15 Nov 2021 · 3 min read

How Blockchain Technology is Solving Problems with Social Media?

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.

Social media is omnipresent in today’s world. Wherever you are, you see it, feel it and use it. But, “with great power comes great responsibility,” a famous proverb popularised by Spider-Man’s comics. 

Similarly, that’s what comes with the power of social media. The amount of responsibility that is held is incomparable. With all that responsibility, numerous issues have been cropping up. Right from privacy to authenticity, the entire social media model is flawed. Some of the prime problems that exist today are:

  • Loss of control

Content creation, which social media is all about, is the driver that keeps interested parties tied to their platforms of choice. There would be no social media platforms, content creators, ‘influencers,’ or followers if there was no content. 

The cash generated from centralised social media platforms ads is not shared with content creators or their followers. Actually, the incentive mechanisms are either non-existent or insignificant.  

  • Data control

Users of centralised social media networks have little or no control over how their data is used. In most situations, the information is sent into algorithms that help advertisers target a specific individual. 

  • Fake accounts

The authenticity of millions of accounts on numerous major social media platforms has been undermined. The idea is that millions of phoney or bot accounts be created to take advantage of the platform’s collective interactions. This also implies that advertisers effectively waste hundreds of millions, if not billions, of cash by not allowing valid perusal.

  • Hacking

Numerous incidents of centralised social media systems being hacked and user data being damaged or disseminated outside of permissions agreements have occurred throughout the years. 

  • Bullying

Unfortunately, there is a dark side to everything that technology has to offer. Bullying is not a new notion, but social media and technology have elevated it to new heights. Cyberbullying has become a more persistent and an ever-present threat.

All of these factors draw down to instil a sense of fear, lack of self-esteem, and poor mental health. With these growing concerns, there ought to be a solution to eradicate these problems and rebrand social media as a safe space. 

That solution is the emergence of Blockchain and social media models based on that. 

Platforms like The LoveChain aim to resolve these pressing issues. The LoveChain is a component of that fragmentation. They propose a one-of-a-kind social media service that blends the topic of love into a social community, as #Love is the most popular hashtag.

Users can develop content and complete profiles of the people and things they care about using the website. Additionally, the usage of Blockchain technology provides each user with a unique cryptographic number that serves as their digital address. 

Users can also take ownership of their data using Blockchain technology. These security protections have been provided to each user by The LoveChain, along with a rewards program that offers incentives for authorizing the use of a user’s data and content.

Being built on the Algorand Blockchain, users also have the ability to create NFTs (Non Fungible Tokens) from the content they create and post making The LoveChain the first social media in the World to offer such a feature. 

The LoveChain team has put together a unique social media application that delivers a unique offering that they promise will become one of the most popular platforms in the ever-growing social media environment in the spirit of love and blockchain technology. 

For more information on how The LoveChain is solving problems with social media by using blockchain technology follow them at linktr.ee/lovechain.