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Blockchain: Unchaining Social Media

Jul 14, 2017 at 14:09 // News

Internet has instigated a huge paradigm shift in the way we communicate with each other and participate in global discourse. Historically governments and large corporations used to boast media monopoly when it came to addressing mass audiences. Media channels were objectively too expensive to build and maintain hence big players had little competition when pushing their narratives. But everything changed at the turn of the century.

Social media is a fairly new invention yet we can hardly imagine our life without them now. Today every adult human being does not only consume content without limits, but is also a content creator by default with a potential reach of millions followers. 

Still as progress (social and technological) goes on, the existing social media scene is being found wanting. The market of global uninhibited communication has seen another wave of monopolization by such giants like Facebook and Twitter and needs to be challenged again. 

Blockchain, the latest challenger, brings many benefits to the table which current industry leaders are lacking. Among them is distributed ownership, profit-sharing and protection from censorship. 

Social capital 

Up until very recently all existing social networks employed the same business model. Basically, users were granted an opportunity to broadcast their content for free while the platform’s owners capitalized on the tremendous value generated by millions of users. With the advance of blockchain it was only a matter of time until someone realized this industry urgently requires decentralized alternatives. 

It should be mentioned that traditional social media does offer users a surrogate “encouragement” for all their efforts (the amount of likes, followers and ...

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