Hey everyone Scott Cunningham aka @scottcbusiness today we’re going to be
talking about the seven ways that
blockchain social media platforms are
better than legacy platforms and by
legacy platforms just so that you know
we’re talking about Facebook YouTube
Twitter Instagram all the traditional
social platforms that have pretty much a
monopoly on the advertising space and
the social space right now so there’s
all these different up-and-coming
platforms that are trying to provide
solutions to the issues presented by
legacy platforms what are some of those
some of the solution I mean some of the
issues are lack of transparency overly
centralized lack of monetization or D
monetization full of censorship lacking
privacy the the networks aren’t really
distributed so again easy to censor you
and you can’t invest in yourself so to
speak which is possible with stake proof
of stake networks which we’ll get into
so those are just some of them – there’s
more problems than just that but these
are the main things that we’re gonna
talk about today so what are some of
these platforms what are some examples
on the very very you know end of the
spectrum full blockchain integration we
have steam steam is the best example for
a fully integrated blockchain social
platform on the very other side we have
you know like up trend and publish o X
where these aren’t actually using the
blockchain that much or hardly at all
but they are crypto monetized so they
get lumped into this you know this
atmosphere of this ecosystem of apps
and and I’ll explain later why that’s
relevant because they do have some of
the benefits listed and and they have
sort of certain ones to a very small
degree whereas you know a fully
blockchain integrated platform is going
to have all of these benefits and
there’s hundreds of other platforms that
exhibit some of these benefits and this
will just give you a good a good way to
tell if a platform really is blockchain
integrated and fulfilling the values
behind that and what that really looks
like and I’ll explain as we go so for
example transparency is the first one
and though transparency isn’t specific
to blockchain typically with any
blockchain integrated platform this is
one of the main values and you see that
with steam so for example every
transaction every single transaction
every comment every message every post
it is all time-stamped and it is all
publicly available you can vote for
witnesses who will make decisions on
your behalf and you could see what
they’re doing you can take away your
vote at any time super super transparent
a slight step down from that is mines
mines isn’t fully blockchain integrated
so naturally it’s not going to do as
much it’s not as you know publicly
transparent because you can’t see all
the transactions but their source code
is you know open for everyone to see you
can see exactly what they’re working on
they put out updates they’re very
transparent in what they’re doing for
you if you look at Facebook you never
know what’s happening they don’t issue
update notices they don’t do anything
like that at all you have no idea what’s
happening with legacy platforms you just
play catch-up all the time
when we’re talking about
decentralization for the second benefit
when when you think about centralized
platforms like Facebook centralized
means that there is a central authority
who can make decisions and unfortunately
there’s no way to avoid bias so Facebook
tends to be biased against right-wing
personalities and that is a function of
a centralized network because again
there’s really no way to avoid bias when
you’re using individuals to decide so
the only way around that is
decentralized networks for example steam
the best example of this with steam
there is so much not a central authority
that if you even lose your password you
can’t get it back from someone because
no one has it which is empowering but
also a little scary for some users right
don’t lose your password but it puts you
in control fully including the
responsibility and the blame if
something bad were to happen so again a
lot of blockchain technologies are about
empowering the user sometimes that gives
you more control but also more
responsibility and with seem steam since
there’s no central authority there’s no
one who can ban you for example so you
can’t get censored that’s a big deal
and you know with with platforms like
mines they have a jury system where you
know you can get if you appeal a
decision of moderation decision a jury
is randomly formed with people who don’t
know you or the other user and then they
will vote and you can appeal appeals and
you can keep going it’s very
decentralized and if anything all these
platforms are more decentralized than
any legacy platform even you know at the
lower end of the spectrum where like
publish elects you could have someone
banned by a moderator because it is
still a a pretty centralized system like
a pretty central
platform but they exhibit a lot of great
blockchain esque values that lump them
in with with the rest of them and they
do a really great job I’m not attacking
them for being more centralized that’s
just the reality but there’s going to be
centralized blockchain social media
platforms there’s going to be
decentralized ones but naturally the
decentralized ones are much more
trustworthy
for example D live is extremely
centralized to the point where it is not
trustworthy because they can arbitrarily
manipulate the value of of their
currency because it’s not a
cryptocurrency and you know
interestingly I just checked the other
day and they made it so that you can
cash out via D live but you can only buy
via lino and they’re supposed to be
separate companies but clearly that’s
not the case and you also have to give
your ID to cash out which is really
interesting because you don’t have to
give your ID to buy it only to get your
money back and there’s a minimum
withdrawal of like four thousands so you
need to sometimes at some points people
might actually have to buy more to be
able to get some back which is
ridiculous yeah and then and then
uptrend and publisher X aren’t very
decentralized but they’re definitely
better than a lot of legacy platforms
for the most part when we’re talking
about monetization not only are they not
really d monetizing you they basically
allow you to monetize everything that
you’re doing some platforms more than
others like mines and steam will give
you money for most the things you do
mine’s even more so where is like
publish o X is really just for tips you
receive and uptrend is a little closer
to mines where it’s like votes comments
multiple things but generally you’re
able to earn cryptocurrency at the very
least for your content that you create
and that is huge not only are you not
getting demonetised but you’re able to
start monetizing right away there is no
requirements you’re earning crypto from
the very first day that you start
platforms like Steam are probably the
