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Humans in the Press: Leap in the Blockchain Development: What Will be in Demand on the Decentralized Market in 2019?

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In successive instances, the social media giants have been faced with damning security breaches. How will third-gen social networks like solve these problems? Learn in the new article by Forbes.

Social Networks are an integral part of our day to day lives. Thanks to them, we have become a truly global village. Blockchain projects which seek to create improved third-generation networks that address the shortcomings of the second generation web have been developed in the recent past. Steemit on the Steem Blockchain is one of the most well known among crypto users as it rewards users for using the platform. But just like most pioneers in this industry, it did not have the impact that it hoped to. Luckily, it is not the only Social Network working hard to give Blockchain a breakthrough. There is Indorse, a Social Network that sells Ads and rewards users in IND tokens. Rewarded tokens are used to create a user activity index. Indorse raised $9 M in its ICO and is set to continue developing in 2019.

Other networks that use the reward model are Nexus and Synereo. Another interesting platform is, which endeavors to create a global one-stop shop for service providers and job seekers to conduct peer-to-peer networking. The core of its operations is based on a DNA system of verification to ensure users are legitimate. The platform does not impose any form of fee to use its services while efficiently ensuring data protection. Data for advertisements are only used with the express permission of the user, furthermore, users are guaranteed a 25% share of the advertisement revenue. Interestingly, the platform caters for all and sundry. Unlike other similar networks that strictly offer services to certain target professions, is a truly wholesome platform where you can find a medical consultant as well as a cleaner.


Immediate need for Blockchain based Social Networks


The social media giant Facebook has been faced with damning security breaches. First came the Cambridge Analytica scandal where Facebook was accused of selling user data to third parties. The data is said to have been used to manipulate elections in the US and Kenya. Right after, 60 million Facebook user accounts were reported to have been hacked. This shows that the consequences of data centralization are too far-reaching. Not only does decentralization ensure security, but it also gives users control of their own data.

By ensuring users are anonymous and do not need any form of identification that link them to accounts, Blockchain Social Networks can help ensure freedom of expression especially in countries that censor what users post on social platforms. 

The capability to earn money from one’s own creative content is crucial - without having to pass through brokers. Through these networks, case in point, users interact directly with each other, negotiate terms, and execute contracts and payments without involving third parties who not only charge fees but can also compromise security.

While most general networks have tried to integrate payment options on their platforms, issues of third parties arise all over again. This raises transaction fees as well as making transactions dependent on third-party applications. If there is a mishap during a transaction, the resolution process takes long as three parties are involved. Blockchain networks can trade on the platform utility token and use them for transactions at minimal or no fees. Additionally, transactions on Blockchains are trustless as they employ Smart Contracts to execute transactions.


User statistics


Statistics on platform popularity seem to favor unique startups that think and act differently. One of them is which is at its expansion stage and already has over 200,000 users in the US. It hopes to continue expanding into more countries after receiving a $10M seed funding. If this is anything to go by, the prevailing indication is that Blockchain Social Networks have the capacity to attract users because of their more favorable features. With the increase in concern over personal data security and the increasing big data appetite that puts them at risk, people are more likely to turn to the more transparent and ethical Blockchain.

Blockchain Social Networks may not have high user numbers compared to other rising Blockchain projects because it lacks the urgency. The health sector for instance easily attracts the development of Blockchain networks because it is a sensitive and delicate area. However, the effects of data theft, manipulation and general abuse of mainstream Social Networks will draw more users towards Blockchain based Networks.

Read the full article: Leap in the Blockchain Development: What Will be in Demand on the Decentralized Market in 2019?

Stay tuned for more insights and news from the team!

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