Crypto Social Media Could Challenge Facebook and Instagram Dominance | City & Business | Finance


These crypto-based alternatives operate on “decentralized blockchains” which have many advantages over centrally managed applications such as Facebook and Instagram. The Facebook outage on Tuesday disrupted billions of users and saw businesses that use the social media network cut off from their customers. The outage was caused by a wrong order caused by “an error on our part,” according to the social media giant.

After the disruption, many blockchain developers argue it couldn’t happen on a decentralized social media network running on a blockchain.

To solve the Facebook outage, engineers had to physically access centralized data centers that host the “global backbone” of information that stores and sends the messages and comments that billions of people rely on to communicate every day. .

Blockchain-based social media that is decentralized and not controlled by a single authority would not have a single point of failure that caused Facebook to crash.

Now, cryptocurrency developers are developing decentralized social media apps like SocialBlox.

The developers of this project state that “SocialBlox aims to be the first fully transparent and privacy-focused social media platform.

“Where smart contracts create exciting new possibilities for entering the next level of fun and interaction with other platform users. “

Referring to the vulnerabilities of centrally managed social media networks such as Facebook, founder Michiel Ipenburg spoke to and said: “I think a lack of innovation and being overwhelmed by new technologies is what will motivate them. down, in addition to their privacy concerns.

“We see today’s social media giants struggling to monetize the emerging ‘content creator’ and on-demand content markets.

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SocialBlox is developed by a company based in the Netherlands.

Mr Ipenburg added that the main benefit of using a blockchain-based social media app is that it allows “users to take an active role in the content being uploaded”.

He added, “And another gamechanger is reverse advertising.

“This is where users earn SocialBlox tokens for enabling advertising mode on the site.”

After Tuesday’s blackout, social media giant Facebook tweeted, “To the huge community of people and businesses around the world who depend on us: We’re sorry.

“We have worked hard to restore access to our applications and services.

“We are happy to announce that they are coming back online now.

“Thank you for being with us. “

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