The social network industry is always innovating and harnessing the latest technology to reach more eyes and ears (users). With every great innovation comes curtains hurdles, and the social media industry has its fair share of all these. Things like digital piracy, inaccurate royalty distributions, erroneous data generation, fraudulent content, just to mention but a few.
This is where the blockchain system comes into play. By leveraging the power of blockchain and cryptocurrency, some social networks have been able to scale the hurdles and serve their users better. Here are the top 5 crypto social networks using the power of blockchain technology to revolutionize the social network industry.
Top 5 Crypto Social Networks
QUBE is a crypto-based social network in the early stage, it is possible to find a roadmap on their site. Qube is created for networking, trading, earning and improving the skills of community members in working with cryptocurrencies. The platform allows community members to use a dedicated service such as NFT marketplace or Launchpad. You can showcase your NFT collection and also build your persona in the crypto space.The crypto social network would be focused to work as a platform where users can create and trade non-fungible tokens (NFTs). QUBE also provides a variety of decentralized finance (DeFi) services, swap protocol, and staking apps. Users can earn QUBE token by offering liquidity on Qube Swap. The token will not be limited only by ERC20 standard, they plan to be presented in different blockchains: soon Binance Smart Chain, Polygon(Matic) and Avalanche. i.e. 4 Blockchains in total. Their future plans include Cardano. Dex will be launched in all 4 Blockchains. For more details about the QUBE crypto social network, you can see the whitepaper.
The second on our list of top 5 crypto social networks is Steemit. Steemit is a crypto-based social media network that rewards its community with the cryptocurrency called STEEM for publishing and curating content on the platform. It is launched as a decentralized application (DApp), deployed on the Steem blockchain protocol. The community members vote on comments and posts to decide the payout suitable for those posts and comments. The Steemit social network is the first app built on the Steem blockchain protocol, and it went live on July 4, 2016.
Bitclout is a crypto social network that integrates speculation and social media, and it is deployed on its own custom blockchain, just like Steemit. The platform is decentralizing social media, just like bitcoin and other cryptocurrencies are decentralizing money. Its architecture resembles bitcoin, but Bitclout supports social media data like profiles, posts, follows speculation features, and much more. Once you create a profile on Bitclout, you will be given a special coin known as “creator coins.” The price of these special coins appreciates when people buy them, and it goes down when people sell them. To know more about the Bitclout social network, see the official document for the project.
Minds is a blockchain-powered social network where users can earn crypto for using the platform. The platform is more privacy-oriented than traditional social media networks. The team behind the project has come out to describe it as one that is focused on free speech; therefore, they minimally moderate the contents on the platform. Minds was founded in 2011 as an alternative to the mainstream social media networks believed to spy on their users.
Bluesky is a decentralized and blockchain-powered social media network created by Twitter. It allows users to build their own private media platform. Here, the platform will not be under the control of any central authority. Rather, the network puts the power in the hands of the user. The project has been under constriction since 2019, but the launch is drawing nigh.
This list of the top 5 crypto social networks gives you an idea of what the future holds for the social media industry. It is already obvious that crypto and blockchain will disrupt the industry; the question is will the traditional social networks remain relevant in the future? Only time will tell the full extent of the disruption and what becomes of mainstream social networks.