The niche of decentralised social media platforms has so far remained small and underdeveloped in the crypto industry. This might change very soon. Three months ago, a leading Web3-focused blockchain platform, Polkadot (DOT), and privacy-focused social media network MeWe announced a collaboration plan that might lead to the creation of the first substantial blockchain-based social network so far.
Struggling Niche of Social Media on Blockchain
The biggest social media platforms on blockchain have so far enjoyed minor success. Despite leading the push for blockchain-enabled social media, projects like Steem (STEEM) and Decentralised Social (DESO) remain small and underutilised by the wider public.
The micro-blogging platform Steem was probably the first crypto project that made some strides in realising the social media on blockchain concept. Its popularity peaked a couple of years ago, but the network has experienced lackluster uptake rates since then. It remains popular in South Korea, but its worldwide usage rates have been nothing to write home about.
Steem’s native crypto, STEEM, is currently at the tail end of the top 300 cryptocurrencies by market cap, with a total cap of under $100 million – an exceedingly modest amount by the standards of the overall industry.
Decentralised Social (DESO) is another major player in the blockchain on social media niche. While Steem specialises in microblogging, DESO represents the most classical implementation of a Facebook-like social media concept on a blockchain platform. Similar to Steem, DESO has so far enjoyed limited popularity, and the project’s coin is currently the 265th crypto by market cap. DESO’s market cap is also under $100 million.
Polkadot (DOT) and MeWe Partnership
The blockchain-based social media field is likely to receive a much-needed boost over the coming months. In April, the Polkadot (DOT) blockchain platform and the privacy-focused MeWe social media network announced a partnership. Under the deal, MeWe will use a part of Polkadot’s overall architecture to host its social media platform. While MeWe, with its 20 million user base, is a minor social media player, the Web3 Foundation-supported Polkadot is among the major blockchain networks.
As of now, the technical rollout of MeWe on Polkadot is said to be just weeks away. When implemented, MeWe on Polkadot will represent the biggest push to revitalise the social media on blockchain concept since the days of Steem’s initial rise to popularity, back in 2018.
What Is Polkadot (DOT)?
Polkadot is a leading blockchain platform based on a unique architecture. Unlike other blockchains, Polkadot isn’t based on a single ledger model. Polkadot’s architecture includes one underlying central chain, called the Relay Chain, and many secondary chains, called parachains, that are linked to the Relay Chain. The parachains operate independently and in parallel with each other. In essence, each parachain is an independent blockchain of its own.
The underlying Relay Chain provides basic security and transaction block processing functionalities to parachains connected to it. Thanks to its unique architecture, Polkadot provides a scalable platform for many different parachain blockchains and has often been called the internet of blockchains.
Polkadot’s Relay Chain is capable of supporting 100 parachains. As of now, there are 46 different parachains operating on the platform. MeWe will be implemented on Polkadot’s Frequency parachain.
Polkadot is a major player in the blockchain industry. Its native crypto, DOT, is currently the 14th largest cryptocurrency, with a market cap of $6.7 billion. It was founded by Ethereum co-founder Gavin Wood, Robert Habermeier and Peter Czaban. Polkadot is actively supported by the Swiss-based Web3 Foundation, a major non-profit at the forefront of R&D for Web3 technologies’ implementation. In fact, Gavin Wood is credited as the first person to coin the term “Web3”, back in 2014.
What is MeWe?
MeWe is a social network platform that focuses on user privacy. MeWe states that they don’t track users’ behaviour nor do they run ads on the platform. The network aims to provide a privacy-focused alternative to Facebook and other major social media platforms, which are well-known for collecting and actively utilising their users’ personal data.
MeWe is currently a small-scale platform with about 20 million users. Its key demographics are young individuals between 17 and 34. Many of its users are individuals who voice frustration with data collection, user profiling, and heavy-handed censorship rife on the major social media platforms.
