on PROPS system. It can be anything from demand video & pre-recorded short-form video to many-to-many live video. The apps can then be used by content creators to create content and be rewarded for the same. Thus it is beneficial for both developers and content creators.
The benefits of using the PROPS system are:
- You get the opportunity to earn more by producing good content.
- Your profits don’t get taken by the company
- You can also create new apps within the PROPS.
- The Props system has a shared user base, so whenever you create something your content reaches the whole shared user base.
- The Props system has a rewards program to motivate you.
- The team members of PROPS also work on for YouNow. They will need to distribute their time equally on both projects and this can be a major roadblock for any future development.
- At the end of the day, the apps on the PROPS platform will be competing with Social media giants. This is going to be an uphill task if you consider that these companies have deep pockets.
- It will also face competition from other similar decentralized projects which also aim to incentivize and reward content creators.
The PROPS team consists of people with experience in video technology and digital media. Adi Sideman is its Founder and CEO of both PROPS and YouKnow (a social video platform with 40 million registered users). He previously co-founded KSolo (world’s first online karaoke) and TargetSpot(an audio ad network). He was also the creator of the Matrix Game( based on the live action movie of the same name) and the producer of the Elf Yourself app.
Yonatan Sela is the SVP of Business Development & Product Strategy at PROPS. Yonatan is an entrepreneur & digital media executive. He was previously associated with Tvinci (a video platform) as its founding member and VP of Marketing & Product Strategy and with Venrock as its VC. The person in charge of all technical matters is Eran Kalmanson. He is the CTO of PROPS and was previously associated with SundaySky as one of its founding employees. He was also an officer in the Israeli intelligence corps’ elite technological unit for six years.
The advisors for the PROPS team include the Jake Brukhman (Founder & Managing Partner of CoinFund), Nick Tomaino(Founder of 1confirmation), Doug Petkanics (Founder of Livepeer), Marco Santori (Partner at Cooley LLP and the Chairman of the Regulatory Affairs Committee of the Bitcoin Foundation), Jim Louderback (CEO of Vidcon) and Manuel Araoz (CTO of Open Zeppelin).
Social Media platforms like Facebook and Youtube depend completely on content creators for their success. It was the hard work of these content creators that made these social media giants who they are today. They have made huge profits because of them, but they passed very little back to them. These social media giants follow a centralized business model and thus horde all the power and money for themselves and are not aligned with the interests of the stakeholder contributing to their success.
The PROPS platform is a decentralized model for a digital media network that solves the problems content creators face with centralized social media platforms.PROPS uses blockchain technology to pass on its profits to its contributors(users, content creators, developers and others) through its rewards mechanism. It is a platform where multiple decentralized applications can be created and all the applications will share the same user base of the PROPS ecosystem.Now, these are the major blockchain projects in our opinion that have earned our respect. These projects have serious potential to completely disrupt how the internet and social media is viewed. But there are other blockchain projects as well. So let’s just check a couple of them in short.
Foresting – A Blockchain Alternative to Facebook
Facebook is one of the biggest and most all-encompassing traditional SNS platform that the world has ever seen and that is what Foresting aspires to be. This exciting app allows its users to upload their own content and be rewarded for it whenever they receive likes( endorsements) from other users. The rewards are in the form of cryptocurrency.
However, this is not the only way in which Foresting rewards its content creators. They are also setting up a service called Foresting Bank which is a dedicated crypto bank that gives out loans to content creators who need financial help with their projects.
Me We – A Blockchain Alternative to WhatsApp
However, that’s not the only reason to love Me We. The chatting platform is filled with many fun features, such as voice notes, disappearing messages, mail and chat options. The app also has a cloud storage feature which is a helpful feature.
Choon – A Blockchain Alternative to Spotify
Choon is a music streaming service which was launched with the hope of eradicating some of the music industry’s biggest flaws. The musicians in this platform are paid in cryptocurrency for every track they have played. The listeners too can also earn coins by listening to sponsored tracks or by creating curated music playlists.
Ask Fm: A Blockchain Alternative to Quora
No Q&A social media platform has really taken off in the same way that apps like Instagram, Facebook, Youtube, and Twitter have. However, perhaps blockchain technology could change that. Ask FM is a Q&A app that is built using the blockchain technology. The app incentivizes people for answering questions and rewards them with cryptocurrency for quality response. Perhaps some crypto is just what people need to start using Q&A social media frequently.
Steepshot – A Blockchain Social Media Alternative to Instagram
Steepshot is a Steemit platform for photographers and influencers to monetize their content. The UI of the app looks is similar to that of Instagram but, unlike the mainstream photography app, users receive cryptocurrency relative to the amount of engagement that they receive on their photos.
Experty – A Unique Blockchain Alternative to Skype
Experty is a knowledge exchange platform. It was originally founded as a platform in which users can pay to connect directly with experts for knowledge exchange. However, that’s not the only way that you can use the platform. It can also be used for private voice calls between two parties just like Skype.
Rewardzzz – A Unique Blockchain Rewards System
Rewardzzz is a unique blockchain based rewards system which aims to consolidate all global points packages into one handy application. Did you know that over $360 billion worth of rewards points is unclaimed worldwide? Rewardzzz aims to counter this by having a wide pool of companies use one streamlined app and reward the users for their referrals.
Rocket Chat: A Blockchain Alternative to Slack
Rocket Chat is a team chat social media platform that’s similar to Slack. But unlike Slack, Rocket Chat uses blockchain technology. It can be used for team communication. It also has a live chat feature and allows users to use video conferencing tools, screen sharing, file sharing, real-time translation, and various other tools.
So here we are. We have talked about how blockchain technology is disrupting and influencing social media from the perspective of users as well as companies looking for digital marketing. This is definitely not good news for the companies of the old era, but they can hardly do anything to stop the advancement of blockchain in their space. As we see it, their business model is fundamentally flawed and they had their time to earn as much as they could. But now its the time of Blockchain powered platforms.