Much of the activity on social media is based on passion, emotional connection, and community. Social interactions typically involve liking posts, sharing images of family and friends, tagging them, or updating a status, all as a way to stay in touch and connect with those they care about. . Popular social media platforms have become a way to share many different things, arguably becoming this generation’s method of projecting humanity’s love for the people in their life and their passion for things in life.
Problems with centralized social media platforms
However, while well-meaning, loving, or passionate content creators may be, they lose out in myriad ways as social media platforms are centralized. This centralization means that not only are content creators losing a large chunk of the money social media platforms make from advertisers, there is little understanding and control over how their data is used. Many incidents have arisen when centralized social media platforms have been hacked, with their users’ data either being corrupted, compromised, or shared outside the boundaries of the agreement with the user.
Additionally, from a business and brand perspective, one can see a number of pitfalls of centralized social media platforms, for an advertiser. How effective is targeted advertising on these platforms, when there are potentially millions of fake accounts or bots unsuccessfully affected by these marketing campaigns? While content creators do not reach their full potential with the current tools at their disposal, advertisers are wasting money and time on underperforming campaigns. In addition, the lack of transparency as well as a single control company can be exploited.
Coming new decentralized social media platform aims to tackle these issues
The LoveChain platform is a blockchain-based social media channel that allows users to create an immutable record of the people, pets, and things they love. LoveChain recognizes the uniqueness of our one-to-one relationships, and as a result, profiles on their platform are assigned a cryptographically generated code number to represent it.
Empower Creators with User Rewards
So how will LoveChain solve the problems of today’s social media creator and advertiser? When it comes to issues surrounding data control and permissions, LoveChain will tackle these issues by providing its users with full ownership of their data. The users will be the ones who will control the sharing of their data. An example of this is how a user can choose not to share this data with another profile or a third party if they wish – they are in control. Data sharing users will be rewarded in the form of one of LoveChain’s native tokens, LOVR, if they choose to share their data.
The opportunities for content creators to earn from their use of the platform are not just limited to data sharing, as content creators will also be rewarded by LOVR for performing certain activities on the platform, such as :
- The actual creation of content and the number of likes and followers it generates
- Subscriber user activity – liking or commenting on posts creates more content for the platform, producing further rewards
- Enable ads on their profile and watch or interact with the ads
- A content creation / consumption ratio will be monitored on a scale to reward those who are most active, but the reward system will be quality based
How users can redeem their rewarded tokens is directly related to LoveChain’s celebration of relationships. By creating a community of merchants specializing in celebrating popular holidays and events such as birthdays and weddings, an integrated digital wallet can be integrated as a payment system for these services and be a key part of the rewards program. The LoveChain and built-in wallet will give users the option to use their approved crypto holdings to pay for goods and services through their merchant and affiliate partners, as well as use a combination of reward and FIAT tokens to settle transactions.
The LoveChain team has started implementing various solutions which are there to counter and fix the issues regarding bots, fake users, hacking and data exploitation. LoveChain’s data and all content uploaded by its users will be more secure than traditional social media platforms because they are built on the blockchain. In addition, they are already exploring new technologies and the possibility of creating accounts so that a user can only access their account through biometric facial recognition, retina recognition or fingerprint technology, with the aim of ” eliminate the risks associated with fake profiles or bot profiles.
Social media has reflected the current state of the internet for a long time, and as the internet continues to develop and change, the social media platforms that users choose to engage with will also evolve. Web3 has opened up a number of potential new uses for what can be done online, building on and improving on what came before.
In the same way that couples around the world have embraced the practice of using love locks to commemorate their relationships, LoveChain maps this behavior to the use of blockchain, in a place where our happiest memories can be. asserted and consolidated in a system that has the potential to last much, much longer.