It’s Inevitable: ‘Crypto’ Social Media Networks Will Displace Big Tech

For anyone looking into cryptocurrencies these days, what with the uncertainty of fiat money, you’ll probably have noticed one of the main contenders taking up shares in the market; Ethereum, second only to Bitcoin.

Both Bitcoin and Ethereum have taken off as cryptocurrency platforms recently, but although many people are tentatively following the developing news about this technology, crypto-currencies are an intimidating subject for many, even those with advanced financial knowledge or experience.

Many people are watching the developments in this sector, though, with great interest. Many people are looking for a way to learn about ‘Crypto’ without it being too complicated, and without too much risk on their behalf. 

If you’re one of those people who’s interested, one way of getting your feet wet in the crypto sphere that is essentially risk-free is through one of the next generation social media sites that internally generate their own crypto.

Don’t be confused by what I’m saying here” many of these newer social media sites pay the users for their contributions to the network. 

There are many of these sites opening doors into the crypto market for millions of newcomers. Sites such as UHive, DLive, WeGo.Social, LBRY, Odysee and others are on the rise, and fast. 

With the censorship, theft of data, going on with the traditional platforms (Facebook, Twitter, Instagram, YouTube, etc.) people are now flocking to these platforms by the hundreds of thousands, partially because they are seeing a curtailing of online freedom of speech. 

Another big attractor to this newer generation of social media is, again, the internally generated crypto, which are often tethered specially to the Ethereum cryptocurrency.

There’s a lot you can do with this sort of platform, it turns out. 

Some sites like LBRY and Odyssee are video streaming services that will pay creators as well as viewers with cryptocurrency simply for using the platform, i.e. viewing videos or subscribing to content creators.  

Other sites like UHive and WeGo.Social are more based on the Twitter or Facebook models where one earns cryptocurrencies for engagement.

Although, there is currently one platform that implements these concepts better than any other, Minds.com has created something rather unique through its combination of blockchain technology, cryptocurrency, and traditional social media experience from Facebook and Twitter, to YouTube and blog posting.

Minds allows you to earn tokens, which are based on the ERC-20 coin, through interaction with the platform and audience support. 

You can also transfer ETH into Minds Tokens (1 ETH = 2000 Minds tokens).Latest figures show the Minds Token price at $0.00018373, with an unknown 24h trading volume. There are 8,002,000 coins currently in supply. Hoo.com is currently the most active market trader.

The platform, with around 2.5 million users and just over 1 million daily page views, has already seen about ¾ of those users having earned a free “airdrop” token for the launch. 

Co-founder and CEO Bill Ottman says he has seen some good results from the testnet, and believes that Minds will become one of the most popular apps with an Ethereum based ERC-20 Token due to its unique setup as a social network.

While some users report discrimination on certain, historical social media platforms, and many others being banned from using these platforms altogether, we have seen a major rise in use of alternative platforms such Minds. The blockchain technology, which makes it possible for the currency to be internally generated, also allows the site to be run on a decentralized network, ensuring greater security of content and contributions, as well as expanded freedom past a certain level of necessary moderation on the platform.

The problem with the Big Tech sites in this area is that they take user data and sell it to third parties without users ever being appropriately made aware of this or even offered a share of the compensation for this. 

Minds, on the other hand, allows users to earn tokens, with real monetary value, simply from engaging with others on the platform. All upvotes (likes), comments, reminds (shares), posts, etc go towards rewards for users, while the content is what keeps users on the platform and the site earning and growing. 

It’s no wonder we’re seeing a slow bleed from traditional sites to these types of alternative platforms, social media users and content creators are beginning to realize just how much their content and engagement with these platforms are truly worth, and Minds is one of the few platforms that is starting to recognize this trend and will reward people accordingly with a reliable currency. 

With a finite amount of currency available, and the platform still really in the beginning stages, early joiners will have an edge on the competition in setting up a successful channel. As more people join, the channels that have already established themselves as a presence will see their stake in the market grow exponentially.