Decentralized, censorship-proof social media: the answer to your content monetization woes?
Blockchain is a buzzword amongst all the Fintech people and enthusiasts, but this article will explain one of its applications: Decentralized social media. The blockchain works such that transactions are stored on decentralized ledgers instead of being kept within company databases.
Decentralization has been hailed as Blockchain’s greatest asset by experts because it allows users to control their own data, cut out middlemen like Facebook and Google who sell user information for profit, restore trust between individuals online without sacrificing privacy or security through encryption, and introduce more transparency into business operations since ledger entries can be viewed publicly (by anyone with access).
The world is becoming more and more connected, but this year it will hit a new milestone. Over 3 billion people across the globe are using social media every day to share their thoughts with others around the world. We’re now able to connect with friends near or far in an instant; our circles can expand beyond physical proximity due to technology! Unfortunately for businesses seeking customers on a global scale, there have been challenges as well as opportunities created from this connectivity expansion.
There are many advantages that come with these changes – sharing information around the globe, education, or getting your voice heard globally among others – but there are also drawbacks such as censorship resistance (content cannot be freely posted) and data is governed by central authorities.
We’ve witnessed several social media platforms emerge, with each attempting to solve these issues in its own unique way. None has been able to achieve perfect decentralization but companies such as OnG.social are building the future of decentralized social media right now and have taken significant steps forward in achieving a censorship-resistant, decentralized social media platform.
Future with Blockchain-based Social Media
A blockchain-based social media is a network that runs on a decentralized distributed ledger that has information stored in an immutable encrypted form. This can be accessed securely and transparently without any interruptions, censorship, or third-party interference. Blockchain technology will help to create high-security standards for the privacy of content creators and consumers. The fast and scalable nature of blockchain technology is ideal for worldwide use.
Blockchain-based social media networks can provide various advantages over traditional social media platforms for instance:
- Checking user objectification, the data stored of a user will be saved and on the blockchain, the data is saved in unaltered form. Hence, the data stored on the blockchain is unaltered.
- Privacy and freedom of expression, people will be allowed to post anything on the platform without any censorship issues.
- Crowdfunding, there is a scope of crowdfunding on the platform where creators can monetize their content and get rewards in the native cryptocurrency of the platform.
Blockchain-powered Social Media may be the answer to Facebook and Twitter’s security breaches. With a distributed ledger system, Blockchain makes data privacy easier for users while making it more transparent in its dealings as well as resistant against censorship by allowing quick recovery from cyber-attacks. It also lowers transactions costs involved with online advertisement which is an age-old process that many businesses rely on today
Platforms like Steemit or D.tube have a decentralized ledger system for information storage and no central databases to hack into. This ensures data privacy for users while being more transparent in their dealings as well as resistant to censorship by enabling quick recovery from cyberattacks; it also lowers transaction costs involved with online advertisement which is an age-old process.
Social platforms Indorse or Steemit also provide financial incentives to contributors in the form of cryptocurrencies. Cryptocurrencies have lately been one of the most talked-about topics with their massive price rise over the past year.
Blockchain-based networks are the future of social media. Why not be part of it? If you want your voice heard globally or looking for ways to monetize content, such platforms help create an audience that can be utilized at any stage in the customer journey. There’s no need to worry about censorship resistance because all data stored on our platform will be decentralized and accessible without third-party interference. One won’t have to worry about privacy either as it provides high-security standards for the privacy of content creators and consumers alike.