The existence of any virtual or crypto currency today is always accompanied by the availability of specific market to penetrate as well as the provision of unique solutions to existing problems. Bitcoin came to address financial payment problems while Ethereum was launched as a faster alternative to the same problem bitcoin was targeted at.
LockTrip is another popular cryptocurrency targeted as travels, airfares and hotel bookings. This being said, we have seen over time that many altcoins or ICOs introduced that has no specific market target eventually wanes off and thus become unsuccessful. For the success of a cryptocurrency, having the right solution is not enough, adequate market entry strategy is also vital.
With all cryptocurrency projects targeting a specific market relevance, the world of social media has also been incorporated as many blockchain projects have been launched to further redefine the technological relevance of the now popular medium communication the world over.
The future of the blockchain technology in the social media world is already been redefined with several innovative projects that many crypto enthusiasts are already enjoying. Some of these projects are analyzed below;
Steem is the coins that powers the blockchain based platform Steemit. Steemit a social content network that bases its operation on the blockchain. The platform incentivizes content creators to make great contents by rewarding them with STEEM.
When the contents created by authors gets upvoted, the author is rewarded with the coin. Participants also get rewarded with tokens based on their activities on the platform. It’s currently the only blockchain that can power real applications via social apps like Steemit. Steem has rewarded its user over $59,595,935 since June last year.
Intelligent bandwidth allocation enables free transactions, processing occurs every 3 seconds, all year round. Steemit explained on their website
“At its root, Steem is simply a points system. However, because this points system is blockchain-based, the points can be traded on markets as tokens. People buy and sell these tokens, and many hold in anticipation of increased purchasing power for various Steem-related services. The rewards people earn are tokens that have market value and are readily tradable. It is similar to how someone playing a video game could obtain a limited item or currency by playing the game. If the currency or items are transferable between users, then they can sell or buy them on game item markets.”
So get registered on Steemit to enjoy this benefits and more.
Indorse is a LinkedIn-like decentralized platform that is based on the Ethereum blockchain. The platform utilize several methods to validate skills in a simple and objective way, including decentralized consensus, where examples of skill are judged anonymously by random other users.
It also uses AI-based systems like chat bots for automated real-time validation. Unlike traditional social media platforms, where users can make any claim about themselves which are often taken as the truth, Indorse helps to validates the claim after verification, and rewards users for endorsing the skill sets of others — a process the startup has coined as ‘indorsing’, as Singapore Business Review explains.
To do this, a user has to attach a proof for other members to verify every claim they make on Indorse. An Indorse user that claims he’s a certified data analyst for example, would be required to upload proof of his claim and other member of indorse in the same domain would verify and approve (endorse) the claim based on a general consensus, the claim could be flagged as untrue when it is discovered to be false.
Implications for social media
Although the acceptance of traditional social media platforms like twitter, Facebook, LinkedIn etc. is profound, this position might wane when people discover that they can get this same value and still get rewarded for their actions.
Productivity would be the name of engagement for social media users and any platform that would not be Able to incentivize their offers such as those Steemit and indorse (as well as Sense, Jet8, Alis, and Mithril to mention but a few) would get little or no patronage.