Blockchain-Based Social Media Platforms That Pay You to Post
Over 3.6 billion people in the world use at least one social media platform. For most of these people, spending a few days without it is unthinkable. However, while social media platforms have no doubt revolutionized how we interact, these platforms are due for some major changes themselves.
While all the mainstream social media platforms will sell your user data to advertisers, a new model is coming where users are paid for posting. These platforms are powered by blockchain technology and payments are made in crypto. Here are the platforms leading in the use of crypto to compensate users for their posts.
Steemit
Steemit was launched in July 2016 and it was the first platform to pay users for their posts. Users earn rewards via the Steem blockchain when they post or comment. Initially, there was a lot of interest in the platform. However, interest in the platform has since waned. Combined with a serious shakeup to the management and the crypto winter of 2019, many users have left looking for better platforms. Despite this, Steemit is still growing its user base gradually.
Narrative.org
Narrative.org is a platform that was launched in April 2019. The platform is attractive to crypto bloggers in search of a more centralized approach. It has been designed to be more resistant to abuses that have plagued Steemit.
For instance, creating multiple accounts is difficult due to the strict KYC rules. The communities on the platform are based around tags that are used by the users. These users can gain monetary benefit for the ownership and pick moderators to keep out spam. There is also a central tribunal that has executive power over the platform.
ALIS
ALIS is a Japanese blockchain-based social media platform that was inspired by the use of Steem rewards to buy pizza. The platform focuses on niche groups, just like Narrative. While financial regulations in the country present hurdles for the platform’s operations, the company has retained its vision of helping its users find trustworthy articles. Instead of relying on Google search results, users can find curated and quality content. Those who do the curating are paid in ALIS tokens.
Memo.Cash
The Memo.cash platform was launched on April 15, 2018, by the BCH network. It comes with features such as native tipping and SLP token creation. The Memo platform offers users a unique and multi-faceted approach for interacting with Ethereum and Bitcoin.
While it is not visually ornate like other platforms, its usability, and features are what keeps users coming back. For instance, a user can timestamp actively and store them on the blockchain, making them immutable. It is a feature that Jack Dorsey has suggested adding to Twitter as a way to enable verifiable edits to tweets.
Honest.cash
The Honest platform was launched in November 2018. It was built using the Bitcoin cash blockchain and it is based on the theme of promoting free speech. Users receive BCH to their wallet when posts are upvoted or when they successfully curate content.
Summary
While these platforms are still relatively young, it will be interesting to see how the concept evolves. It will also be interesting to watch if the concept is adopted on mainstream social media platforms.
