Is Blockchain the Key to User-Controlled Social Media?
New social media platforms are starting to emerge that utilize blockchain and distributed ledger technology in an effort to build platforms where users are in control on of their data and more expressive choices are available. The development in the industry's startup ecosystem coincides with a growing disillusionment with the traditional social media platforms. But will security, control and less exploitive content be enough to compel people to start over? Dor Konforty, CEO of Synereo, one of the next-generation social platforms, thinks so. But, he believes this transition will happen in....
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“With current social networks, you are not the client. You are the product being sold.” Synereo opened their official announcement with the above messaging, a bold statement about the current state of social media. Built to be decentralized, Synereo wants to change social networking for the better, rewarding their user base along the way. Synereo approaches ads on social media quite differently than others currently in the market. Instead of adhering to the traditional model of unsolicited advertisements, Synereo believes user attention is worth paying for.
Social media, a relatively old concept and way of connecting people have existed since 1997. Yes, over 2 decades old. It has continuously evolved so much that we cannot fully comprehend it any longer! And now there’s blockchain, again over a decade-old science, which has since taken off. We’d think that the only connection blockchain would have is with finance and technology. However, the reach that blockchain has is massive. That’s what The LoveChain took advantage of unleashing. A way to bridge the gap between regular old social media, to the decentralized future version of it, via....
Synereo's first and most well-known decentralized application is their Social Media Layer, a decentralized social media platform. This could have revolutionary applications in mainland China, where social media is heavily controlled by the government, and the Chinese cryptocurrency community has responded positively with multiple partnerships and events. The cryptocurrency industry has long thrived in mainland China due to a combination of factors. Low costs make it dominant in the mining scene, and crypto’s a great haven from the falling yuan, but even more interesting are the potential....
Billionaire and real estate mogul, Frank McCourt has recently been working on a new blockchain venture titled Project Liberty. It’s ambitious goal, to bring together the power of the blockchain and merge it into a social media protocol. With a social media database like this, he believes no social media platform would be able to […]
Russia’s largest social media network, Vkontakte, has announced it’s going to introduce support for blockchain and NFTs. The crypto technologies will be incorporated into the platform’s scheme for monetization of user content and copyright protection.
Vkontakte to Facilitate Use of Non-Fungible Tokens
The leading Russian social media platform, Vkontakte, intends to utilize blockchain technology and non-fungible tokens (NFTs), the company’s Technical Director Alexander Tobol unveiled in a recent interview with Vesti.
Both will become part of....