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Sites with blockchain undermine Facebook by paying users

"When I enter Facebook or Twitter I feel like I'm in the Stone Age, "said David Kadavy, an expert in the use of the blockchain."

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SOURCE
The so-called financial internet turns upside down Facebook's business model.

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David Kadavy used to post things on Facebook without waiting to be paid. Then the blockchain appeared.

After running into a new corner of the internet based on the technology of the digital ledger, Kadavy says that he is paid to publish on his blog and his podcast on Steemit, a web page whose texts are stored in a blockchain.

The site has its own digital currencies, of which the best known is called Steem, and it pays people like Kadavy, who publish and comment on the site. Kadavy, a 38-year-old American writer living in Colombia, said he earned about $ 2,000 in January.

"When I go on Facebook or Twitter I feel like I'm in the Stone Age," Kadavy said. "They have no value without what one brings them. If Facebook does not react to this, things can change very quickly. They should be very worried."

Upside down

The so-called financial internet turns upside down Facebook's business model. There, users post content on the site and the company charges the money; last year, US $ 41 billion in revenue.

In Steemit, the money goes in the opposite direction. Facebook, with its 2,100 million monthly users, may not even be able to see Steemit in its rearview mirror, which claims to receive 9 million user visits per month.

But Kadavy is just one of hundreds of thousands of people who earn money by publishing things, playing video games and looking at ads on new sites and applications based on the blockchain, where almost everything the user does is linked to a token-based remuneration.

More than 1,000 projects of this type that record data in digital accounting books, called "dapps" (abbreviation in English of decentralized applications), are working or being tested. And many allow users to earn their special coins or cryptocurrencies by doing what they already did for free elsewhere.

Facebook and Twitter did not respond to requests for comments.

Obstacles

The financial internet road presents obstacles. New privacy regulations in Europe require that the pages delete the user's data in certain circumstances. This could be problematic, as the blockchain is immutable and usually can not be modified easily.

Most importantly, most digital accounting books have trouble incorporating more and more users. Recently, the ethereum blockchain stopped dead because too many users started playing CryptoKitties, a digital game.

"These decentralized systems are simply not made to grow and receive the masses yet"

Anthony Di Iorio, cofounder of the ethereum, said in an interview.

"There are always problems with the first technologies. It takes time"

But as you observe, the wait is worth it. "This will be more important than the internet," he said. "It will be revolutionary for all sectors."

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Personal opinion: Steemit will be the bitcoin of social networks. That is, the future and the evolution of all social networks. Let's give this social network a few more years and it will overwhelm the internet. It will be the best, I assure you !.

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