Business

Powering Communities and Opportunities

Some digital ledgers and blockchain-based platforms still have problems scaling as more users jump on board, this indicates the amount of blockchain-based social networking startups is increasing both in number and in usership.

“These decentralized systems are only not given to grow and scale for the masses yet,” Anthony Di Iorio, co-founder of ethereum, said in an interview with Bloomberg. “You can find always problems with early technology. It requires time.”

But Di Iori noticed that it’s worth the wait. “This may well be more important compared to the Internet,” he told Bloomberg. “It’s likely to be massively disruptive for every single sector.”

Here a glance at seven social networking platforms on the blockchain, or tinkering with blockchain and cryptocurrencies.

 

Sapien (sapien.network), a highly customizable, democratized social news platform built on the Ethereum blockchain capable, describes itself as an alternative to social news platforms like Facebook and Google.

“We want to reinvent social from the ground up,” said Ankit Bhatia, co-founder and CEO of Sapien, in December 2017 at an event in Palo Alto, California.

Its mission, according to a current post by Sam Mathews here on Medium, is “to champion users and truth, not financial gain, as the core of its social network.” The post highlights that “the blockchain is the foundation upon which a truly transparent and democratic platform can be built” and it allows Sapiens to reward “countless content creators and curators without the centralized intermediaries.”

Mathews explains that “modern social news sites are both obsolete and dangerous.” He says: “Sapien rewrites the social network experience to champion the user and the truth while leveraging the powerful capabilities of the blockchain. In doing so, the Sapien team hopes to build a better social future that brings about the most effective in people, their creations, and their ideas without sacrificing the importance of transparency and accuracy.”

Steemit (steemit.com) describes itself as the initial social network built on the Steem blockchain, a decentralized reward platform for publishers to monetize content and grow community. It is sort of Reddit.

“Some social networking sites extract this value for the advantage of their shareholders, Steemit believes that the users of the platform should receive the benefits and rewards due to their attention and the contributions they make to the platform,” the company explains on its website. “At its root, Steem is merely a points system. However, because this points system is blockchain-based, the points can be traded on markets as tokens. People buy and sell these tokens, and many hold in anticipation of increased purchasing power for various Steem-related services. The rewards people earn are tokens which have market value and are readily tradable. It is comparable to how someone playing a computer game could obtain a small item or currency by playing the game. If the currency or items are transferable between users, then they can sell or find them on game item markets Pyyro Social Media.”

“I feel like I’m in the Stone Age when I’m on Facebook or Twitter,” David Kadavy, a consumer of Steemit, told Bloomberg. “They’ve no value without what you’re causing them. If Facebook doesn’t answer this, things may change very quickly. They must be very concerned.”

 

Sola (sola.ai) is a hybrid of media and social network governed by AI altogether with users.

The platform, which according to its website counts more than 700,000 users worldwide, has evolved from what it calls “the idea of following.” Sola “spreads information such as a viral disease to probably the most interested users, applying AI algorithms coupled with users reactions. Quality content can very quickly reach the whole Sola user base. Users post news, stories and entertainment cards, Sola takes care of the rest.”

The platforms, explains The Merkle, uses Action Points, or a Sola internal virtual currency which does not need monetary value until someone endorses or comments on content. This is when Action Points are changed into to SOL tokens.

“SOL is an electricity token with a monetary function that powers the Sola economy,” co-founder and CEO Ilya Zudin explained in an interview to ICO Alert. “It permits us to share revenue from advertising, user payments, and partnerships with users, providing a solid financial incentive to make use of our service and create quality content.”