Blockchain-Based Alternative to Facebook On The Horizon?

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Blockchain-Based Alternative to Facebook On The Horizon?

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Decentralized social media platform Minds have recently discussed their plans to integrate its online network with the Ethereum blockchain. The move follows in the footsteps of platforms such as Steemit and Viuly that offer similar services based on blockchain.

Minds Crypto Social Network

The launch of Minds Crypto Social Network offers blockchain technology to an already-established 1 million registered users on the Minds flagship platform. The integration of blockchain brings the addition of a native token rewards scheme, similar to that of Steemit. The tokens monetize social media content posted through a peer-driven reward system, incentivizing participation. Minds reports that it will temporarily use the Ethereum testnet for its token model until full functionality is confirmed.

Social media platforms built on blockchain offer an efficient foundation for user security and privacy. The Minds network offers encrypted messaging, anonymous accounts and a non-tracking ad model.

When speaking on the biggest players in social media, Minds founder Bill Ottman stated that ”they’re spying on people”.  This influenced his decision to provide a social media platform to fill what he believed was a gap in the market.

After the recent controversy surrounding Facebook’s privacy tools that allowed Cambridge Analytica to access vast amounts of users data, there has been a public demand for more secure forms of social media. Developers such as Ottman hope that their blockchain-based innovations will pioneer the way for a change in the structure of social media.

Similar players

Viuly is a blockchain-enforced media platform for sharing videos. The decentralized network allows users to monetize their videos through various concepts involving both advertisers and a peer-driven reward system. The platform’s ecosystem runs on its VIU token.

Steemit is developed as a concept closer to Facebook. Users create and post content, while the platform is driven by peers “tipping” each other for content that they enjoy. Essentially this means donating a small amount of the platform’s native token, STEEM. Steemit gains its security from a delegated proof-of-stake algorithm that relies on those who hold the currency to verify transactions.

Challenges ahead

Blockchain technology is still relatively new, certainly meaning there are still aspects of it yet to discover, in the same way as experienced recently with traditional social media.

Platforms such as Facebook and Twitter are able to moderate all of the content posted for violations against content policies, such as users uploading porn or violent images. This is enabled through a combination of machine learning algorithms and vast amounts of individual monitors that provide human judgment.

Because all content from these platforms is stored in the cloud, the platforms hold exclusive rights over exactly what can be posted on their respective platforms.

Blockchain-backed social media platforms mean they are decentralized, a popular aspect because of the privacy it can provide, but equally a challenge to make sure the network remains devoid of abusive content.

However, as previously highlighted, there is certainly more that developers have to learn about blockchain. The evolution of the technology may well provide an answer to these challenges.



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