From Facebook to Twitter to Reddit, and other conventional social networks, one thing is common: they are built to benefit the company. To be more precise, they commodify users' data and take home a significant chunk of profits while users fight for scraps.
But the landscape is slowly changing as blockchain technology disrupts this space. Several blockchain-based social media platforms have come up to give users privacy and control over their data.
Steemit is a decentralized social media platform that rewards users for content contribution. It was launched in 2016 to offer a better alternative to social media users. Unlike traditional platforms, which retain most of the revenue generated through ads, Steemit distributes the rewards among its users based on their contribution.
On Steemit, users earn STEEM tokens for any typical social media activity, including posting content, commenting on posts, sharing posts, upvoting, and downvoting. It factors two properties, the reward pool and the voting system, to measure the amount of Steem tokens a user should get. The more upvotes a user gets, the more revenue they generate.
Steemit was built on the Steem blockchain, which is also the foundation of other notable projects likeDtubeandEsteem. As one of the pioneer blockchain-based platforms, Steemit set a precedent for how social media might look in the future.
Audius is a decentralized music streaming and sharing platform built to provide a fair and transparent ecosystem for musicians to monetize their work. It was launched in 2018 as an alternative to traditionalmusic streaming platformslike Spotify and Apple Music. It also empowers musicians by allowing them to build relationships with their audience.
The key component of Audius is AUDIO, the platform’s native token used for accessing exclusive content, tipping musicians, and staking tokens for voting. Users earn AUDIO through engaging with artists, listening to and sharing music, and creating playlists.
Audius is designed with community in mind, allowing users to discover and promote new music, not just major labels. It also distributes a fairer revenue by allocating 90% of generated tokens to music curators while the remaining 10% goes to node operators. This system reduces artists' reliance on labels and intermediaries.
Mirror is the new generation of publishing that integrates blockchain technology and decentralized protocols into an online writing ecosystem. It offers a robust platform with tools for writers to publish work and earn cryptocurrency instead of cash. All this is made possible through the Ethereum blockchain, on which it was founded.
Mirror’s native token, $WRITE, gives users publishing privileges on Mirror. Ideally, you shouldn’t be charged any fees to publish entries on your profile. But to get content on the Mirror frontier, you have to burn $WRITE tokens and secure a custom ENS subdomain (*.mirror.xyz).
Minds is a decentralized social network that promotes privacy, transparency, and user control over personal data. It’s built on an open-source infrastructure incorporating blockchain technology into a conventional Twitter-like site. The platform empowers users to express themselves freely without fear of curtailment.
It incorporates a token system where users are rewarded MINDS for engaging with content through likes, comments, or shares. Posts with the most interactions, which often signals great content, get the most tokens allocation. Users can then use earned tokens to boost their reach or exchange them for other items within the network.
Furthermore, Minds has a community moderation system known as the Minds Jury System, where users collectively contribute by flagging inappropriate content. The system then selects 12 random active users to vote for or against each moderation case, after which the verdict is made if 75% of the jury vote in favor of the decision. This way, it promotes fairness.
Indorse is a Web3 professional social network that utilizes blockchain technology to offer skill and expertise showcase and validation services for users. It was launched in 2017 to change how professionals present their achievements and qualifications from the traditional, unreliable, and credibility-lacking ways.
It does this by using a transparent, tamper-proof blockchain system. Users create profiles, add their skills and provide evidence through projects, writing and code samples, and certification. In addition, users on the platform review and validate these skills through voting where they either recommend or don’t recommend.
Besides the endorsement system, Indorse rewards users with IND tokens for their contributions. They can exchange the tokens for digital assets. The platform also offers features such as job matching and networking opportunities to help professionals grow their careers.
SoMee is a social media platform that promotes freedom of expression, community building, and privacy. Built on the Hive blockchain, the platform rewards users with $SME tokens for posting content and engagements. Unlike mainstream social networks, SoMee gives its users full control over their data and keeps it 100% private.
The platform has a characteristic dollar button on the feed page, which displays the value of tokens a user has earned for using the platform over the last day, week, and month. It also allows users to connect theirWeb3 wallets, where their rewards will be sent. They can hold or exchange their tokens for other cryptocurrencies if they want.
Some additional features SoMee offers include an AI platform that offers generative AI services for voiceovers, images, code, and chat; video and music streaming, inbox messaging services, and an affiliate program that incentivizes referring new members.
Torum is a Web3-powered social network designed to build a community of NFT and crypto enthusiasts, investors, and professionals, where conversations, networking, collaborations, and knowledge sharing can occur. Since its launch in 2018, Torum has been an up-and-coming space for discussions about various cryptocurrency and blockchain topics.
The social network’s token XTM powers its ecosystem by enabling users' compensation for participation on the platform, value transfer between users, and staking. Most often, it’s used in the network’s marketplace, where users buy and sell NFTs and other digital assets.
Torum offers conventional social media features such as the ability to post, like, and comment on other people’s posts, follow and unfollow users and join topical groups. It also implements gamification elements, allowing users to earn badges based on their contributions and encouraging active engagement.
Are Blockchain-Based Social Media Platforms the Future?
Blockchain-based social media networks have recently gained popularity due to their advantages over traditional social media platforms. These pros include data ownership, privacy, transparency, tokenization, and community governance. While it’s difficult t predict the future with certainty, we will likely see an evolution where decentralization, user ownership, and privacy-enhancing features are integrated into social media platforms, driven by user demand.