best for this because you can earn the
most but I would say publish so X is the
fairest most equal way to earn because
it’s crypto agnostic so you’re gonna be
earning different coins and you know
you’re not concerned with the platform’s
coin going up or down so for example
steam their coin has lost a lot of value
in the past several months so you know
people are concerned
whereas publish to X is just using
different sponsors so you’re never
really concerned about that and SBC
publish so X is continuing to grow so
that’s that’s good for them in terms of
censorship a lot of these platforms are
censorship resistant or you know that’s
where they’re leaning towards so for
example mines isn’t perfect it’s not
built into the blockchain or the
infrastructure but they only really make
moderation decisions based on things
that are illegal with steam the
censorship resistant you know component
is very very prominent so you really
can’t get censored on Steam unless there
is a massive effort amongst many many
people to all censor you and no one else
you know feels the need to try to to
combat that and that rarely ever happens
because it’s it’s community moderated so
even if that happens you’re still not
gone like you can’t get banned you can
be somewhat limited but you can never be
fully censored and I think Steam does
the best for this and there’s a lot of
other platforms that are really great
with censorship resistance gab again
Mainz is doing a pretty good job again
with with publisher X and uptrend
they’re more centralized so you can’t
trust that you can’t get censored but
like I said not every platform is able
to
utilize all seven of these benefits some
only you some some use all some use
you know fractions of them or you know
very small amounts privacy really big
for all these they’re very big on
privacy mines does a really great job
they’d have an encrypted messenger
application because they know that one
big issue with Facebook is that Facebook
will read your private messages so mines
ensures that that is not possible and
that is a great example of privacy and
generally privacy will come with
decentralization and not having people
who are watching what you’re doing and
tracking you and I mean all of these
websites they have very I mean here’s
the issue you don’t really have good
targeting for boosting or good analytics
or you know know where people are coming
from and all these great insights
because people aren’t really being
tracked there’s no cookies so with
privacy comes a bit of a lack of insight
for creators but you know it’s a
trade-off and then they might find a way
around it without being too invasive to
people’s privacy as well so the next one
is distributed networks and this is
really relevant because this is kind of
part of censorship resistance as well
when you have a distributed network it’s
much harder to you know kick someone off
because for example on Steam with D tube
you can host your videos on ipfs meaning
that you can host it from your computer
with peer-to-peer technology and that
way you can ensure that you know if
something were to happen you won’t your
video won’t get taken down and it’s
extremely useful minds has experimental
options for peer-to-peer media and
there’s a whole bunch of great ways that
that this is done bitch shoot it uses
the same kind of model where it’s like
peer-to-peer and yeah this should be
networks are really really important for
ensuring that you have you know a stable
network that can’t be censored it’s
generally a little bit slower but it’s
much more secure and much safer for the
creators and they don’t have that you
know that stress in the back of their
mind that maybe tomorrow everything will
be gone and lastly the ability to stake
investment not all platforms do this but
there are many platforms that do allow
you to stake your investment meaning
with steam for example you can stake
your steam and then you can delegate
that stake to other users that you
support or you could use that stake to
up your voting power there’s many
different uses for it but essentially it
allows you to invest in the platform and
keep that keep that crypto like that
that steam cryptocurrency within that
network and basically what that’s doing
is you’re giving more value to steam it
for example if you’re if you’re if
you’re powering up for steam it because
this keeps it locked in and it ensures
that there will be future value because
it’s locked in for three months so they
can ensure that within three months time
there will still be this amount of steam
invested into the platform and that
gives it more value because well like
the percentage of existing steam that is
invested or isn’t invested obviously
will make the give the platform more
value and there’s many other platforms
that have staking uptrend is a different
kind of way with theirs you stake but
you can’t get the stake back so with
steam is a three-month waiting period to
get all of your steam back in in
fractions one 13th every every week and
we’re we’re as uptrend
if you stake your investment it is gone
it is it is forever gone it’s staked
forever but there is a big difference
steam increasing your steak ups your
vote value that you can give other
people whereas uptrend
if you stake your investment which has
gone forever so it’s more like it’s
levelling up on uptrend if you do this
you will earn more and give out more so
it is more beneficial to steak but again
you can’t get that back so you have to
determine you know how much are you
actually gonna use uptrend how much do
you actually want to put towards this so
that’s pretty much everything those are
the seven main ways that blockchain
platforms or at least most block
chaining and graded platforms utilize
some or all of these benefits and you
know even if it’s just a little bit it’s
still way better than most traditional
platforms the only issue is they might
lack a little bit of the functionality
and features because they’re much newer
and they have much smaller communities
but I would say outside of that any
other gripe is kind of unwarranted like
people saying oh because it’s free
speech you know there’s more spam and
hate speech it’s like well they give you
filters and you can block people or mute
people or whatever you want to do so
there’s definitely ways around that they
give it to give you more of the control
to deal with things yourself rather than
you relying on them to arbitrarily make
those decisions and that’s the whole
point of decentralization and part of
the motivation of blockchain
technologies to begin with let me know
what you guys think
am I missing any benefits did I
misrepresent any what kind of blockchain
platforms blotching social platforms are
you using let us know in the comments
below and if you watch to the very end
make sure to comment number one ham in
the comments below thank you so much for
watching I am Scott Cunningham aka
@scottcbusiness don’t forget to
comment like and subscribe
Cheers