Are there viable cryptocurrency protocols for monetizing social media content?

#1

Does anyone here have some experience using Steemit?

Does anyone believe there are smart or well-thought out alternatives to the Steem blockchain and in my opinion, its main competitor, the U Network? I.e. protocols that are not entirely dependent on the success or widspread adoption of a single app created by the founding team.

I was invited to test the alpha version of the U Community app, but I hated the experience (I had some serious login problems even after creating more than one account). They have a yellow paper (instead of a whitepaper), but it’s very technical.

Moreover, the U Community team has failed to publicly announce the fact that their project started out as the Gravity Protocol and that the latter version of their project had its own ICO.

#2

Steemit is essentially not better than any existing “tipping” bot tbh. I like steemit, it has a cool community. But nothing really revolutionary when it comes to their crypto setup and nothing that would outpace Medium or other similar platforms, imo.

There have been, and are currently, so many different ideas and projects about monetizing social media content out there. All of them will fail as the only way to actually get good traction is to compete with FB, IG, reddit and so on. I just think that competing for market shares with these huge companies is extremely difficult.

#3

As someone who used to write on Steemit about a year ago, I have the following observations that make it a not-so-great publishing platform:

  1. Inequality – Just as Satoshi has around 980,000 BTC due to being the first to mine, the same problem exists on Steemit as well. This, can work with BTC but the Steemit model is not suited for such asymmetry. Later writers will always be at a disadvantage in comparison to the older writers

  2. Canonical Tags – Almost impossible to set up. Maybe its easier if you’re a developer, else, you’re just going to get flagged by the infamous ‘cheetah’

  3. 7 day Lock – Steemit stops you from editing your post after 7 days. That’s when your post goes on their Blockchain. In a post-truth world, how does one retract their statement/ post in case they get it wrong the first time?

  4. Plagiarism – If you post someone’s thesis on Steemit and they do not notice for 7 days, do you become the author of that piece on Steemit?

But anyways, there’s a lot of good too. Some people have made a lot of money on the platform. As one of the early projects, Steemit is a glowing example of a Blockchain product done right.

Other projects have come and will keep coming for a long time. For all crypto-projects, the key metrics of success are - traction and team. Technically, there can be usurpers to the content publishing throne but, the larger audience still doesn’t see the benefits of publishing content on the Blockchain.

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