The blockchain cannot be described just as a revolution. It is a tsunami-like phenomenon, slowly advancing and gradually enveloping everything along its way by the force of its progression._ William Mougayar (Author – The Business Blockchain, Columnist – CoinDesk)
William knew what he was saying when he uttered the quote above. It is hard to believe that blockchain technology is less than four decades old; it has rapidly spread and has changed the projectile of the economy of several countries worldwide. Interestingly, blockchain technology has also expanded to some of the social media platforms we know and interact with, with the number increasing daily. The technology is set to take the social media industry by storm at this rate, with many platforms projected to incorporate and adopt it fully. Here are five of them that are entirely on the blockchain technology train.
Top Social Media Platforms Using Blockchain Technology
Reddit is a social platform with communities, news, and discussion forums. Reddit has extensively experimented with blockchain technology by introducing the Community Points System. Sadly, due to feasibility and regulatory challenges, Reddit had to terminate this project in 2023. However, the platform has expressed interest in harnessing blockchain technology for its platform sometime in the future.
Minds
Minds is a social media platform resembling Reddit, but it places privacy and free speech above all else. The social media platform allows forums based on a wide range of topics. Users can post content and interact with other users’ posts. People can upvote comments or posts and tip the author with cryptocurrency earned on the platform. A single entity does not control minds; it is open source and adopts the rules of blockchain technology so much that it operates on a decentralized network.
Like its counterparts above, Twitter is a social media platform that allows users to make short posts and interact with other posts by liking, reposting, commenting, or ‘loving’ such posts. Users can follow people’s accounts and add hashtags to their tweets to enable visibility. Recently, Twitter also added the Twitter Space feature, allowing users to discuss matters of interest via audio. Twitter has made several attempts to incorporate blockchain technology. It is a great place to begin a blockchain-centered community and Space. Twitter is also looking into providing an opportunity for its users to monetize their tweets as digital assets using blockchain technology. It is also looking into using technology to verify the authenticity of the accounts and tweets, given the prevalence of Bots and fake news.
Hive
Have you ever imagined an alternative to Twitter – not Threads? Hive parades itself as an alternative to Twitter. The platform allows users to post creative content, music, profile banners, images, and videos. It also prioritizes more aesthetics and offers more community features than its counterparts. Hive also has an orderly method of displaying posts and the latest updates in the order in which they are posted. As you may have guessed, Hive has its cryptocurrency. Users earn them by putting together valuable posts and interactive content. The platform also uses blockchain technology by using multiple servers and a network of computers forming blocks to save users’ data to ensure security and encryption and reduce the success rate of malicious attacks.
Conclusion
Those are four critical social media platforms that utilize blockchain technology. To fully grasp the specific ways it is being used, check them out.
