What if Facebook start using Smart Media Tokens?
This could be one of the biggest events to ever happen in Crypto.
Well, that is dependent on how Mark Zuckerberg and the Facebook team will implement their solution. Zuckerberg tweeted about being investigating how Blockchain and cryptocurrency can assist Facebook to go to the next level of business recently.
You can view the full Coin Telegraph post Zuckerberg Eyeing Out Power of Cryptocurrencies here
What will it mean if Facebook start using Crypto and the Blockchain?
In my opinion, it is all about user adoption. One of the key challenges for any cryptocurrency is to get their tokens, into the hands of the masses and after that give their ways to spend these tokens. Steemit is currently doing an excellent job in getting more and more non-crypto people into the crypto shere. Smart Media Tokens will take this one step further in allowing any website, to create their own token and incentivise users to use their applications and websites. I have been researching blockchains and crypto for a few years now and believe that there is no better solution out there than SMT's for social media based sites.
I do however also believe that a large entity like facebook will plan very carefully in which solution they will choose or for that matter maybe build their own solution as they have a captured audience and it doesn't really matter what solution they implement it should be adopted fairly easily.
More and more Competition
In my opinion the reason that Zuckerberg is looking into these types of solutions are that his competition is getting a bit more everyday. If we look at a site like 101 Image is becoming very clear that more and more competition sites will pop up. Sure the business model for these types of sites still sucks, but this will become better over time as well.
https://101img.com/ - Where users get paid to post pictures on Facebook and the likes.
The world of crypto will influence many industries, including social media sites. It is a very exciting time to be alive if you are a follower of the latest technologies.
One thing is for sure, Facebook and the likes have a lot to learn from community driven sites like Steemit.
Steemit will always be a few steps ahead of the rest of the world when it is coming to incentivising users for social content.
Happy Steeming!
Seems like he's trying to learn from Steem, but FB is still centralized, so it has a major flaw when compared to Steem. On the positive, FB has billions of users, so this could be huge in terms of awareness for Cryptos to the masses. Perhaps once these people learn about cryptos and earning on FB, they will then turn to Steemit due to its decentralized platform...
Centralized social media won't do anything for people, if they come up with this model, they still be thinking to maximize their ROI and this is not what Steemit does!
Totally agree with you ;)
Perlahan akan berkurang peminatnya dengan adanya steemit.com
facebook wouldnt be able to fight with steem now :) we love steem now
If Facebook comes up with their own token or coin it will be a strong competitor for the Steemit platform. With that number of active users it could really push the whole crypto thing beyond everybody's imagination.
Humans like to stick to things they are used to, and Facebook already became many people's everyday tool, every extension or development might be embraced wholeheartedly as long as users see some use. That's were Zuckerberg has to start, creating some incentive .
True should be interesting to watch!!
We are in interesting times.... Time for the Big Fish(Facebook, Google, Twitter) to make a move.
Good post
if anything it will just re-inforce steem and make it 'commonplace' -- if i'm honest, i'll be happy if the facebook 'people' stay over there. i can think of a bunch of people who are REALLY friends that i would like here and most of them are here already and have been for the last few years. entry point to a social platform is important and people REMEMBER that, it's your history and what you do and what you have done that makes you standout.
that being said, i'd invest in a facebook coin. no problem at all taking some HODL profits from that ;)
it will be really cool to see what's next move is gonna be mark is trying hard to get into this
Thanks for the supplements.But honestly I do not think that Facebook will succeed in it as it does not have a decentralized system with it
-cheers-
Cool, i'm wondering if he will do something for the publishers or for the user.