Is Facebook About to Get ‘Myspaced’ by Next-Gen Social Media?
Social media is a major component of the Internet and has already transformed how humans communicate and interact. Looking to take things to the next level, a few projects are trying to combine social media with the blockchain.
sources:https://news.bitcoin.com/facebook-next-gen-social-media/
Blockchain-based social media platform Steemit has gained quite a following in the past few months. The project was built by Daniel Larimer, the founder of Bitshares, using graphene architecture. The company is also led by Ned Scott, who is a technical analyst with a background in financial data. Steemit launched in March 2016 with moderate enthusiasm from the community and a small following. It has since been a hot topic in cryptocurrency circles and social media. During the summer, Steemit attracted a lot of artists, writers, and vloggers to the platform because it pays people for sharing content. People have been paid thousands of dollars per post in some instances, with the most popular articles netting close to $15,000 USD
The platform, which combines the concepts of Facebook, WordPress, and Reddit, operates on the Steemit blockchain and uses three types of crypto-tokens:
Steem Power gives users the ability to throw their weight around on the platform. The more power you have, the more significant your vote will be when you upvote a post or even a comment. Comments have been seen to be upwards of $20-40, so all interaction is rewarded.
Steem is a token that powers two smart contract protocols similar to Ether’s gas, and is tradable on cryptocurrency markets. The token is supported on exchanges like Bittrex or Poloniex. However, holders also have the option to use their coins to boost their Steem Power..
Steem Dollars are designed to be pegged to $1 USD and be the equivalent of one dollar’s worth of Steem for conversion over the platform. On cryptocurrency exchanges, SBD’s can be seen trading for a dollar or less depending on the current market value. So, in essence, it makes more sense to use the system’s seven-day conversion over a third-party exchange, though lots of people cash out their content earnings elsewhere.