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This Social Media Platform Powered by Blockchain is Competing with TikTok

May 4, 2023 World Blockchain

This social media platform powered by blockchain is competing with TikTok.

By upgrading incentive systems, increasing transparency, and supplying safe voting mechanisms, blockchain is changing social media networks.

Social media is the go-to platform for communication, entertainment, and self-expression in the digital sphere. Even while new methods of content monetization are being developed, this monopolized market still lacks an open and interesting incentive structure for user-generated content. Additionally, there isn’t a reliable voting system for decisions made through crowdsourcing.

For instance, the well-known software TikTok, which enables users to make short videos, has revenue tools like Creator Fund and virtual gifts. The platform’s compensation structure, however, continues to be opaque and unfair.

Creators frequently voice their concerns about the unequal revenue distribution and the ambiguity of the algorithms that decide the reach and exposure of their content.

The number of times the built-in paid advertising tag is used appears to be decreasing. Some popular TikTok influencers even noticed a decline in their views after joining the fund, leading them to believe that the app was purposefully limiting their visibility to cap their payout. I ended up leaving the Creator Fund, one of the influencers admitted to Wired. I greatly prefer having my subscribers watch my movies to earning a few pennies from views. I’m dismayed in how it did more harm than good.

A problem that most social media platforms have, in addition to a lack of openness, is the absence of a trustworthy voting system for judgments made through crowdsourcing.

Users can ask for opinions through comments, likes, or informal polls, but these techniques lack the security and verifiability necessary for transparent decision-making and are prone to manipulation.

Privacy is paramount

With its primary features centered around decentralization, openness, and security, Dutch social media site SocialBlox is utilizing blockchain technology to address the pervasive lack of trustworthiness and transparency. By sharing photographs and videos to interact with communities, the all-in-one platform encourages users to express their creativity.

The native token of SocialBlox, SBLX, which users can acquire as compensation for utilizing the site and exchange on secondary markets like decentralized exchanges, powers the social media ecosystem.

First off, SocialBlox addresses the crucial concern of privacy by avoiding disclosing user information to outside parties or using it to enhance the content algorithm. Large social media platforms like Facebook and TikTok have been charged with violating people’s privacy by leaking and misusing their personal information. Data sales are not a source of income for SocialBlox. It neither divulges nor sells user information to outside parties.

Privacy-mode access is another element emphasizing the user-oriented methodology. The SocialBlox app does not display adverts by default. Users can consent to companies showing them adverts in exchange for SBLX tokens.

This app paves the way for sites that let users post-to-earn

The platform’s post-to-earn concept for users who successfully complete challenges on the platform is the most intriguing application, while receiving money for displaying advertisements is a strong motivation. Through this feature, users can gain SBLX tokens by taking on challenges put forth by other people or organizations. Users can, for instance, click once to track challenges and get updates. They can ask their audience to vote on issues like where to go on vacation, what color to paint their automobile, or what to eat. The program allays worries about fraudulent voting rounds because of the open voting process supported by the Polygon blockchain’s ability to be verified. A substantial opportunity for businesses to increase participation in their voting rounds is provided by this transparent voting mechanism.

In the future, businesses may put challenges asking customers to upload videos of their newly purchased goods in exchange for SBLX, or influencers might accept challenges provided to them by their audience. Additionally, by giving creators the resources and platform to connect with and share their work with millions of people, the SocialBlox app enables them to live more decentralized lives.

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