When innovations are introduced to the public, one of the main goals is to develop a large-scale mass adoption. To do so, investors rush to social media platforms in the hopes of getting a large audience. One of the demerits of some social media platforms is that they are centralized, which means information can be easily accessed and tampered with by a single entity. But with blockchain, social network information is decentralized, which means it stays safe because it is hard for anyone to access or hack.
For those who are familiar with cryptocurrency, it is an example of a system that is run on a blockchain, hence making it ideal for investors to invest their assets without having to worry about hackers and system shutdowns.
Without further discussion, below is a beginner’s guide to blockchain social network technology.
What Is a Blockchain Social Network?
These are decentralized network platforms that are built using blockchain protocols that support the sharing of information privately and securely. A blockchain foundation also ensures reliability and capable performance.
Can I Build a Social Network Blockchain?
Well, the answer to this question is yes. There are various ways one can build, but we are going to look at the most commonly used one. Building a blockchain social network using blockchain protocols such as the Loop protocol allows for the development of decentralized social network applications.
Benefits of a Blockchain Social Network
- Improved security – There is a lot of transaction data shared on social media every second. Just take a moment to think about the implications of this. If someone gets a hold of this information, they can use it to sabotage one’s business. With a blockchain social network, you do not have to worry about someone seeing your private information and communication. Information is stored securely in various decentralized computers to avoid hacking and theft.
- Freedom and privacy – All data on centralized social networks can be accessed by anyone in charge of controlling the networks. Even those private messages that you have been securing with passwords are not exempt. Such accessed messages can easily be searched as part of an effort to suppress political dissent or to discriminate against minorities. With a blockchain social network, privacy and security protections cannot be altered by a central authority. You have privacy, hence increasing the freedom of communication.
- Rewards – Most blockchain social networks partner with cryptocurrencies to offer tokens to users who post on their network. This enables investors to earn more, thus growing the economy.
- Crowdfunding – With the high level of security and freedom, users can now start crowdfunding using their tokens. They are also allowed to carry out peer-to-peer fund transactions, which open the way for more opportunities.
Future of Social Network Blockchains
Blockchain has changed the world in many positive ways, and as statistics show, most people are interested in how it works. The future is predicted to be bright, but there could be challenges on the way. With the right measures, they can be overcome. The applications of social network blockchains and integration of social networks in daily life are only expected to grow.
Social networks have always been known for their lack of privacy when it comes to people’s information. But thanks to blockchain social network technology, individuals can now enjoy social networks in a more secure environment.