To begin with, while business on the internet is fairly new, social media is even newer. The business is around giving a "free" app to users in order to have them agree to terms and conditions that allow the application to collect data. The data is then monetized.
Blockchain technology is all about removing the middle man and making things more efficient, thereby giving new economic opportunities to end-users/participants. A bank in their hands if we are talking about BTC and wallets, insurance contracts with a solvent network of peer as counter parties, etc...
With that said, i wanted to share this article from the blockchain council that talks about the topic I will make a point to reach out to them and send them the link to the white paper and blue paper so they can explain deeper what Steem is about. Perhaps we can come together and do a #promo-steem effort with this organization.
"According to Metcalfe’s Law of Networks, the value of a network is proportional to the square of the number of users on the network. Social media giants like Facebook and Instagram know that the main value of their network depends on user-generated content. "
Please let me know what you all think about this and if it can be applied or extrapolated for Steem and the overall ecosystem.
Article written by TOSHENDRA KUMAR SHARMA.
Photo credit - Blockchain Council.
I look forward to hearing your thoughts!