Before we start on with how Block Chain is threating the popular social media networks like Facebook, Twitter and Youtube, we must first understand what BlockChain is?
What is BlockChain?
Blockchain is a technology that is the apparent power house for all the crypto currencies in the world. Bit coin and Ethereum to name a few. Its immortal, immutable and an openly accessible ledger of all the transactions that occurred on all the networks since its inception. Every crypto currency has its own blockchain. Newer crypto currencies are formed into batches called “blocks” at regular time intervals. The process of creating new blocks is more commonly known as bit coin mining, and every new block is added to the already existing chain of blocks. Through the existence of blockchain, users are now able to verify transactions and know that they happened at a specific moment in time.
To understand it in the terminologies of conventional banking; blockchain is like a full history of banking transactions that took place. Bitcoin transactions are entered into the blockchain similar to the transactions entered at a bank however, individual blocks that form the chain are like bank statements that are unique to every account held.
Till date, content distribution and creation on the internet is carried through bigger corporations. Companies like Facebook, Twitter and YouTube are considered to have taken the first seat in the list of online content distributors. Users of these social networks “like”, “share” and in some or the other way boost content for greater attention. The entire process helps content creators and distributors to reap mutual benefits by moving the content into the main stream.
However, corporations are seem to be reaping more fruit than the content creators. Apart form advertising, many content creators of today who are willing to move into the entrepreneurial stream have fewer ways to monetize their work and the value that they are inserting in their content is seem have stripped off by the distributing corporations or maneuvered for their own benefit. This is about to change!
Since blockchain is the technology that supports bitcoin and allows a database that is stored on all networks at any given time, it could allow users to access this same data, despite its displaying network, securely.
How will it work?
There will be platforms designed for it that are going to disrupt the attention of the way people think, create and distribute. With platforms like Synereo, users can upload and access content on distributed ledgers that is going to waive off the need to have a central hub of data.
Through these systems the content sharing will become completely de-centralized, replacing the legacy models of centralization with machines, which is going to further transfer the benefits to the users and the creators alike.
It’s like having a vehicle of your own to distribute and publicize your creations. As the users like, share or just go through the content, the system will allow them to amplify the distribution by contributing digital tokens to the creators.
Its token Vs. currency now
Other companies around the globe are thinking to use blockchain to create similar, more user centric ways of content distribution. A recent example of such a decentralized system would be Decent; a company that is relying on the power of blockchain to the third party hubs and place the power in the hands of the creators.
Regardless of the platforms, new companies are urged to create ways that could exchange value within a user-distributor system. Many of who have chosen crypto currencies (digital tokens) issued by the companies. Digital tokens like AMPs currently worth about $0.23 each and are used to reward people who are creating content can also be used to gain access to download and share the content that was created.
These digital tokens are exchangeable with the normal currencies like Dollars or Euros and can also be used in the content ecosystem itself. In a similar case when a post is liked or shared, the creators is going to receive monetary rewards for their good work and the profit is going to go to them directly via token, rather than a central hub receiving profits and then distributing it among owners.
The entire advertising world is trying to gain the attention of the respective target market and in the run, everything is getting better, brighter and faster.
However, this new, decentralized system is yet to prove its efficacy on its content distribution effectiveness and how it captures the attention of the target customers. Through these decentralized systems, users will no longer be bound to use a centralize hub, but are empowered to support and offer content that is worthy to their attention.
This new systems will make it easier for both creators and contributors in where to pay attention and will be rewarded by payments for their efforts.
Content creation and distribution is surely evolving into something more user centric and empowered with lesser dependencies on any one of the social content distributor. Popular social networks should gear up, as this blow could result in a steep revenue slash in their cash flows. Branex, a professional web design studio believes in user satisfaction and empowerment and wishes everyone all the best.