Web2 as we know it is known for its wide usage and engagement. Though, it was a bit harder to get engagement on X formally known as twitter, it has become quite easy with the new monetization system that has been introduced by Elon Musk. How many of you have noticed that sometimes when you view a tweet with lots of likes, views, retweets and quotes collectively known as impressions, a lot of the comments are not even related to what the main tweet is talking about.
The problems with web2 are many and maybe for most the number one is centralization. When using web2, you do not fully control your account since it can be blocked at anytime without a lot of explanation. My friend complained that about 2 to 3 months ago, he logged in to his twitter account and realized it was suspended. He followed the process he was supposed to follow to have it unlocked and till date, there has not been any change.
History in memes on X
Another problem with web2 social media is monetization. Unless you are a huge account which gains a lot of engagement, you cannot monetize your content in web2. I stand to be corrected. Digital identity is still a problem in web2 while security is still of major concern. Till date, we hear of social media being hacked which means that despite the cash flow in web2, the owners are not too much concerned about the security of your account.
All these problems coupled with a lot more saw the introduction of a new system that will keep the good aspects of web2 social media and improve on the negative aspects. With this came the development and introduction of SocialFi. SocialFi stands for social media and decentralized finance. It has been realized that in as much as individual users do so much content creation, they should benefit from owning their content and monetizing it.
Hive
SocialFi works on the principles of blockchain, cryptocurrencies and social media to bring an improved social media. With socialfi, you can still create content, get a following to engage with and having to not worry about centralization. You own your content and choose to do what you want with it. You have the freedom to say what you want and do what you want with your account.
SocialFi encourages decentralization which takes power away from a central authority. Instead, socialfi has what we call Decentralized Autonomous Organizations (DAO), that prevents centralization. In socialfi, there are communities that consist of people aligned with the same ideas of a subject matter. Let’s use hive as an example.
Hive is socialfi which means, you create your content on hive, own it and can monetize it. Hive is decentralized and we all here can attest to the fact that we can do what we want to our contents on our blogs. Hive uses a blockchain which means that the system is transparent and transactions are completed in seconds.
However, because of the monetization aspect, a lot of us hive users have forgetten the social part of the platform and only concentrate on the fi aspect. I am guilty of this and though, I engage, it seems my engagement is limited to some people. On one hand it’s good because I relate well with them but as a platform that promotes engagement, I should be doing a lot more.
Leothreads on hive
The hive blockchain offers a lot of different content to choose from. If you are into “tweets” or short posts, leothreads and ecency waves are options for you to consider. If you are into videos, 3speak is your friend. If you are into long form content, all the front ends on hive support that meaning you can login to any of them with you keys and start engaging. The nice thing about hive as socialfi is that, if you are into movies, there is a huge community of movie lovers you can connect with. Who knows, you could make some really good friends. If you are into music, there are lots of music related communites that are for you. Hop in, explore and make your pick. Is it finance, sports, health, education, lifestyle, emotions, inspirations or what? Hive socialfi has got you covered.
In addition to having all these communities with losts of interesting people at your disposal, you also have the chance to monitor your content by earning $HBD, $HIVE and other hive tokens. If you are into gaming, there is a big community of gamers at your disposal.
With hive, just explore, engage with people and you will find your niche. The hive socialfi should be used for all its qualities including the engagement part and not just the money part.
So, what are some of your thoughts on socialfi? Do you think hive is leading in this regard? Let’s hear it. You can do so by participating in the April Inleo calendar.
This is my response to day 12 of the April InLeo monthly calendar. I encourage you to join.
Thank you.