Decentralized social networks. Step back in history
With the popularization of the blockchain, cryptocurrency technologies have penetrated into the world of social networks. And such giants as FB and Twitter have got competitors.
They are based on a different business model and look quite diverse. Sometimes it is difficult to distinguish one project from another, because at least a dozen decentralized social media appear each year.
Every team of developers strives to get famous and create the very product that will put an end to the hegemony of the traditional social networks.
At present, the users can choose among a range of projects, which are worth attention. We offer you a little review of new products and blockchain projects.
A long-running project approved by the Chinese government. Given the level of censorship in the PRC, this is quite a good achievement.
Being launched as an instant messenger on the blockchain, the startup quickly attracted the attention of the audience. Its functionality includes a cryptocurrency wallet, an instant messenger and social network with the ability to approve the content you like.
The developers have positioned the project as completely decentralized. It cannot be censored or blocked by government bodies of any country in the world.
Active fundraising during the ICO demonstrated high support of the audience. After the release of the finished product, token holders and other users got:
● video calls;
● online chat rooms;
● exchange of funds;
● conference calls;
● crypto platform;
● money transfers;
● “cryptolike” function;
● photo and video storage;
● multicurrency wallet.
Over the years, the project’s audience has grown to several billion users worldwide. Most of them are impressed by the simplicity and convenience of the interface, wide functionality and the ability to earn money on content.
The popularity of the project is based on a simple truth — in fact, it is a clone of Reddit. The similarity of the functional and the wave of hype allowed it to reach the TOP, where it stood, alas, not so long.
The advantages of a startup are typical - content revenues go to users, and there is no censorship, like on Reddit. But there is complete freedom of action — write or comment on posts, and the money will roll right in.
The social network is built on one of the Bitshares platforms and based on a hybrid mechanism of reaching consensus (POS + POW).
Despite a steady start (August 2016, CoinMarketCap — the project took the third position in TOP list with $392 million capitalization), the bubble quickly deflated. This was due to numerous technical difficulties.
Hard fork, held the same year, didn’t help much. The price of the coin, which became 11 times cheaper than in August, didn’t manage to recover to the previous positions.
The main problems for which this social network is criticized are irrational economic and social models:
● In Steemit, centralization is evident - the vast majority of capital is in the hands of the leading miners.
● Bots are actively operating in the network and their voices under the posts often exceed the number of comments left by real users. The statistics are disappointing — out of hundreds of thousands of accounts, only two or three thousand belong to real people.
● One negative comment is enough from the owner of a large balance in a branch with hundreds of positive comments, and the author of the post loses both his earnings and reputation.
● The practice of "whales" collusion. They choose a pool of rewards, arranging a fake vote for their own fake post created through a fake account.
● Flags that social network creators endowed with moderation functions (should have marked pornographic, criminal, offensive content) became a means of personal vendetta. You can throw the flags to the unwanted participant and deprive him of an opportunity to earn reputation for months.
Despite the fact that everything looks so sour, the platform is keeping afloat. Additional “extensions” — a trading platform, a chat, an application for collecting and analyzing statistics — became the lifeline for it.
This is an analogue of Twitter, created on the Ethereum blockchain. You can get ETH coins for peeps. It looks quite cool, but here's the thing..
You can register and enjoy all its benefits only with a special invite. You must enter your name, email and Twitter account.
It is what the user’s authorization is based on. This contradicts the very concept of decentralization - openness and accessibility for one and all.
Lumeos will soon join the already popular networks. The guys who created Bee Token startup for rental housing are involved into its development.
The idea behind Lumeos project is quite interesting, but it is not yet known whether all the promised features will be realized.
The platform is created on the EOS blockchain, but this is not the best solution. The launch of the Mainnet EOS did not justify trust, and the coin price fell 10 times.
Of course, we have reviewed not all the social networks on the blockchain. There are much more of them. We encourage you to plunge into independent surfing through decentralized networks and form your own opinion. Enjoy!