Social media platforms have been around for a while now. Facebook has almost three billion active monthly users and other platforms like YouTube, Whatsapp, and Instagram are well over that billion user mark as well. None of them are using any type of blockchain technology. Time will tell what social media platform will be the first to buy Ethereum and what innovations they will be implementing. Let’s take a look at what changes blockchain technology will bring to our social media platforms.
Centralized vs Decentralized
The most obvious way that blockchains are changing social media is of course decentralization. All of the largest platforms are centralized companies. They not only control but also collect data from all of its users.
You could argue about what is worse, the fact that they collect your data and profit from it by selling it to advertisers. Or the fact that our data is stored in a centralized database, and when compromised it’s conveniently all in one place.
In centralized social platforms, the problems and dangers are always the same. There is a lack of transparency, data security risks, the ability to censor people, fake/real news and/or propaganda are difficult to filter, personal data being sold for profit, and there are scammers everywhere. These problems have come along with the rise of social media in the digital age and they are very concerning. The thing is that it doesn’t have to be this way and blockchain technologies are bringing solutions to these problems.
By decentralizing platforms using blockchains and public/private key cryptography we can reduce a lot of the problems we have right now and turn them into something positive. What if Facebook starts to operate like Brave browser where the user’s data is kept private and the revenue from ads is shared with those users the ads are shown to. Who wouldn’t want to earn money by simply scrolling to Facebook? What would Facebook do if a social media platform that implements such a system comes along and tries to take over?
A decentralized social media platform that operates like a DAO (Decentralized Autonomous Organisation), where all user data is stored and encrypted in a decentralized matter, where profits from advertisements get distributed to all users and share/token holders, where scammers can be easily identified and/or removed, and where facts can be fact-checked by millions of people instead of ‘’authorized fact-checkers’’ that may have a biased interest. If you some it all up like this then you can’t help but agree that the future of social media will involve a blockchain.
Twitter on a Bitcoin Standard
The CEO of the social media platform Twitter is known for being a Bitcoiner. Not only has he spoke about how bullish he is on the price but he is also actively contributing to developments and has been spreading awareness.
Recently Jack Dorsey replied to someone talking about how Twitter should integrate Ethereum wallets so that people can use NFT’s as profile pictures. This would not only be a great way to get accounts verified it’s also a great showcase for NFT art in general.
Although Jack agreed with this proposal he insinuated that every Twitter account with a Lightning Network integration would be even more amazing.
The global impact of being able to use the Lightning Network on your NFT verified Twitter account is probably one of the most underestimated innovations in the world right now. Another proposal that is circulating crypto Twitter is that every time someone uses the hashtag #Bitcoin the current BTC price will be displayed next to it. Hopefully, we will see some official announcements soon, but it’s probably safe to say that it is inevitable to happen.
To some people, privacy, transparency, and security don’t matter or they are unaware of the consequences and dangers when we do not have these things. But for a lot of people, it is a big deal, and with the internet being more and more integrated into our day-to-day lives the impact will get bigger and bigger.
Choosing between centralized and decentralized systems today will have a large effect on the future. If people give up their privacy to big corporations today and settle for systems where they won’t profit from then future generations may never know how things could have been different. It will be worth to at least talk and think about the current technological innovations happening.
The influence of these technologies will transcend through multiple generations, just like we have seen with breakthroughs from the past. Burning fossil fuels gave us a lot of prosperity and other important inventions that happened because of it, but it also gave us a climate crisis with damaging effects. Luckily blockchain technologies are here to decentralize our social media platforms and to protect us all.