Blockchain Technology enables true decentralization in social Networks which can be seen as true democracy . With the blockchain the power over content, rewards, and that to make certain decisions lie in the hands of the users of the social ecosystem. This is unlike the centralized social networks that are common these days. Take YouTube, for example, the organisation through rigid rules and their implementation dictates the nature, volume, and value of content on their social platform. They again reserve the right to decide who gets paid for a content, who doesn’t and how much they get. What’s more fascinating is that these centralized social networks can independently decide how much viewership content their platforms can get.
Secondly, blockchain technology makes for greater security of online data through its inherent capabilities of transparency and immutability. Several blockchain social networks support smart contracts technology, which are pre-programmed sets of instructions that are executed automatically when certain conditions are met. Payments and transfer of ownership are programmed in a smart contract which cannot be manipulated.
Thirdly most social networks platforms make money by running adverts within their ecosystem and therein lies one of their biggest problems; the rewarding system. The system is made up of people who create content, those that interact with them (through likes, comments, and shares), and the platform itself. Each group plays key roles to make content valuable and as such should be duly compensated. But this is not always the case with centralized social networks.With blockchain based solutions, however, the interactions people make with content can be tracked and quantified such that each participant is given proper compensation based on one’s actual value in the system. This way, all who interact with content to make it valuable, from the creator to the end consumer are rewarded accordingly.
Finally Social Networks can use the intrinsic power of the blockchain technology to circumvent censorships in countries or regions where access is restricted. Before now virtual private network was the only way to bypass this kind of security restrictions, but now with the emergence of borderless blockchain technology, online content can be accessed anywhere around the globe.
In conclusion,for blockchain based social Networks to succeed, it would not be an ordinary walk in the park. The technology needs to attend to its own biggest challenges which border around its massive adoption. These social networks major task is to get people to buy their tokens which will be used to run their platforms. We believe it is even detrimental to these platforms if more of their tokens holders are mere investors who will retain these assets outside the social ecosystem where they are needed. Also these social platforms need to work very hard to obtain enough online users to sign up with their social platforms for any meaningful impact to be made, because for any decentralized social network to perform efficiently it requires a reasonably large number of users.