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Will You Get Paid To Use Social Media

734 Words3 Pages

Thanks to the Blockchain, you Will now get Paid to use Social Media.

If you are like most people, you have a love-hate relationship with social media. The love because it helps us connect with our friends and relatives in the most creative way and the hate because it takes most of our productive time.
But now with the distributed ledger technology, people can now get paid to use the social media. Traditionally, centralized institutions such as Facebook and Twitter provide social media platforms for free in exchange for advertising audience. These companies make billions of dollars in advertising revenues by collecting users' data, analyzing it for marketing insights and selling these insights to businesses.
In the recent past, the likes …show more content…

For instance, AskFm, the world largest Q&A social network is working on a blockchain project that will make it possible for people to get a reward when they answer questions on the platform.
According to AskFm CEO, Maksym Tsaryk, the platform users' will be rewarded on the basis of how often they respond to questions and the popularity of their answers. This will attract expert knowledge hence make the platform a resource for academicians as well.
Currently, the AskFm platform has over 215 million active users across the globe and the number is growing rapidly. The company intends to entice its already existing user base to join the blockchain-powered platform or what it calls AskFm 2.0. Every existing user who will migrate to the new platform within a specified period will receive an unspecified amount of Askfm tokens (ASKT). The tokens can be used within the platform or can be exchanged with other cryptocurrencies or fiat money. The platform will apply the Smart Contract technology to facilitate payments and settle …show more content…

With the platform, users will be able to enjoy the benefits of social media while securely and conveniently exchanging value. In other words, the platform will allow people to send and receive payments without leaving the platform or engaging third parties.
In the same way as Reddit, another blockchain project known as Steemit enables people to post content on its platform to be viewed by its wide user base. However, unlike Reddit, people who publish content on the Steemit platform can earn money on the basis of the popularity of their posts. The platform has a user base of 950,000 and claims to have paid out over $22 million to its users since its inception in June 2016.
Indorse, a social media platform for professionals, is applying the ethereum blockchain and AI to verify users' credentials and reward those that make valid endorsements. The platform applies a similar model to LinkedIn only that it makes it possible to verify users' credentials and pay those who make helpful

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