The Rise Of Blockchain-Based Social Media Platforms

INTRODUCTION

Blockchain technology, the blockchain technology can simply be said to be a ledger for record keeping and for management of transaction data and information, the blockchain however is not just any kind of ledger, it is very secure ledger so secure that it got the name immutable and tamper proof, this immutable ledger known as the blockchain was basically created to facilitate the first cryptocurrency Bitcoin and other cryptocurrencies to come.

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Although the blockchain just like I said was created and introduced to facilitate the operations of cryptocurrency it has however proven to be a very transformative and very applicable tool, innovation and technology in many other fields seeing as the service it provides of securely storing transaction data and information and other kinds of data is one that is universal requirement the blockchain also have certain features like decentralization and so on.

One of the fields in which blockchain technology is applicable is in social media platforms, the implementation of blockchain technology into social media platforms to create a blockchain based social media platform is a very innovative idea, and today there are quite a few of them our very own steemit is one of them so let us explore and consider together some of the noteworthy steps in the rise and growth of these platforms.

DEVELOPMENT OF BLOCKCHAIN TECHNOLOGY AND SMART CONTRACT

The blockchain technology like I said earlier is special kind of ledger an immutable and tamper proof one that securely stores data and information of transactions and so on but that is not all I also mentioned that the blockchain also has and possesses characteristics like decentralization, privacy, transparency and it is protected by cryptographic security protocols.

Basically the early blockchains like Bitcoin lacked the flexibility for complex applications and implementation, howeve the development and introduction of Ethereum which later led to the creation and introduction of smart contracts, or you can say self executing contracts with the terms directly written into code these mart contracts expanded blockchain’s capabilities by allowing decentralized applications (DApps) to be built on top of the blockchain, this innovation paved the way for the application and creation of blockchain based social media platforms.

Additionally, smart contracts enable and facilitate what we call peer to peer interactions, these peer to peer basically operates without the need for intermediaries, and as a result allowing users to share content, engage in social activities, and conduct transactions directly on the platform and it was the ethereum blockchain, along with other platforms like TRON that provided the infrastructure needed to support the development of blockchain based social networks.

DEVELOPMENT OF DECENTRALIZED SOCIALMEDIA PLATFORMS

After the probably first step in the growth and rise of blockchain based social media platforms that is the implementation of smart contracts in the blockchain and developers could then now begin to look ahead and begin experimenting looking for the model or type of social media.platform that would be able empower users as well as prioritize, ensure and facilitate transparency and with that platforms like Steemit and Mastodon were established and they represented some of the first blockchain based social networks.

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Taking our very own steemit platform as an example or case study of a blockchain based social media platform, it was basically introduced and Launched in the year 2016, meaning that today will make it eight (8) years since its launch and introduction, the Steemit platform as we all know operates on the Steem blockchain and rewards users with cryptocurrency for creating and curating content, this type and model of blockchain based social media platform basically enables users to earn directly from their engagement.

INTRODUCTION OF TOKEN BASED INCENTIVES

The next step in the rise and growth of blockchain based social media platform is basically the introduction of incentives or rewards for participation, rewards like cryptocurrency or other digital tokens, and this one of the features and things that make decentralized or blockchain based social media platforms unique and standout from the normal or traditional social media platform that is the fact that they reward participation and give incentives.

Talking about cryptocurrency or digital token based incentives, they were the introduction of types and models of blockchain based social media platforms where users are rewarded, incentivized and encouraged to participate in the platform became increasingly popular, providing a unique value proposition for these platforms, many of this blockchain based social media platforms and models introduced their own cryptocurrencies or tokens that users could earn by creating, sharing, or engaging with content in the platform.

We have a front role seat to how this is implemented but for the sake of this post Ill write it anyway, these tokens steem for example could often be traded, sold, or used within the platform’s like for powering up giving users a way to make money from just participating in social media activity, the tokenization and financial incentive was the best part of the blockchain based social media platforms however it also created a sense of community and encouraging users to contribute valuable content actively on the platform.

INTEGRATION OF DECENTRALIZED GOVERNANCE MECHANISMS

Another very significant and important step in the evolution of blockchain based social media platforms was the adoption of decentralized governance mechanisms, unlike the traditional social media platforms which have a reputation as a result of their centralized nature to make decisions however and whenever they like without consideration of their users making policies without the opinions of the individuals participating in the platform.

However, the blockchain based social media platforms aimed to address this by implementing decentralized governance, allowing users to participate in platform decisions through voting or other consensus methods.and the truth is that this governance approach promotes a more democratic system, where users have a say in the development and regulation of the platform.

Therefore also note that the introduction of decentralized governance was a critical step in establishing blockchain social media as a user centric alternative, fostering a culture of transparency and accountability that the traditional social media platforms do not offer.or have amy plans of offering.

CONCLUSION

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In conclusion, a summary of all what I said would basically be the discussing and exploring of four significant, noteworthy and important steps in the rise and growth of blockchain based social media platforms and if you made the effort to read and go through this post firstly I would like to say a big thank you and secondly I say that you would agree with me that four significant and noteworthy steps in the rise of these blockchain based social media platforms were judiciously discussed.