Social media plays an integral role in the lives of modern Internet users, whether it is catching up with friends, networking with like-minded professionals or simply entertainment.
The social media industry has seen rapid growth and adoption, but the tactics employed by the companies that control these platforms have created an environment that, while extremely profitable, is neither secure nor equitable.
Social media users willingly part with swathes of valuable, private data in exchange for the sole benefit of using these platforms. Their personal information is collected by social media companies and often sold or used in a manner that is neither particularly secure nor profitable for users.
However, using blockchain technology, developers can initiate a paradigm shift in the dynamics and economics of social media while providing security and infinite scalability.
Social media offerings built on blockchain technology offer permanency and public availability of the data stored there, with many placing a heavy emphasis on the ability for users to own their personal data.
But while a number of blockchains offer data storage capabilities, only the BSV blockchain supports the capacity and transaction volumes required to make blockchain-based social media viable. This is due to its unbounded scaling, low transaction fees, and the stability of its underlying protocol – each of which is a key component in creating a stable and reliable environment for platform development.
