Cryptocurrency and social media may appear to be worlds apart. However, the two have a deep bond that extends well beneath the surface.
In today’s society, social media has been influential in various areas. It can influence public opinion on various issues and so has a significant impact on cryptocurrency and how it is perceived.
The blockchain and cryptocurrency industries have long sought mass adoption. Almost every company in this field aspires to achieve widespread adoption in some fashion. However, there is a long way to go, with just over 300 million crypto and 70 million blockchain wallet users.
Deterrents to mass adoption include a lack of official acknowledgment, a lack of knowledge of the technology, and high-risk considerations. The lack of a strong enough use case remains the key obstacle in this long list.
However, today’s blockchain industry is brimming with unrivaled innovation. Unfortunately, these improvements are primarily focused on short-term gains and do not give a clear cause for individuals to switch from centralized to decentralized systems.
The internet was in a similar scenario in the early 2000s. There’s a lot of promise here, but it’s not worth much. However, the introduction of social media, primarily Facebook, in 2004 altered the entire dynamic. The internet attracted a flood of new users from worldwide who saw it as one of humanity’s most significant innovations.
Even after two decades, it is still social media that has the potential to catapult blockchain adoption into the mainstream.
As of 2021, Facebook is expected to have over 2.89 billion users. After dominating Web 2 communication, Facebook has recently made significant progress in its shift to Web 3. The company is currently known as Meta, and it is working to create the world’s largest social media metaverse. Nearly 3 billion people worldwide might be introduced to cryptocurrencies and blockchain if this happens in tandem with Facebook’s cryptocurrency Diem.
The blockchain is essential to the metaverse’s functionality. On the metaverse, digital assets such as NFTs will define ownership, and cryptocurrencies will power the new digital Economy. As a result, Facebook’s move to the Meta is a blessing in disguise for the blockchain business.
While the terms Facebook, Instagram, Twitter, and YouTube have become associated with the word “social media,” that is likely to change shortly. Blockchain technology is spawning a new generation of social networks that may be bigger and better than the previous ones.
These new networks give existing social models superpowers. Data fraud, rash algorithm updates, and arbitrary content restriction may become obsolete. Because the community owns and runs these new social networks, this is the case.
They also carry with them the prospect of social financing (SocialFi). Users can earn direct monetary rewards from being influential individuals on these platforms since social influence on these networks is tokenized (or incentivized)
The growth of these new social networks and their integration with SocialFi is likely one of the best uses of blockchain technology. It will most definitely be at the forefront of broad adoption.
Apart from Facebook, a traditional social media platform making headlines, The Lovechain is a decentralized social network that is undoubtedly the next best trending platform at the moment.
This social media platform is built on the Algorand blockchain and celebrates all things love and empowers users with rewards and ownership of their data. The LoveChain is also the first media platform in the world that allows users to create NFTs from the content they create and post.
Users can produce and exchange content across the network without any centralized mediator. The LOVR (The LoveChain rewards token) can be used to get discounts through the online merchant store within The LoveChain ecosystem. Users can also send LOV tokens to one another. In addition, the platform will include a complete rewards system powered by the $LOVR token that is responsible for the incentivization aspect.
Because it is based on the most recent blockchain technology, it offers advantages in uniqueness and security that is not available on standard social media platforms.
Each user is granted their piece of digital real estate to call their own due to the Blockchain’s implementation. This piece of real estate can live thanks to the Blockchain’s decentralized nature eternally.
For more information on how The LoveChain is solving problems with social media by using blockchain technology, follow them at https://linktr.ee/lovechain