Advantages of Creating a Blockchain-Based Social Media Platform

Blockchain technology has the potential to revolutionize how we interact on social media, providing greater freedom, transparency, and user control. While no large-scale, blockchain-based social media platform exists for mass adoption yet, the concept remains highly promising. This article delves into the benefits of integrating blockchain into social media, including decentralized networks, censorship resistance, and user empowerment through payout mechanisms.

Decentralized Social Media with DAOs

One example of a blockchain-based social media platform is Bluesky, led by Jack Dorsey, former co-founder of Twitter. Bluesky operates on DAOs (Decentralized Autonomous Organizations) instead of centralized algorithms or corporate/government control. This approach supports a more democratic and open ecosystem where users have a greater say in the platform's functioning.

Freedom of Speech, Earnings, and Decentralization

Blockchain and web3 technologies enable social media and social networks to prioritize user freedom over project owners. Using blockchain, such platforms can:

Earn Without Central Platform Fees: Content creators can earn from their work without giving a portion of their earnings to the platform, similar to Solcial. Personal tokens can be created for users, allowing them to sell access to paid content. Decentralized and Uncensored: Platforms can use IPFS (InterPlanetary File System) to ensure content remains decentralized and uncensored. Users can upvote and downvote content, with any downvoted content removed from the main feed but still available on the author's page. No Fear of Being Banned: Decentralization provides users with greater freedom, as it becomes much harder for authorities to ban or delete content, ensuring speech remains free.

Blockchain Integration on Current Social Media Platforms

Existing social media platforms can adopt blockchain elements such as NFTs, fungible tokens, and cryptocurrency rewards. Instagram’s recent incorporation of NFTs highlights this trend. While platforms like Steemit reward users with tokens, broader adoption may shift towards empowering users through advertising payouts and follower engagement incentives.

Advantages of Blockchain in Social Media

Decentralization and Censorship Resistance: Decentralized networks make it much harder to remove user posts or ban users without their consent, unlike current platforms that often ban users for expressing opinions that are against corporate or governmental interests. User as Customer and Creator: Users can gain ownership of their data and create value by participating in platforms. Future blockchain-based platforms will enable users to earn from looking at advertisements, turning such ads off, or engaging heavily and growing follower bases, potentially sharing more of the ad revenue than current platforms do. Data Portability: Users could take their friends' posts and followers with them across different platforms, promoting healthy competition and weakening the dominant control that current platforms exert over user data.

In conclusion, integrating blockchain into social media provides significant advantages, from offering censorship resistance to user data portability. As technological advancements continue, we can expect to see more innovative and user-centric social media platforms emerge.

Keywords: blockchain social media, decentralized social media, NFTs in social media