An Overview of the Blockchain Social Media Landscape

Blockchain and Social Media

Blockchain-integrated social media is a quickly growing sector that brings decentralized and permissionless blockchain protocols to platforms built for facilitating connection and content-sharing between people. Below is a brief overview of some of the platforms that are already on the market, how they compare to legacy platforms, and some of their unique features. Note that this is not an exhaustive list.

Decentralized Social Media Networks on Bitcoin Cash

While Bitcoin Cash (BCH) is most commonly thought of as a peer-to-peer (P2P) cryptocurrency, its underlying network also has some other notable functionalities. Bitcoin Cash has its own native token economy via the simple ledger protocol (SLP) and a compelling ecosystem of blockchain-based social media. Here are some noteworthy BCH-driven social media projects:

Read.cash is a blogging platform that allows you to read and write articles. When you sign up, you are given an integrated BCH-enabled web wallet. When you upvote articles, you send P2P microtips (or large tips if you like) on-chain via the Bitcoin Cash protocol.

Memo.cash is a decentralized social network for mobile and desktop that allows you to post visual content and messages. It uses hashtags to filter content and uses BCH tips in lieu of likes. Each Memo.cash account is linked to a crypto wallet address, and every post is visible to anyone on the blockchain.

Member.cash is a blockchain social media network that is similar to Memo.cash. It allows you to comment on posts, “heart” them, and tip via BCH. It also allows you to “re-member” a post, which is akin to a Twitter retweet.

The Ethereum Blockchain and Social Media

While Ethereum is perhaps best known for its vast token ecosystem and the rapidly growing decentralized finance (DeFi) sector, a number of notable projects have built decentralized social networks on Ethereum. Here are some examples:

Minds.com: Positioned as the “anti-Facebook,” the Minds layout is somewhat similar to that of the established social media giant. However, Minds’ code and algorithms are open-source, and it has a transparent content moderation and spam policy. Minds uses its ERC-20 token MINDS to reward users for quality content creation, code contributions, and other actions that contribute to its ecosystem.

Peepeth is a decentralized social network akin to Twitter. On Peepeth, accounts and “peeps” (posts) are stored on the blockchain. You can accept tips in crypto, but the platform takes a 10% fee. One unique feature is that you are only allowed one “Ensō” (analogous to a “like”) per day. This rule was implemented to encourage more high-quality content — and engagement.

Indorse.io: This could be described as a decentralized LinkedIn — with a splash of Instagram. Indorse is powered by its ERC-20 Indorse token (IND). The platform aims to deliver more accurate credentialing and skills verification through its “indorsements” system. At the time of this writing, Indorse is updating to Indorse 2.0, which will enable IND staking and gradually decentralize governance via the Indorse Decentralized Autonomous Organization (DAO).

Steem’s Blockchain Social Media Landscape

While finding decentralized social media platforms on Ethereum and Bitcoin Cash may come as a surprise to some, Steem is known as the “social blockchain,” and has long been focused on fostering online communities. Steem utilizes its native STEEM coin to power its growing ecosystem of decentralized social networks. Here are some of the most well-known Steem-powered networks:

Steemit: The Steemit platform gives users the ability to earn crypto for creating and curating content. Launched in 2016, Steemit was the first decentralized app (dApp) released on Steem. Still active, it may also be the oldest blockchain-based social media platform still in operation.

D.tube: As the first blockchain-based social media video platform, D.tube was originally built on Steem and the InterPlanetary File System (IPFS), and rewarded users in STEEM. It has since transitioned to running on its own blockchain called Avalon, and now uses its native dtube coin (DTUBE).

Dlive: Dlive is another blockchain social media platform for video, but it is focused specifically on livestreaming. It emerged from the Steem landscape and has since gone through some ownership changes and switched chains several times. It first migrated to the Lino blockchain and then moved to running on the TRON network.

Notable Blockchain Social Media Platforms on Other Chains

While the aforementioned protocols have a substantial number of decentralized social media networks, there are some projects making waves on other large blockchains. Other decentralized social networks have chosen to create their own bespoke blockchains on which to run their blockchain-based social media enterprises. Here are a few that may be worth paying attention to:

LBRY:  This platform runs on its own proprietary blockchain (also called LBRY), and rewards creators with its native lbry credits (LBC). It could be considered a decentralized version of YouTube.

Subsocial: This decentralized social media platform is built on Polkadot and the IPFS and features built-in crypto monetization through tipping, smart contracts, ads, and more. It has received grants from the Web3 Foundation and support from the Substrate Builders Program.

Torum: Funded by crypto venture capital firms and situated on the Binance Smart Chain, this decentralized social media network is focused on attracting the crypto community in particular. It features non-fungible tokens (NFTs), a crypto mining game, crypto news and project listings, and even crypto-themed “emotes” (or emojis). Torum’s XTM BEP-20 utility token is used to power its ecosystem and is compatible with Ethereum via cross-chain swap.

Is Decentralized Social Media the Future?

While today’s decentralized social media platforms might not yet feature the same degree of network effects as the ubiquitous social media apps with which we’re all familiar, blockchain-based social media platforms offer new functionalities and ways to engage with technology and one another. Enhanced privacy, censorship-resistance, and built-in monetization features are key factors in driving crypto social media network adoption. The borderless and permissionless features of blockchain protocols may help lead to a more interconnected, engaged, open, and collaborative global social media ecosystem.