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Crypto social media could challenge the dominance of Facebook and Instagram | City & Business | Finance


These -based alternatives operate on “decentralised blockchains” that have many advantages over centrally operated applications such as Facebook and Instagram. Facebook’s outage on Tuesday caused disruption to billions of users and saw businesses that use the social media network cut off from customers. The blackout was caused by a wrong command that was caused by “an error of our own making”, according to the social media giant.

After the disruption, many blockchain developers argue that this could not happen on a decentralised social media network run on a blockchain.

To fix the Facebook outage engineers had to physically access centralised data centres that host the “global backbone network” of information that store and send the messages and comments that billions rely on for communication every day.

Blockchain-based social media that is decentralised and not controlled by a single authority would not have a single point of failure that was the cause of Facebook’s outage.

Now, crypto-developers are progressing decentralised social media applications such as SocialBlox.

The developers of this project state that “SocialBlox aims to be the first full privacy-focused and transparent social media platform.

“Where smart contracts create exciting new possibilities to enter the next level of fun and interaction with other users of the platform. “

Referring to the vulnerabilities of centrally managed social media networks such as Facebook, the founder of SocialBlox.io Michiel Ipenburg spoke to Express.co.uk and said: “I think a lack of innovation and being overtaken by new technologies is what will drive them down, besides their privacy issues.

“We see current social media giants struggling to monetise the emerging markets of ‘content creators’ and content-on-demand.

READ MORE: London rocked by night of terror – violence erupts in shooting

SocialBlox is being developed by a company based in the Netherlands.

Mr Ipenburg added that the key advantage of using a blockchain-based social media application is that it allows “users to have an active role in the content that goes live”.

He added: “And another gamechanger is reversed advertisement.

“This is where users earn SocialBlox tokens for allowing the ad-mode on the site.”

After Tuesday’s outage, social media giant Facebook tweeted: “To the huge community of people and businesses around the world who depend on us: we’re sorry.

“We’ve been working hard to restore access to our apps and services.

“We are happy to report they are coming back online now.

“Thank you for bearing with us.”





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