Social media plays a major role in a lot of our lives, it’s where a lot of us receive news, connect with old friends, meet new friends, and much more. These are just a few of the benefits of social media, they are also the aspects of social media networks that a lot of users focus on. However, what is less talked about is how social media companies are taking advantage of their users.
Users are the cash cow
Social media networks like Facebook and Google are free for you to use because you are the product. These platforms take advantage of their users by recording and then selling user data for profit. Yet, only the social media company is making a profit off of your data in that model; not once do they offer you a share of the profit that you are generating for them. To add insult to injury, the way these social media giants give away or use your personal data is typically not secure.
Fortunately, Bitcoin can change the economics of social media networks. A cornerstone of blockchain-based social media models is that the social media user owns, and can, therefore, profit from the information they post on the platform. Several companies are working toward making Bitcoin-based social media networks a reality, such as Memento and Tocial. But one company that has already made this a reality is Twetch.
Twetch leads the way
Twetch is a social media application built entirely on Bitcoin SV, where all activities and interactions that take place on Twetch are carried out directly on the blockchain.
“We had the idea of building an application like Twitter on the blockchain for many years, but there was just no blockchain that was capable of scaling or doing the things that we needed it to do—in particular, micropayments,” said Billy Rose, CMO and co-founder of Twetch.
When it comes to building a social media platform, you need a back-end that can handle high amounts of transaction throughput and can scale. Bitcoin is the only blockchain that can do both of these things, and due to Bitcoin’s economic system, engineers building on Bitcoin have the opportunity to build innovative apps with confidence due to Bitcoin’s extremely low and stable transaction fees.