Real-life use cases for blockchain technology are not difficult to come by. In the financial sector, we see dozens of efforts in this regard. There are also discussions taking place regarding the role of blockchain in social media. More specifically, platforms such as Facebook and Twitter are somewhat “broken” and too centrally-managed. Disrupting and decentralized social media will be a big challenge, but it is not impossible.
One thing all of the big social platforms have in common is how they collect data. To a lot of users, that is seemingly not a big problem. However, this information comes in the hand of a select few entities who can access this data. Moreover, the information is used to create digital profiles of all users to provide them with the “best” paid content. It is an intriguing business which works well but also receives a lot of criticism. No one should own this type of data exclusively and in a centralized manner.
The Future of Social Media is Decentralization
Changing the business model of social media will be an interesting challenge. Blockchain technology can effectively remove the “middlemen” from the equation. Additionally, the users themselves will retain access to their data at all times, which is well worth looking into. There is no longer a need for centralized servers or company CEOs. Instead, social media will, once again, be a tool for the people, by the people. It sounds like a utopian dream, but such a decentralized social network may not be too far off.
Matchpool is one of the projects embracing the blockchain-based social platform business model. Their decentralized matchmaking creates pools of users with common interests. Additionally, pool creators can monetize their groups in different ways as they see fit. This project also has its own native currency known as Guppy. This token can be earned and spent by interacting with this new social platform. All payments take place on the blockchain without delays or intermediaries.
There are other platforms which use a similar concept as of right now. Decentralized social media offers a lot of solutions, even though it may not be all that convenient to use in its current form. We may even see existing giants switch to a blockchain-based model in the coming years. Telegram is making powerful strides in this regard, although they use a private blockchain. A decentralized version of Twitter and Facebook is something everyone can look forward to. It might be under a different name, but the concept is certainly there to explore.