Next-gen decentralized social media networks unifying crypto community
It appears that most of blockchain-derived platforms and organizations are still reaching dead-ends in terms of scalability; however social dApps have been on the rise both in number and user base. Even though that these decentralized social networks are NOT yet projected and designed for the mass use (but for targeted cryptocurrency community), they gained an immense traction especially in Q1 of 2019.
The main reason behind the popularity of these micro-blogging social networks lies in their highly targeted audience (that can be used for blockchain marketing), and the availability to advertise (traditional social media being anti-crypto oriented in terms of advertising). On top of being massively potent and disruptive for every blockchain sector, each of the following social platforms is unique in terms of functionality, outreach, and content display.
Minds is a social media hybrid and it stands out as a reliable alternative to modern corporate-owned social networks such as Facebook, Twitter and Youtube. Minds is currently ranked as the blockchain-based social media with the highest scalability rates having more than 2 million users. It is fully transparent and open-sourced, and the people behind the platform are inviting their code-savvy users to jump in with both feet and further develop and enhance the code.
What makes Minds a game-changing platform are its monetization and advertising models that are currently unrivaled on the market. Users incentivize the quality content by “wiring” a desired amount in return for tailored rewards. As far as blockchain advertising is concerned, dApps (being the most handicapped entities) can finally start exploiting their marketing strategies without being restricted nor censored. Similarly, dApp marketing agencies (CoinPoint being the top ranked) found a safe haven for conversion-prone users.
Minds is a very user-friendly platform where the functionality is very straightforward and the network has a focus on 6 different aspects:
1. Newsfeed — where you can see what other users are posting; but also get a grasp of the native ads.
2. Channels — you can use channels to find close connections depending on the keywords inserted when registering.
3. Videos — find videos for the keywords you entered/or videos that you connections shared
4. Images — find images or gifs shared by other users
5. Blogs — use this aspect to find articles or share one
6. Groups — join different communities and indulge in conversation
Steemit has been live for almost 3 years now, and the technology behind the project is built on Steem blockchain. The decentralized platform enables content creators to earn revenue from the published content, establish themselves as a reputable influencer in their respective fields, and grow community. The platform is equivalent to Reddit.
Whereas the majority of traditional social media aims to prize out the revenue for the benefit of their shareowners, Steemit distributes the rewards (in terms of Steem) to their contributors by producing a token system in which users can reciprocally reward each other. This revenue model enables all blockchain participants to devise killer marketing campaigns and strategies for exposure and growth. Furthermore, the obtained rewards have a real market value and are readily tradable.
Steemit allows users to hold three different currencies in their wallets:
1. Steem — crypto asset based on Steem blockchain. On the platform itself, Steem can be exchanges for both Steem Power and Steem Dollars, and later transferred to other accounts. Generally, the asset itself can be normally traded on any Steem-compatible exchanges.
2. Steem Power (SP) — measures the amount of impact users have in the Steemit ecosystem. The more Steem Power a user holds, the more they can impact the revenue a post (they upvoted) will receive.
3. Steem Dollar (SBD) — is a native currency generated as to be always pegged to $1 USD (1SBD=$1USD). It can be traded with Steem, and transferred to other accounts.
You can choose between three options for your post payout:
- 50%/50% — Half of your payment will be in Steem Dollars and the other half in Steem Power.
- Power Up 100% — Your entire payout will be in Steem Power.
- Decline Payout — You won’t receive a payout.
Uptrennd is newly initiated social platform resembling Reddit. Uptrend’s core function dwells in an incentivized reward structure customized for both publishers and those who engage in such content. The platform itself boasts about having its own native gamified ERC-20 crypto asset “1-UP” serving as a reward token. Platform allows users to level up by stockpiling native assets through content sharing, commenting, and upvoting.
Founder and CEO, Jeff Kirdeikis continues:
“Uptrennd’s focus is to stick to the four foundational pillars: Freedom of Speech, Data Security, Equality of Opportunity, & Fair Distribution of Wealth. This is a modern-day movement to directly shift the wealth and power from corporations back to the people themselves.”
This self-funded, next-generation decentralized social platform gained tremendous momentum in Q1 of 2019 to oppose conglomerates such as Facebook and Twitter which banned cryptocurrency advertisements altogether.
Uptrend’s 1-UP asset has many use-cases:
1. Users apply 1-UP to level up their profiles as to increase reward bits obtained for every post or comment
2. 1-UP can be used for boosting posts
3. Purchasing advertisement space (native banners) is also available by owning 1-Ups
4. Assets can be bestowed to other users as an incentive or as a bounty for completing set of pre-defined tasks
5. Users can create their own communities by reaching a certain level and owning a handful of 1Ups.
6. Uptrennd aims to list their 1UP token on major exchanges
The platform figure on the left compares the daily page view of traditional (Facebook & Twitter) and decentralized social media (Steemit & Uptrennd) with that of Uptrennd. Typically, users on Uptrennd spend more time engaging with the content through upvoting, re-sharing, and commenting. This further implies that the blockchain content itself on Uptrennd is much more interesting and engaging than that of the other networks.
Spanning across cryptocurrency and decentralized applications, the blockchain buzz keeps on growing and has find its holy grail in an ample of sectors such as finance, gaming, social media, etc. As far as social media network is concerned, decentralized technology opens up a portal for various advancements in terms of data privacy, content regulation, and most importantly, crypto advertisements.
If traditional social networks don’t want to contribute to blockchain and crypto adoption, then why not create blockchain-based social networks which will gather crypto community in one place. What is even more, by indulging in various activities, users get rewarded for their contribution in terms of native assets which they can later use in many different ways. By partnering with these decentralized social media, CoinPoint aims to bring them to the light of the day and show the blockchain community why they should shift to these networks and utilize unrestricted ad features.