Social Media has been identified as a major use case for blockchain technology and cryptocurrency has also been tipped as the solution to fix content creator and platform payment gaps through sustainable and efficient monetization of content.
This notion is a result of existing problems with traditional social media platforms like Twitter, Facebook, and Instagram. In recent times, various platforms have popped up based on blockchain technology that intend to fix the various problems associated with traditional platforms such personal information leakage and theft, advertisement abuse and unfairness in value distribution where service providers earn so much and producers and users gain little or nothing.
Do you remember the last Facebook and Cambridge Analytica privacy scandal? In 2018, it was revealed that Cambridge Analytica had harvested the personal data of millions of people’s Facebook profiles without their consent and used it for political purposes.
It is evident that the ad revenue based business model has led to several problems as in efforts to make profits, social media platforms have had to compromise and put their users at risk. Due to this, many users are in search of decentralized and safer alternatives which has led to various blockchain projects in the space.
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