How Will Social Media Trends & Blockchain Technology Evolve Together?
AUG. 3, SINGAPORE. — The Nanyang Technopreneurship Center became packed as the Singaporean community gathered to hear famous TV show host and SoCo SNP Advisor Professor Chengjian Jiang deliver a lecture on the “new generation of media and social trends”.
The event, co-hosted by SoCo SNP and Nanyang Technological University, was similar to the lecture Professor Jiang gave at the National University of Singapore the day before. Both events were part of SoCo’s three-day publicity stunt in Singapore, where the team met up with the local crypto community (such as Bittemple and Huobi Global) and academia.
Professor Jiang expanded on his Thursday lecture by discussing the potential blockchain could have as it develops a relationship with the current commercialization of social media.
The boundaries between business and social media are increasingly blurring, Jiang said. The reason for this rising confluence between socialization and commercialization is due to the fact that every individual has become both a creator and forwarder of content and information. This makes it even more effortless for people to spread business information: celebrities that are pictured drinking a certain brand of water, for example, endorse that brand, regardless of whether an explicit call to buy the product is listed. Before, companies needed to invest money and time and energy into sculpting perfect advertisements, but now, the dominance of user-generated content has opened up a world of possibilities for companies to market their products, both directly and indirectly.
The idea of sharing content is very simple, the professor said, but provides endless new business opportunities.
Blockchain technology provides a great advantage when combined with social media, Jiang added. In the past, when users produced and forwarded their content on traditional social media, they received very little (or even zero) return for their content. However, blockchain technology would be able to give users credit for their content and sharing, enabling them to reap their profits for promoting businesses and/or organizations. After all, he said, if you are the producer or forwarder of the content, you should be able to have the financial benefits of your efforts.
As a result, the current evolution of social media, when combined with the innovations of blockchain technology, could most certainly pose new businesses models, Jiang said.
Although Jiang did not mention SoCo in his speech, the indication was clear: SoCo SNP, a blockchain project with its mission to help users take control of their self-produced content, is a natural step in social media’s future direction. Since SoCo and SNP would allow users to reap the financial rewards of their content, its technology also has the possibility of creating the new business models that Jiang mentioned. Simply put, SoCo’s initiative of building a decentralized social networking ecosystem would not only benefit users, but would open up innovations for the business world as well.
LEARN MORE ABOUT THE SOCO SNP PROJECT:
*Video Explanation: https://youtu.be/6rzqektoUZA
*Website: https://soco.social
*Whitepaper: https://github.com/soco-snp/whitepaper/raw/master/social_coin_white_paper.pdf
SOCIAL MEDIA:
- TWITTER: https://twitter.com/SoCoSNP
- FACEBOOK: https://www.facebook.com/SoCoSNP/
- Telegram: https://t.me/socoSNP
“SoCo and SNP is a blockchain-based project aimed at decentralizing the social networking ecosystem. SoCo, the official token currency, is what users will use to evaluate and monetize their social assets. Social assets are the valuable online data a user possesses, which include personal profile attributes (name, hobbies, status), social relationships (friends, followers), and social behaviors (likes, posts, sharing). Users and apps alike are able to use SoCo to conduct transactions, allowing apps to incentivize users to invite friends and engage in the app’s activities while rewarding users for their social assets. This promotes a healthier, more trusting relationship between apps and users. SNP is an open and extensible layer protocol that allows apps to have social capabilities, as well as provides users with a secure wallet of social assets, accessible by the user’s private key only. Ultimately, SoCo SNP plans on returning the ownership of social assets back to users and deconstructing today’ social networking structure in order to provide the world a more transparent, interconnected and innovative online experience.”
