Blockchain technologies have been named granularly as the foundation and the beginning of Internet 3.0 over recent years. But, what does it mean for applications and technology companies today?
Blockchain technologies undoubtedly brought with it a new era of technological advancements. Blockchain applications have provided enterprise solutions, a level of efficiency and transparency that were not available in traditional systems. All financial, social and technological sectors have been affected by the application of blockchain technologies in new platforms.
But what does this mean for one of the fastest growing sectors in the world, the social media sector? It would be foolish to deny that social media is one of the greatest innovations of the past two decades. Social media platforms have been catalysts for change in many sectors around the world. The world's largest companies have been involved in the use of social media, and have benefited directly from it.
However, there has been a lot of controversy lately about the famous social media platforms, most notably "Facebook" and "YouTube". The popular video platform has been turbulent recently because of accusations of theft of arbitrary funds and accounts threatening to ban. Many Youtubers, who had previously relied on YouTube revenue as their main source of income, needed to change the tools to stay financially stable.
So this decision hit the heart of Blockchain and digital currencies, where Facebook recently banned all ads related to digital currencies. This control of digital currency ads negatively impacts the market as it determines the reach of its ads and thus its overall market reach.
The "STEEMIT" platform for social communication
A new social media platform, Steemit, is trying to change how social media platforms operate. As with other platforms, censorship is not as big a problem as Steemit, as the platform allows for a wide range of subjects to be monitored with minimal control.
Another thing that Steemit outperforms is traditional social media platforms; content creators are paid more than platform members than ads or the site itself. The Steemit platform also uses a popular "positive rating" system for the public, such as the famous social media platform Reddit. However, instead of a positive rating being just a number, it is part of the "Steem" currency. This system allows content readers alone to categorize publications (and therefore pay as well) and any articles and / or parts of their content rather than receive a publication as in the classic ad-style payment method. You can also change the "strength" of your label, which in turn changes the amount of digital "Steem" currencies the content producer will receive. This simple system, by its very nature, also increases competitiveness on the platform.
On the other hand, Steemit allows a new wave of content producers who have faced obstacles in the past, such as lack of payment opportunities, and meaningful jobs. Anyone from anywhere in the world can reach the podium and pay for the content they display on the site. 61,000 people now use the Steemit platform on a daily basis. A figure that may seem microscopic compared to the traditional Facebook platform, which has hundreds of millions of users today, but it is worth respecting that the number of users was half the current number just 3 months ago.
It is clear to us why Steemit has received a huge influx of applications on its platform recently. Where more and more content is created there with high quality, while in-depth content is normal on the platform as well.