Blockchain-Based Social Media Platforms: Greater Transparency, Increased Security
Users on centralized social media platforms have also become increasingly concerned about privacy in the wake of the Cambridge Analytica scandal; blockchain-based alternatives are inherently more secure and less suited for data breaches.
A Bloomberg report also noted that since platforms like Youtube, Facebook, Twitter, and Google have been taking steps toward phasing out cryptocurrency-related advertisements, users who create crypto-related content have also been turning to blockchain-based alternatives to protect their online presences.
Indeed, Ned Scott, who operates the blockchain-based, Reddit-like ‘Steemit’ platform said that blockchain-based content-sharing platforms provide a more “transparent” experience: “there won’t be many single authorities dictating how social media operates.”
Justice for ‘Furious Pete’
Bloomberg Businessweek told the story of Peter “Furious Pete” Czerwinski, a bodybuilder and competitive eater who has moved much of his content onto DTube, a Steem-based platform for sharing video content. Instead of ad revenue, content creators on DTube rely on user donations to raise funds.
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Czerwinski reportedly said that he felt that his material was not getting the kind of circulation it deserved on Youtube, where censorship controls have ramped up as the platform becomes increasingly decisive about what kind of material it allows to remain on the site. (Youtube’s advertising partners don’t want to be associated with controversial or offensive material.)
Blockchain-Based Platforms Could Be More Lucrative, but Could Also Attract Creators of ‘Undesirable’ Content
Some content creators are turning to blockchain-based platforms like DTube because the experience is more profitable. Naomi Brockwell, a video content creator who focuses on crypto, said that she’s averaging $40 in income for every video she creates, a feat that Bloomberg said “could take her months on Youtube.”
While the average content creator could stand to benefit from switching to blockchain-based platforms, the benefits could also attract content creators who spread hate speech and other kinds of undesirable materials to a platform.
In any case, it will be some time until (and if) blockchain platforms become the defacto choice for most users. However, the increasing value of personal data could cause migration to platforms that reward users for sharing content instead of making them pay for it (in one way or another.)