We love it because it is an easy way to get updates on what is happening around the world, connect with friends and loved ones, learn about latest trends, talk, and debate about issues and a great way to sometimes get a good deal from an advertisement. It also provides a voice to the public and an arena for people to develop and share their content which otherwise would be difficult to obtain thro
ugh traditional media. However, there are recent reports that many are starting to
reduce their usage or abandon their social media as it affects their general well-being, invades their privacy and security and users who produced quality content slowly learned that all their hard work was consumed by the platform itself, without getting paid adequately or getting paid at all in most cases. Content on social media became the steppingstone to massive financial gain for the platform rather than the creator. Used as a platform for advertisers to increase reach effectively in an efficient way. Advertisers are using social media as people are more likely to look at their feed rather than watching advertising on TV. Advertising on social networks are estimated at $30 billion this year. The very large chunk goes to the platform and not much goes to the creators to be honest. With all the technology and innovation that has driven the rapid rise and success of social media, comes a new technology that has the potential to transform the way we live today. It has wide-reaching implications that will affect all businesses and industries and has the potential to revolutionize the social experience by reinventing the very nature of how content and information is privately and profitably distributed. Blockchain is the technology that is built on a decentralized platform. It is a decentralized database, or decentralized ledger where new ‘blocks’ are created for information that is being stored or processed. For a new block of information to be stored, it must be approved by the entire chain, meaning that the chain is completely ‘decentralized’ and therefore secure and transparent. Each block in the chain has a stamp that links to a previous block. Blockchains are secure databases by design solving the double spending
problem (unlike physical coins or tokens, electronic files can be duplicated and spent twice) without the use of an authoritative body or central server. Today, almost every social media platform monitors and tracks all user activity to package and sell that data to the highest bidder. They do not disclose the scope of the information they collect. They also know they can get away with it simply because the user agreements that most people unwittingly agree to during sign-up authorize unfettered tracking, collection, and selling of private data. What users must understand is that this exploitation of private data has been ongoing for many years. Users cannot see what is happening with their data and cannot control who
views, distributes, and ultimately resells their data. Furthermore, most users do not earn anything for the private data shared about them, nor do they earn other contributions to social media for content posted, time spent, and activity. When a social network is decentralized, no single proprietary authority holds all that personal data and serves it to users upon request. Instead, the user data is stored homogeneously and in a decentralized way within servers or other storage devices across a network. As a result, if there is a need for a piece of information, it is pulled from and assembled inside the user’s device and granted if they have the private key required to unlock and access that data. Additionally, anyone has the authority to interact with any individual since the network is federated. So, who gets to control it? Only the one who sets up the network gets to draw the rules for the website’s ethical use and compliance only. That is the only control that they get to exercise. Hence, decentralized social media networks are attractive to users as they prevent unscrupulous usage and modification of user information/data. Additionally, the control over the content getting published is not in the hands of any single entity, which means users get more freedom to express themselves, and interactions are safeguarded using cryptography, which results in increased security and privacy of data. Given the above, it is evident that blockchain offers an excellent solution to solve many issues existing within the social media space. So, if you are a crypto enthusiast searching for a blockchain-enabled social media
network that also lets you earn cryptocurrency, then BlockStar is the answer. BlockStar is a platform that prioritizes user privacy and autonomy. In addition, substantial incentives are built into the platform to encourage user interactions and quality content to cultivate a cohesive community. BlockStar provides several avenues for earning rewards, starting with content monetization, and reward earning options for active participation in the community or for sharing your data if you choose to do so. BlockStar is a blockchainbased platform governed by the BlockStar token ($BST), an advertising system powered by the BlockStar Advertising Token (BSA). BlockStar token is the native currency and governance token of the network used for suggesting proposals and other governance actions like fact checking and news publishing as well as community moderation. Governance tokens are tokens those developers create to allow token holders to help shape the future of a protocol. Governance token holders can influence decisions concerning the
project such as proposing or deciding on new feature proposals and even changing the governance system itself. BSA also known as the BlockStar Advertising token, is used by advertisers for building campaigns. Users also use this token for staking on their chosen campaigns—this nets ad revenue for the users. BlockStar predicts that the ad platform will likely be available to advertisers by December 2021. As users are given access to some of the advertising spend in BSA, they will become an important and active part of the advertising and publishing economy, rather than the passive participants they are presently treated as. While tokens can be donated to individual content providers and publishers, there are any number of use cases for the tokens. An obvious use case is for very
specific targeted advertising. Many small businesses have modest requirements which may be well served by tokens they acquire through their normal browsing activities. Users may also find new uses with low barrier to entry highly targeted ads; personal ads targeting people of a religion or subculture for example. Some publishers may have premium content they would ordinarily only offer to subscribers. Since subscription models are not typically favored by users on the internet, this could unlock new revenue for premium content providers. Content may also be bought for friends using the token;if someone likes a premium article, they can make a micropayment to send it to three of their friends. The BlockStar incentive-based economy offers users many features, such as posting rewards, verified profiles (through KYC/AML verifications), multi-chain bonuses, user rewards, advertising rewards, and staking, as well as future DEFI elements. Blackstar’s primary mission is to protect privacy and control. It’s YOUR content. You have a say on what that content does online. Thus,
you have your own voice and a place to speak it. With incentive-based community interactions like upvoting, downvoting, sharing, comments, and future community-based moderation, BlockStar also provides for a trusted community that is self-moderated and in control of its content. So, if you are a cryptocurrency investor keen on earning cryptos for content, curation, and staking, then check out BlockStar (https://BlockStar.info) now
