Are Blockchain-Based Social Media Platforms Going After TikTok?

Subh Rath

May 3, 2023

The days when social media platforms were the go-to gossip hall are slowly fading as blockchain technology’s transparency, security, and advancement take over. 

Now, the rising world of social media is massive, with endless platforms giving space to users and communities to unite, enjoy, grow, and portray themselves to a bigger world. As time passes, this social universe has become the digital home to everyone – from avid users to influencers and even creators. But is this social universe perfect? Evidently not! 

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Despite developing innovative ways to commercialize content, this monopolized market still lacks a clear and engaging user-generated reward system. This market, especially TikTok, also lacks a reliable voting mechanism for crowdsourcing decisions.

While TikTok is a famous software that allows users to make video clips and offers its users various monetization options such as Creator Fund and virtual gifts, the platform’s reward system remains unfair and opaque. And being a globally popular platform, this unfair reward system has stirred controversy many times, as creators voice their dissatisfaction about it. 

The major cause of concern for creators on this platform is the uneven distribution of revenue and the obscurity of the algorithms that decide content reach and visibility. And even when this isn’t a first in the social media realm, the decentralized blockchain technology is not ready to leave such social platforms behind. Research also proves the lack of factual data on social media. 

In addition to a lack of openness, most social media sites suffer from a lack of a reliable and trustworthy voting mechanism for crowdsourcing choices. While users can collect opinions via comments, likes, or informal polls, these methods are vulnerable to manipulation and lack the security and verifiability required for transparent decision-making. 

The Rise of Transparent and Trustworthy Blockchain-Integrated Platforms

Addressing the growing concerns for users to access reliable and transparent social media platforms, the Web 3.0 metaverse is introducing new and better social media platforms every now and then. 

As many content creators get affected by censorship and demonetization on traditional social media platforms, blockchain-based alternatives are becoming increasingly popular. Web3 social networking platforms dominate the industry, leaving such platforms in the dust. 

Projects such as SocialBox, Mastodon, wowTalkies, and others, in particular, utilise crypto and non-fungible tokens (NFTs) to create new income and audience engagement opportunities. Because these platforms are community-governed, content moderation is decided by a vote of the community. 

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