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News Link • Blockchain

Blockchain based Social Networks: State of the field and how to profit from them

• by Brian Wang

The benefits many entrepreneurs envision include, among other things, greater data sovereignty, the ability of users to profit from ads, censorship resistance, robust online identity and verification of claims, etc. This article is an attempt to analyze the best attempts by different companies to build social networks that allow us to gleam some of the benefits of blockchain technology.

Context – Barriers to Adoption

It 's worth reflecting on how much of an improvement blockchain technologies can actually bring to social media. Incremental improvements typically do not justify new companies. In the context of social media, only vastly superior experiences will justify switching or even adopting new social media platforms. This is doubly true as the current social media platforms are able to psychologically manipulate populations due to the amount of information they have on various parties. So how much does data sovereignty actually improve the quality of daily social media use. Parties are being paid for watching advertisements, are the amounts they're being paid worth the hassle of switching? Does the absence of fake news on a platform incentivize meaningful adoption or simply create niche social media platforms?

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