Record, Recreate and Resonate: Welcoming Social Platforms into the Blockchain World
November 23 2021 - 3:36AM
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Social media continues to transform the world of communications and
marketing. Platforms within the space currently enjoy some of the
greatest popularity they have ever seen. October 2021 research from
Global WebIndex reveals about 57.6% of the globe’s population uses
social media, spending about 2 hours and 27 minutes on platforms
each day. Usage spans across generational lines and demographics
and unsurprisingly only spiked as COVID-19 lockdowns began to
dominate the world. Additional research reveals the typical social
media user participates on an average of 6.6 platforms. Some use
even more. Current market leader Facebook, with about 2.89 billion
monthly active users, was the first platform to cross one billion
registered accounts. YouTube, WhatsApp, Instagram, and Facebook
Messenger round out the top five most popular social networks as of
October 2021 by the number of active users. While traditional
social media platforms remain popular, a growing number are
becoming dissatisfied due to concerns about usability, security,
and privacy. Centralized servers mean social media companies
maintain complete control over data, often selling information to
outside entities for marketing and advertising purposes.
Centralization also opens up the prospects of hacks exposing
critical data and concerns about losing information entirely if
there is a system failure. Unsurprisingly, these critical issues
have left many wondering how blockchain technology could
revolutionize the social media industry, especially as
relationships between creators and audiences shift towards ones
that are less reliant on advertising and more about accountability.
As social media becomes more hyper-focused and fragmented, many
speculate niche platforms focusing on specific components could
prove to be popular for users interested in more tailored content.
Social Media Looks Ripe For Innovation Within The Blockchain Space
Decentralized social networks like BitClout, essentially similar to
Twitter, allow users to connect with others across the world and
buy ‘Creator Coins’ for creators and influencers. BitClout users
can use coins to bet on the future perceived value of the creator
who in return can share special, Creator Coin holder exclusive
content. Many using traditional social media have lamented losing
posts and content as centralization means a project team member can
edit or delete information on their own accord. Blockchain-based
social media platforms like LoveChain solve this issue by providing
users an immutable platform to celebrate and share their love for
friends, family, hobbies, and pets. Founded in Sydney Australia,
the LoveChain blockchain-based ecosystem includes the social
networking platform, integrated third-party apps, content creators,
and an online store. LoveChain social networking users interact on
a virtual version of lovelocks found across the world. LoveChain
stands alone in the social media world for being the first platform
that allows users to create NFTs from the content they create.
Users can then keep, share, or sell their NFTs within the LoveChain
marketplace. Each user profile is assigned a cryptographically
generated code number that symbolizes the unique relationship
between them and the platform. Love-focused subgroups allow
participants to create themes and interact with others in these
spaces. LoveChain Provides A Unique And Lucrative Social Media
Experience The entire ecosystem is powered by the $LOV token,
subject to a quarterly swap for merchant goods and services.
LoveChain also features the LOVR rewards token that users can
collect through platform interaction like content creation,
building a follower base, obtaining likes, and sharing posts and
data. LoveChain is the first social media platform rewarding
content creators with tokens built into an integrated wallet. LOVR
tokens can be used to collect discounts and other benefits with
platform merchant partners. Social media fans turning to LoveChain
will find a feature-rich platform with an attractive user
experience. Users can change the sequence of their posts on feeds
to achieve the best engagement, all while uploading a wide range of
media and content. Any media can be permanently saved to the
blockchain to create a keepsake, but users also maintain full
control over how their data is shared and used. Customization and
personalization tools allow for unique profile styling as part of
the overall user experience. Blockchain-based social media
platforms like LoveChain maintain a range of advantages and
benefits over their traditional counterparts. Decentralization
helps mitigate unethical data usage, promotes freedom of
expression, and the inclusion of cryptocurrency (especially within
platform wallets) enhances the rewards and payment process.
Overall, the marriage of social media and blockchain technology
only looks set to continue as technological development continues
to advance.
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