Social media giants get blockchain competition

HOME TECH BLOCKCHAIN SOCIAL MEDIA GIANTS GET BLOCKCHAIN COMPETITION
Content creators are increasingly migrating to blockchain-based Facebook and YouTube counterparts. Steemit, DTube and LBRY attract with new payment models and new audiences. This migration increases the quality and quantity of available contributions on the new alternatives. This makes the networks more attractive for new users.

Facebook and YouTube are the news spy

Steemit is a social network in which users are paid directly for the news spy. The Steemite crypto currencies Steem-Dollar and Steem-Power are used for this purpose: The News Spy Review 2018 ยป Full Scam Check. We have explained exactly how this network works here. There are now about one million steemem accounts. That’s not much compared to Facebook; 120,000 new registrations in March 2018, however, testify to rapid growth.

The DTube blockchain platform is based on YouTube and is designed for video content. Like Steemit, DTube uses the STEEM blockchain. Accordingly, users are also paid for their activity in Steem Dollars. There are no advertising clips in front of the videos like on YouTube. One example of DTube’s success is the YouTuber “Furious Pete”. His videos on weightlifting and eating out follow almost five million people on YouTube. Nevertheless, some of his videos appear exclusively on DTube.

LBRY is a platform for films. Artists make their work available directly to the target group. The idea behind LBRY is that artists can market their work without giving an intermediary platform like Netflix or Spotify control over payment. LBRY now has around 600,000 registered users.

Reasons for the success of the Bitcoin secret

Steemit, DTube and LBRY have one thing in common: they offer their users a fair and transparent Bitcoin secret payment model. However, the big competition is increasingly caught in the crossfire of critics, for example because of the distribution of advertising revenues through YouTube. The data scandal surrounding Cambridge Analytica also motivated many users to leave Facebook. Competitors benefit from this.

Assessment
It is unlikely that the mainstream platforms will refrain from trading their users’ data. Steemit and DTube, on the other hand, also enable passive users to earn an income. Because not only own content, but also comments can be paid by other users with an “upvote”. Even members who are the first to link to a later popular article (and thus contribute to its popularity) receive a reward. Unlike Facebook and Google, users earn money for their data and activity. Dan Novaes, co-founder and CEO of Current’s streaming service, says:

“So far, I don’t think people have realized how valuable their personal information is. […] With Blockchain, people have the opportunity to get paid for their time, attention and data. Your valuable data is no longer controlled by a few giant corporations.”

Another argument in favor of blockchain-based social media services is that they are not susceptible to censorship. Poor contributions are punished by the community, but cannot be removed from the blockchain. Accordingly, the platform itself has no way of deleting posts. This is a strength in repressive political systems. However, with embarrassing posts after a few glasses of beer, this can also backfire. Therefore, and this is not only true for the blockchain: first think, then write.