📍 Austin, TX, USA. on 9th Jun 2022 at 00:00
4 mins read
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As social media continues to impact our world in profoundly important ways, its relationship with cryptocurrency continues to evolve.
On mainstream social media channels like Facebook, Twitter, Pinterest, Instagram, and others, cryptocurrency is experiencing a massive presence and engagement. Moreover, there are a growing number of blockchain-centric social networks emerging by the day.
All of this should come as no surprise given that social media is increasingly where the vast majority of people go for updates on what’s happening in the world.
In light of cryptocurrency’s growing dominance of social media feeds through articles, news, and updates the future looks bright for synergistic opportunities. For the most up-to-date breaking news, many are turning to digital forums on Discord, Telegram, and Reddit.
In fact, the latter has emerged as one of the largest social influencer platforms for cryptocurrency. From everyday crypto neophytes to day traders, robust conversations and information sharing abound on this popular chat forum. Included here are various subreddits dedicated to delivering all forms of information about Bitcoin and other forms of cryptocurrency.
But arguably the biggest elephant in the room with respect to this convergence is Blockchain, the technology that undergirds crypto. Many believe that Blockchain could massively disrupt the current social media landscape by potentially delivering innovative solutions to a number of prevailing pain points in the space.
By way of example, with growing calls for truly decentralized content allowing for greater online privacy and free speech, a blockchain-based social media network could provide greater control to users relative to the content they elect to post.
Moreover, amidst the proliferation of hackers as well as government-sponsored information sharing, centralized social media platforms are vulnerable to data leaks. Here again, a blockchain-based social channel can allow users greater privacy around their personal and online data habits.
In his new book Cryptosocial: How Cryptocurrencies Are Changing Social Media, Gokhshtein writer and commentator Allen Taylor surveys the history of social media and cryptocurrencies to show how the chance meeting between these two unrelated technologies is changing the world.
Taylor notes that if you’re among the millions of people who’ve grown tired of legacy social media platforms and how they often take advantage of their own users, then this book will open your eyes to the alternatives offering greater happiness, more freedom, and better personal and financial security.
“To save the world from the evil empires of social media, a hero is rising up from the digital soil. Its superpower is a new technology called Blockchain. Cryptosocial deconstructs the ideas and ideologies that underlie the hype and keep bitcoin trending. It shows how the strengths and weaknesses of the new platforms and protocols are embedded in the features of the technology itself.”
2017 is when Taylor says he first discovered a site familiar to many crypto enthusiasts known as Steemit that allowed bloggers a way to earn cryptocurrencies by posting to the site.
“I joined it. In a year-and-a-half, as STEEM steadily declined in value, I managed to earn over $1,000 writing about what I felt like writing about. Then I started hearing about other platforms that had similar offers. Post what you want, and earn crypto. After some research, I discovered more than 100 different projects. That’s when I decided to write a book about this new form of social media.”
Asked whether he encountered any surprise discoveries while doing research for his book, Taylor had this to add:
“Yes, of course. One thing I learned is that there is a huge diversity in the number of cryptosocial media platforms and what they have to offer. There are niche communities focused on common interests, there are social blogging platforms, social networking platforms, sites that focus on video sharing, and more.”
Just as there is diversity in the way platforms are organized, Taylor believes that there is also great diversity in tokenomics. Some sites, he says, have native cryptocurrencies while others are built on top of existing blockchains. Some don’t issue any tokens at all, like Publish0x, but allow you to earn tips or bounties. Then there are protocols that allow you to implement a system on your own website where you or your users can earn crypto.
Ultimately, Taylor hopes creators walk away from reading his book with a vision for how they can turn their own talents into a means of earning crypto doing something they enjoy.
“If you’re a writer, there are a lot of writing opportunities that allow you to earn from your writing. If you’re a video creator, you have opportunities. Are you an artist? Interested in NFTs? Those opportunities are available in mass.”
Taylor says that there are also a growing number of play-to-earn games that allow people to earn crypto just by playing.
“There’s a whole chapter on them in Cryptosocial.”
“Whatever talents you possess or interests you have, there is sure to be a cryptosocial platform—or two or three—that will cater to them. I hope creators and curators discover these and begin to use them for their own career and personal enhancement.”