While MeWe is a small fish in the social media ocean, Polkadot’s prominent standing in the crypto industry makes many observers believe that the new partnership deal means a major revolutionary step for blockchain-based social media.
Struggling Niche of Social Media on Blockchain
The biggest social media platforms on blockchain have so far enjoyed minor success. Despite leading the push for blockchain-enabled social media, projects like Steem (STEEM) and Decentralised Social (DESO) remain small and underutilised by the wider public.
The micro-blogging platform Steem was probably the first crypto project that made some strides in realising the social media on blockchain concept. Its popularity peaked a couple of years ago, but the network has experienced lackluster uptake rates since then. It remains popular in South Korea, but its worldwide usage rates have been nothing to write home about.
Steem’s native crypto, STEEM, is currently at the tail end of the top 300 cryptocurrencies by market cap, with a total cap of under $100 million – an exceedingly modest amount by the standards of the overall industry.
Decentralised Social (DESO) is another major player in the blockchain on social media niche. While Steem specialises in microblogging, DESO represents the most classical implementation of a Facebook-like social media concept on a blockchain platform. Similar to Steem, DESO has so far enjoyed limited popularity, and the project’s coin is currently the 265th crypto by market cap. DESO’s market cap is also under $100 million.
Polkadot (DOT) and MeWe Partnership
The blockchain-based social media field is likely to receive a much-needed boost over the coming months. In April, the Polkadot (DOT) blockchain platform and the privacy-focused MeWe social media network announced a partnership. Under the deal, MeWe will use a part of Polkadot’s overall architecture to host its social media platform. While MeWe, with its 20 million user base, is a minor social media player, the Web3 Foundation-supported Polkadot is among the major blockchain networks.
As of now, the technical rollout of MeWe on Polkadot is said to be just weeks away. When implemented, MeWe on Polkadot will represent the biggest push to revitalise the social media on blockchain concept since the days of Steem’s initial rise to popularity, back in 2018.
What Is Polkadot (DOT)?
Polkadot is a leading blockchain platform based on a unique architecture. Unlike other blockchains, Polkadot isn’t based on a single ledger model. Polkadot’s architecture includes one underlying central chain, called the Relay Chain, and many secondary chains, called parachains, that are linked to the Relay Chain. The parachains operate independently and in parallel with each other. In essence, each parachain is an independent blockchain of its own.
The underlying Relay Chain provides basic security and transaction block processing functionalities to parachains connected to it. Thanks to its unique architecture, Polkadot provides a scalable platform for many different parachain blockchains and has often been called the internet of blockchains.
Polkadot’s Relay Chain is capable of supporting 100 parachains. As of now, there are 46 different parachains operating on the platform. MeWe will be implemented on Polkadot’s Frequency parachain.
Polkadot is a major player in the blockchain industry. Its native crypto, DOT, is currently the 14th largest cryptocurrency, with a market cap of $6.7 billion. It was founded by Ethereum co-founder Gavin Wood, Robert Habermeier and Peter Czaban. Polkadot is actively supported by the Swiss-based Web3 Foundation, a major non-profit at the forefront of R&D for Web3 technologies’ implementation. In fact, Gavin Wood is credited as the first person to coin the term “Web3”, back in 2014.
What is MeWe?
MeWe is a social network platform that focuses on user privacy. MeWe states that they don’t track users’ behaviour nor do they run ads on the platform. The network aims to provide a privacy-focused alternative to Facebook and other major social media platforms, which are well-known for collecting and actively utilising their users’ personal data.
MeWe is currently a small-scale platform with about 20 million users. Its key demographics are young individuals between 17 and 34. Many of its users are individuals who voice frustration with data collection, user profiling, and heavy-handed censorship rife on the major social media platforms.
While MeWe is a small fish in the social media ocean, Polkadot’s prominent standing in the crypto industry makes many observers believe that the new partnership deal means a major revolutionary step for blockchain-based social media.