This is the second part of my post with the title "the step and journey of blockchain based social media platform" and basically this is the same introduction to the first part of the post, so if you enjoyed the first part of this post please also pay attention to this one as well;
What is the blockchain technology? to simply put, the blockchain technology is defined as being a ledger for managing transaction data and information and for keeping records however, it is not just any kind of ledger, though it is a very secure and advanced one, one that has earned that is known as "immutable" and "tamperproof.", with that you can say that the blockchain is an immutable ledger that was developed and created to support and facilitate the operations of the first cryptocurrency, Bitcoin, and any other cryptocurrency to come.
What is a social media platform? Social media platforms just by the name is a platform for social activities, where we go to chat and make posts however if you apply and implement the blockchain technology to the social media platform we have or we will create a decentralized and blockchain based social media platform, this was a very good and creative idea to apply the features of blockchain to social media platforms hence we have platforms like hive and steemit, but before it became the platform we know today there must have been a long journey.
INTRODUCTION OF INCENTIVES, TOKEN BASED INCENTIVES
The introduction of token based incentives is another step in the journey of the growth and development of the blockchain based social media platform, this step or act of introducing incentives, token based incentives to the users and participants, rewards and incentives like digital tokens and other different types of cryptocurrency and this one of the features and things that make decentralized or blockchain based social media platforms unique and standout from the normal or traditional social media platform take for example the steemit platform the fact that they reward their users with steems and even trons token.
Talking about cryptocurrency or digital token based incentives, this was introduced in different types and models on the different blockchain based social media platforms in some of the platforms we have where users are rewarded, incentivized and encouraged to participate in the platform became increasingly popular, providing a unique value proposition for these platforms, many of this blockchain based social media platforms and models introduced their own cryptocurrencies or tokens that users could earn by creating, sharing, or engaging with content in the platform.
Still taking steemit as a very good example, the steem we receive as rewards once they pay out could often be sold for money or could be traded by the participants and users for another cryptocurrency as a result providing means to make money by just participating in social media activity, the tokenization and financial incentive was the best part of the blockchain based social media platforms however it also created a sense of community and encouraging users to contribute valuable content actively on the platform.
INTEGRATION OF DECENTRALIZED GOVERNANCE MECHANISMS
Another very significant and important step in the growth and development of the different blockchain based social media platforms is basically the adoption of decentralized governance mechanisms what does this mean? Well, unlike the traditional social media platforms which operate or have a governing system whereby the authority, responsibility and control is centralized and decisions are made basically by a central entity or authority whenever they like without consideration of their users making policies without the opinions of the individuals participating in the platform.
The blockchain like I said is not like that, it possesses decentralization and as such, the blockchain based social media platforms also will possess decentralization and it will be aimed towards addressing this issue of centralized governance by implementing decentralized governance, allowing users to participate in platform decisions through voting or other consensus methods, this governance approach promotes a more democratic system, where users have a say in the development and regulation of the platform.
CONCLUSION
In conclusion, a summary of all what I said would basically be the discussing and exploring of four significant, noteworthy and important steps in the rise and growth of blockchain based social media platforms and if you made the effort to read and go through this post firstly I would like to say a big thank you and secondly I say that you would agree with me that four significant and noteworthy steps in the rise of these blockchain based social media platforms were judiciously discussed.
https://x.com/proleeee2024/status/1867164323350741092?t=wfXM5P1TpJEjL7hejU2IrA&s=19
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There is so much benefits attached to the social media platforms that is based on the Blockchain I must confess
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