The dominating growth of the social networking world in the online universe is remarkable, which has been witnessed for the last decade. The world of social networking has become and an absolute necessity in our lives. These days social networks are everything but apart from a decentralized approach. There has always been a dark and ugly side behind the social networks and with the evolution of time we have faced them too. Even if some social media has free sign up and use it definitely has a price attached to it. The most serious issues are the ones with privacy and theft like social experiments which are unethical, identity theft and huge issues with privacy etc.

Keeping in mind the superiority and growth of this blockchain innovation expert have claimed that this could be the answer to all the previously faced disadvantages. There is no need to impose external regulations because it is apparently self-regulatory. In simple terms, it is mostly a distributed network which is peer-to-peer, where all the digital activities are being recorded in a public ledger through a consensus of all participants.

The main three important feature of Blockchain is:

  • Provenance
  • Immutability
  • Distributes consensus

The central entity controlling or collecting data from other connections on the network, since it is based on a decentralized approach.  Since there is an absence of a centralized

Due to the absence of a centralized server, to monitor over every activity what users can do is communicate and share more freely being relieved that the network is really secure. The added feature of cryptocurrencies, ICO or crowdfunding possibilities also make the business thrive.

Some of the most popular Block Chain based social media are:

  1. Nexus
  2. Indorse
  3. Obsidian messenger
  4. Steemit
  5. E-chat
  6. Golos
  7. Synereo
  8. Akasha

Most of them are built on a platform named Ethereum and overlays an eminent blockchain base.

Blockchain based social media has much more to offer to its users other than the general communication and public posting in the form of videos, texts, images etc.

The peer-to-peer commerce has been taken to the next level in this case.  A universal approach has not been provided in spite of the fact that the most popular social media platforms like Facebook has introduced payment methods. The main reason for the payment and exchange of tokens and coins to be hassle free is because of the social cryptocurreny also being blockchain based. The exclusive cryptocurrency which these social groups can create for themselves can be used to exchange value for goods and services. This platform can be a massive help to ICO (Initial Coin Building) or crowdfunding.

An added advantage is that the users can have access to smart contracts that will eventually help the social networks function as a network which is trusted. This shall also allow the users to make transactions which are legit and with the help of cryptographically signed contracts make deals too.

Published by Karen Anthony