Can Blockchain Stop The Mass Social Media Exit?

With the blockchain-powered social media platforms, users will not only receive free and secure services but will also have an opportunity to make money. For example, Ask.fm, the worlds biggest social Q&A platform, currently boasting 215 million active users with a daily registration average of 500,000 users has decided to venture onto the blockchain. They are building a platform which will reward their users based on the popularity of answers they post on the platform .

Using blockchain , the Ask.fm platform will reward users in the form of ASK token which can be exchanged for other cryptos or fiat or traded for information on the platform and the accuracy of information shared by users will be verified by independent moderators. This model will not only attract expert responses, encouraging accuracy, but will also to some extent keep away spammers.

Steemit is also utilizing blockchain to ensure quality content and lockout middlemen. The platform applies a model similar to Reddit with the main difference being that publishers are able to directly make money based on the popularity of their post. Users also get rewarded for commenting on posts and upvoting them.

Another mainstream social media platform that has embraced blockchain in a big way is the messaging app Telegram. The platform enables its’ over 200 million active users to send messages, exchange photos, audio messages, videos small and big files and stickers. With blockchain, users will be able to use the Telegram app to exchange value.

As blockchain continues to gain mainstream acceptance, people who have left social media over privacy concerns will feel comfortable to come back, armed with the knowledge that with this new technology their data will be better protected. There is no doubt that more solutions are yet to come to this space in the near future and even Facebook and Twitter have started exploring blockchain innovation. We can only hope that they will become active innovators in the space, developing better security solutions for their users.