I have some investing and business background, and I’ve been thinking about future uses of blockchain that may emerge to disrupt or innovate legacy industries.
But it’s coming. And I have a feeling there will be fragmentation/specialization of coins and tokens, to tackle different functions. Put another way, it’s not a great business strategy to diversify into every industry, but it is good to own a huge share of one industry or one function. In other words, a close-to monopoly, or duopoly, like VISA and Mastercard. I think different coins/tokens will emerge to claim industrial sectors or processes, like accounting software or inventory software currently has market leaders, with lesser competitors in second place and beyond.
I wrote a post recently asking what the “one crypto” coin/token seems to be the best contender to be “the one” that common retailers will accept, and which can convert other cryptos on the spot. In other words, I don’t expect Domino’s Pizza to accept 9,000 different coins, but there could be a coin/token that can convert, say, MATIC and DOGE to itself, and you can pay for your pizza with this coin/token. An app with this “one” coin would convert/spend your MATIC or DOGE, you get your pizza despite your pants pockets being turned out and a moth flying out of your wallet, Domino’s gets paid, and you just paid out of your altcoins. Someone in the comments of that post suggested AMP was a contender to emerge as the early contender for market leadership in this area, which was a useful thing to find out.
This brings us to social media. Social media is dominated by a few players and their related entities: facebook/insta, twitter, snap, the porno ones preying on men without clarity, etc. And there are lots more social media companies in the sector.
There is a user demand for social media. There is tremendous power in social media, which is a strength for the very few who run them, and their political allies, and a weakness for the easily-manipulated masses who are susceptible to having opinions assigned to them by these entities. A big con of social media will be their self-appointed role of censor of opinions they don’t like. This practice is corruption, as social media will censor facts and the truth, as well as a spectrum of opinion, if it does not fit with their narratives. And they can censor anyone or any idea they decide they don’t agree with. Another con, for Facebook especially, is that nobody seems to love Facebook except its shareholders, who I think don’t use Facebook to post all the mundane minutiae of their lives. Who does post heavily on Facebook? People who are uncritical of it, people who want to indulge their narcissism… and I suspect that heavy FB users fit in the demographic of people who were 30+ when Windows 3.0 came out.
Like everyone, I look forward to the downfall of the evil social media companies (not the good ones), which I predict will come within 10 or 12 years, with anti-trust, or nationalization, or designation as a utility, which could separate these companies’ malign intent from the ability to execute their will through corruption and deplatforming/censorship power. Or worse, our government co-opts the platforms to steer the conversation or narrative and further control the people by manufacturing consent. Or worst of all, a malign foreign government captures the platform, such as by compromising its senior leaders with prison, reputational ruin, etc.
So I am wondering 1) if blockchain can be used to create or power or provide architecture for a social media platform, which would be armored with anonymity or other beneficial features, that governments and malign CEOs won’t be able to control, and 2) if the transaction of a coin/token be made attractive enough to integrate into a social media platform.
One possible warning against the viability of integrating usage payments into social media is the story of [Classmates.com](https://Classmates.com), which was Facebook with a subscription fee. It’s somehow still going, but it’s a zero, compared to free Facebook‘s reach, market cap, and on every other metric. I’m not sure the masses in general care about their own privacy, or the government‘s potential criminal use of social media, or if they even care if enemy states harvest user information for potential future weaponization.
I’d like very much for people with good reading comprehension to fill in some of my knowledge gaps. What blockchain features could revolutionalize or disrupt big social media platforms? How to make it profitable for crypto investors? Are there barriers, and are they surmountable? Are there any coins with an early lead and declared intent to disrupt or dominate the social media sector?