Advantages and Disadvantages of Media Platform Based on Blockchain

It has been 10 years since blockchain was first introduced by Satoshi, and lots industries has been changed in some way, or at least people tried to change it through blockchain. Social media, as one of the most familiar business, with the most involved activity, is one of the directions that most start-ups will choose; and indeed, we have lots blog/media platforms based on blockchain already till today, but how the market is actually, and how many readers, viewers, and traffics on these platforms? Can these blockchain based media become the popular social media websites, like Facebook (and its associated Facebook Messenger), Instagram, WhatsApp, Google+, Myspace, LinkedIn, Pinterest, Snapchat, Tumblr, Twitter, Viber, VK, WeChat, Weibo, Baidu Tieba, and Wikia, and have more than 100,000,000 registered users?

Steemit, one of the most successful social media based on blockchain, has announced that they have surpassed 1,000,000 users months ago, this data is not bad for a start up; obviously it’s nothing, when comparing with the whole social media market. If social media based on blockchain is really as good as it was introduced, why there is no many users on these platforms as expected? If there is something wrong with this business model, what it would be?

Blockchain can help prevent fake news.

Yes, it will. But only when it became a hot topic, like election, corruption etc. which will bring significant results to a county, or people. There are too many small things happening everyday in the world, and people just don’t care it’s real or fake, cause they just regard it as an entertainment, or it does not deserve to find out the truth.

Blockchain can provide better user control mechanisms

People care about their personal privacy more than ever, let’s look at what’s happening to facebook recently, and also the farce of Russia charged of controlling the American election. According to a 2017 study, just 9 percent of consumers feel in control of online data collection and 80 percent are worried about what information advertisers gather. By allowing individuals to decide how they share data, advertisers can significantly improve consumer confidence and relationships.

Blockchain makes it possible to redistribute the benefits among all the participants.

That’s the core concept of blockchain’s application on business, and also one of the main differences from traditional medias. But there is one concern, what it will be if everyone care about their gains when reading an article or writing a comment? There is a possibility that lots people may only read or comment those news/articles that could bring more financial returns to them. That’s one algorithm needed to be well designed.

About CBNT:
CBNT is a decentralized professional content sharing community based on blockchain technology and an ecosystem model of DPGC (Decentralization Professional Generated Content). CBNT will create a win-win ecosystem for all participants, including content/articles providers, content readers (viewer), ad publishers, and token holders. In the CBNT community, whether you are content generators or content viewers, both sides can receive tokens “Mining Rewards”. As CBNT grows and traffic boosts, all the profit of numerous ads will also be distributed to all of the participants.