in

Social media on blockchain

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.

As I see it, development of applications on the blockchain is in its infancy. I’m sure people have been developing for a long time, but technologies build on blockchain are not pervasive, like Interac is pervasive at retail payment terminals, or javascript that claims to run blenders and parking meters, or whatever other IOT-type applications that have infiltrated our lives to ostensibly help us, invisibly. Not that I’m aware of, anyway.

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?



View Reddit by nelsonbtView Source

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

10 Comments

  1. Facebook and the other large social media are free because it uses their users (data) as the product to sell to advertisers. The only people I know that are not using any of them are not doing so because of privacy concerns.

    However, I also doubt they’d be willing to pay for it (classmates.com style).

    I don’t see a way in which crypto could allow platforms to make money while not using their users data and not charging a usage fee. If you can think of any, that would be your market gap I think.

  2. Imagine all the cringy teenage angst captured on Facebook, tik tok, and Instagram all forever embedded on an immutable blockchain copied to millions of computers. I do not envy the future generations for that.

  3. The way i see it being adopted on a large scale would be following Brave (BAT) model in terms of monetisation. Its a very slippery road though…

    What does anyone else think?

  4. I think there will be a solution where retailers can accept any crypto that’s traded on Binance / Coinbase.

    You send them Doge / Bitcoin / Ethereum / Litecoin / Nano / Icon, it doesn’t matter since the POS has the option to automatically convert it to fiat.

  5. I thought of this same idea back in 2017. My biggest argument for it was accountability for things you post online. Mostly to take down bs investors shilling coins and then backtracking. As far as monetization, similar to a verified account, but you’ll be unable to delete what you say once it’s on the blockchain. Fans only style subscriptions, deep accountability, and rankings that keep track of that. I’m just spitballing though.

  6. I feel 1000% the same. Ill fill you in, theres a demand for a free YouTube like it used to be. Look at LBC and Minds probably the future youtube and twitters of blockchain respectively. Im a YouTube conspiracy junkie and LBC’s Odysee.com is a good product already. All the leading guys are there. The people who are all getting kicked off youtube. And Minds i havent used but a lot of the youtubers are on both. LBC just got put under investigation which will help them. The SEC investigation has nothing to do with crypto and its bigtechs attempt to extend their censorship. It could even help save society from the fascists. Buying them was a pain in the ass but at least one of these i think will could be 20-50x.

Loading…

0

What do you think?

Goldman Sachs Wants To Go Digital + More News 101

Goldman Sachs Wants To Go Digital + More News

VanEck Launches ETF Offering Exposure To Bitcoin-Focused Companies

VanEck Launches ETF Offering Exposure To Bitcoin-Focused Companies