Blockchain is revolutionizing social media platforms by improving transparency, enhancing reward systems and providing secure voting mechanisms.
Social media is the digital world’s go-to source for entertainment, communication and self-expression. Despite developing new ways to monetize content, this monopolized market still lacks a transparent and engaging reward system for user-generated content. On top of that, there is no trustworthy voting mechanism for crowdsourcing decisions.
For example, TikTok, a popular application that lets users create video shorts, implemented monetization features like Creator Fund and virtual gifts. However, the platform’s reward system still lacks transparency and fairness. Creators often express concern over the uneven distribution of revenue and the opaqueness of the algorithms that determine content reach and visibility.
Using the built-in paid advertising tag seems to lead to lower content views. Some successful TikTok influencers even observed their views drop after joining the fund, suspecting that the application was intentionally limiting their visibility to cap their payout. One of the influencers told Wired: “I ended up leaving the Creator Fund. I’d much rather my followers see my videos than make a few cents on views. I’m disappointed with the way it hurt people more than helped.”
Besides the lack of transparency, another issue plaguing most social media platforms is the lack of a reliable and trustworthy voting mechanism for crowdsourcing decisions. While users can gather opinions through comments, likes or informal polls, these methods are susceptible to manipulation and lack the security and verifiability required for transparent decision-making.
Privacy is king
To address the chronic lack of transparency and trustworthiness, Dutch social media platform SocialBlox is leveraging blockchain technology, with its main features revolving around decentralization, transparency and security. The all-in-one platform lets users unleash their creativity by sharing photos and videos to engage with communities.
The social media ecosystem is fueled by SBLX, SocialBlox’s native token that users can earn as a reward for using its platform and convert on secondary markets like decentralized exchanges.
To begin with, SocialBlox addresses the paramount issue of privacy by not sharing user data with third parties or using it to optimize the content algorithm. Social media giants, including Facebook and TikTok, have been accused of privacy-related wrongdoings, such as personal data leaks and misuse. SocialBlox has no revenue model for selling data. It doesn’t disclose nor sell user data to third parties.
Another feature highlighting the user-oriented approach is privacy-mode access. By default, the SocialBlox app does not show ads. Users can allow companies to show ads and collect SBLX tokens as a reward.
This app paves the way for post-to-earn platforms Earning rewards from displaying ads is a good incentive, but the platform’s most interesting implementation is its post-to-earn initiative for users who complete challenges on the platform. With this feature, users can earn SBLX tokens by accepting challenges set by other individuals or groups. For example, users can track challenges and receive updates with a single click. They can engage followers in decisions like holiday destinations, car colors or meal choices, with the majority determining the outcome. Thanks to the transparent voting system backed by the verifiable nature of the Polygon blockchain, the application eliminates concerns of fake voting rounds. This transparent voting system also presents a significant opportunity for companies to attract participants in their voting rounds.
DOWNLOAD SOCIALBLOX FOR APPLE OR ANDROID
In the future, companies could challenge users to share a video of their newly purchased products in exchange for SBLX, or influencers could complete personalized challenges sent by their fans. And the SocialBlox app will allow creators to live a more decentralized life by providing the tools and platform to connect and share content with millions of people.