Thursday, September 29

How the Bitcoin Model Can Solve the Social Media Dilemma


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Social media platforms are constantly under fire for their lack of full end-to-end encryption, existing privacy policies, and censorship, but a blockchain-based solution could spell the end of an era of centralized social media dominance.

In many ways, social media is a vital component of everyday life for both businesses and the average consumer. Today, these platforms connect people with the kind of content they want based on their own input. This optimized feed that is served to users and takes them to waiting companies in the end, should be the perfect scenario. However, when it comes to distributing the rewards, the results are often incredibly skewed.

Algorithms are constantly changing to create new sources of income for the platform and deprive users of their rights. Additionally, building these algorithms involves collecting massive amounts of data from individual users. This can often be as invasive as it is effective.

Meanwhile, a full right to freedom of expression is absent from most centralized platforms. By simply referencing the fine print in their Terms of Use, platforms can choose to monitor and censor user comments.

The most crucial aspect of all is, perhaps, the need for encryption on the platforms. Although most of the major social messaging platforms claim to have end-to-end encryption, they often require users to connect with a phone number. This compromises the user’s right to total privacy.

Across all platforms, these inherent problems boil down to the fact that social media is generally centralized. However, a blockchain run by peer nodes, just like any decentralized cryptocurrency, could solve this problem.

The Bitcoin model

A decentralized social media platform based on the Bitcoin model would once again put the end user in charge of ensuring their right to privacy and removing these obstacles. Aside from the obvious benefits of economic decentralization, where the same value is shared between node owners and creators, a blockchain-based solution could even improve usability.

Essentially, users can log in with their private keys and immediately access all the custom settings on the blockchain. Users can post content, vote for its quality, promote it, and subscribe to creators.

The Bastyon network, recently renamed from Pocketnet, is one of those decentralized social networks modeled on Bitcoin. However, although its code base is loosely derived from Bitcoin, Bastyon uses a proof-of-stake consensus algorithm.

Content creators are often pseudonymous users identified by their public keys and the information they choose to disclose about themselves.

Meanwhile, the nodes maintain the blockchain and respond to RPC socket calls from the front-end. Only if they perform these services will they be rewarded.

Encryption and direct crypto transfers

Bastyon recently launched a decentralized peer-to-peer encrypted messenger – a private messenger that is not connected to a user’s phone number. The blockchain provides a ledger that enables the exchange of encryption keys to establish secure asynchronous channels.

In this way, all one-to-one conversations are end-to-end encrypted by default, just like images sent or received via chat. As an added layer of privacy, your message history is only stored for seven days.

Users will also be able to directly transfer the platform’s native crypto token, Pocketcoin (PKOIN) through the platform. To get PKOIN, users can trade up to 19 crypto tokens, including BTC, ETH, and DOGE, on various exchanges.

Bastyon’s interface is also not limited to a particular geography. The platform is available in a large number of different languages, including English, German, Mandarin, Korean, French, and Russian.

According to Bastyon, virtually all the power and wealth in today’s Internet landscape is concentrated in the hands of a few. The decentralized social network aims to solve this by bringing the foundations of Bitcoin to the world of internet platforms.

“Users keep going into centralized applications and then those platforms betray them once they get big. Bitcoin provides a blueprint for all decentralized applications, and Bastyon is truly the Bitcoin of social media, ”said project founder Daniel Satchkov.

Bastyon Messenger is available at bastyon.com, as an Android application and a desktop application.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While our aim is to provide you with as much important information as we can obtain, readers should do their own research before taking any company-related action and take full responsibility for their decisions, nor can this article be considered investment advice.


cointelegraph.com

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