Information source: BitcoinAssociation.net
Overview of practical examples of Bitcoin SV blockchain social media
For most of us, whether it is personal struggle, professional needs or some other unavoidable reason, social media plays a certain role in each of us.
Although the rapid rise of social media has created a complete industry around it, its rapid rise, coupled with the cartel-style tactics adopted by companies that control most of social media, has created an insecurity and fairness. Environment-although its profit is extremely lucrative.
In the world we live in, users are willing to give up a lot of precious private data in exchange for the psychological comfort brought by social media, of course, including the right to access the platform itself. The exposure and use of personal information is usually neither done in a particularly secure way, nor in a way that allows most users to directly obtain benefits.
But by using blockchain technology, developers have the opportunity to initiate a paradigm shift in the dynamics and economics of social media, providing guarantees and security, backed by unlimited scalability.
So far, the inherent characteristic of social media products built on the blockchain is that the data stored on the blockchain is permanent and publicly available. For many people, personal data ownership is also a core concept.
However, although some blockchains can provide data storage functions, when social media becomes a viable application built on the blockchain, only Bitcoin SV can simultaneously bear the required data capacity and the number of transactions. Combined with the effective use of the unique features of the transaction fee model, BSV represents a unique development opportunity that can be used to improve social media as we know it, as some companies have already proven.
On-Chain Social-Twetch Case Study of New Social Mode
Combining social talents with economically supported information market concepts, you can get Twetch-a brand new social media experience driven by the Bitcoin SV blockchain.
Josh Petty, CEO and co-founder of Twetch, said: “All social media is destroyed. Whether it’s emailing, chatting, or using social networks, everything you do online is creating information. Social media companies are acquiring These data, and sell these data in various ways, and as a user, you don’t see any return. This is the problem we are trying to solve with Twetch."
Twetch is a social media application built entirely on Bitcoin SV. All activities and interactions are carried out directly on the blockchain.
Petty explained: “Twetch allows users to have their own data and can benefit from their content. Twetch’s current style feels a lot like Twitter. But when you post content, the information will be posted on the Bitcoin SV blockchain. . The data is actually hosted there, so you can access and use it at any time."
Hosting data on the blockchain provides Twetch users with an extra layer of assurance that their content and creation will always remain accessible regardless of the status of the service itself. This is in sharp contrast with other social media companies. When a company closes or a user logs off on the platform, the data stored in these companies will disappear along with the website. But more importantly, it also allows users to truly control their data, whether for privacy or for revenue.
Billy Rose, CMO and co-founder of Twetch, said: "At Twetch, we believe that users are willing to pay for privacy. Everything that people post on Instagram, whether it’s pictures or photos, can be put on a billboard by Instagram, and users But nothing. As long as more and more people begin to realize this, then I think more and more people will accept our way of thinking. All this valuable information is provided for free, only the platform Profit. I think that as people become more accustomed to paying very low fees for various activities on the Internet, this will open up opportunities for new online business models."
The true ingenuity of Twetch lies in the micro-transaction network, which uses the unique set of functions of the Bitcoin SV blockchain to expand with the development of the platform and allow the platform to continue to develop.
"When someone interacts with the information you post, you make money. Using microtransactions, when users post content, it may cost a cent or two. However, if someone likes your post, share or reply to you Posts, they may spend a cent or two for this interaction, so you can earn back the money you spent when you originally posted the information.” Petty explained, “This is a very simple information market, through A simple interface can be well understood. It is similar to Twitter or any other social media platform, except that it is built on top of Bitcoin."
Because it is built on the Bitcoin SV blockchain, Petty and his team are able to naturally interweave information and payments into connected transactions, thus opening up the possibility of financing and expanding their product lines. As a result, a platform where users really "vote" with their wallets (that is, pay for content they like) has quickly attracted the interest of content creators who were previously marginalized by other platforms.
Petty said: "We have seen a lot of people who create on the Internet are interested in it, including artists, designers, photographers, and even some famous actors and directors. First of all, I think the type of people who join the platform are very They are entrepreneurial and I like their willingness to try. But I think they know very well that they can’t make money directly from fans and audiences.”
After 11 months of operation, the number of active users of the Twetch internal beta has grown to more than 10,000, including some celebrities, including actor Danny Trejo (@8279) and director Eli Roth (@1676).
Build on Bitcoin SV
Both Petty and Rose had considered developing a social media platform built on the blockchain, but they have not been able to find a platform that supports their vision.
Rose said: "We have been trying to build an application like Twitter on the blockchain for many years, but no blockchain can expand or complete what we need it to do, especially the function of micropayment. Psychologically Speaking, Twetch is a very interesting thing, because people store all the digital currency, but there is no other place to actually use it except to convert it into US dollars. Twetch provides people with a way to use numbers in daily life The currency channel. Although the amount may be small each time, it shows that people are willing to pay for online consumption, no matter how small the amount."
Testing the psychological model of direct incentives and consumption for the creation of high-quality content (at the same time increasing the barriers to negative interactions, Twetch calls this feature "phishing charges"), highlighting the extremely low requirements for operating on Bitcoin SV Transaction fees-this makes micropayments possible. The inherent infinite scalability in the design of BSV makes the cost of each transaction less than one cent, which makes it the only one that can support the growth that Twetch hopes to achieve, whether in terms of payment or the required technical infrastructure. platform.
Petty said: "Bitcoin SV is very simple: it has no artificial hard caps and no unbearable code. It is a basic protocol and very simple. Everything else can be built on BSV for very complex construction. There are many creatives. Everyone understands that there is a future that will be built on Bitcoin SV. It will not stand still, will not be restricted, and will not have any artificial restrictions to prevent us from developing and building on the blockchain to be truly useful s things."
The unique set of features of the Bitcoin SV blockchain makes it possible for Petty and Rose to have a vision of the social media experience on the chain. It also opens a window for people to see what the future world of the Internet driven by Bitcoin might look like.
Petty said: "We know that by using Bitcoin, we can start to give users more personal power than any other social media platform or application. However, the most important thing is that Bitcoin must work well. This is the most important thing. , Because we once paralyzed the blockchain. Therefore, a blockchain that will not be paralyzed is very important to us!"
Petty pointed out that the Twetch software development kit (SDK) released by his team is a testament to their level of investment in the platform and the broader Bitcoin SV ecosystem.
"We recently released an SDK, which means that users and developers on Twetch can use it to create different tools. These tools can be used to develop new tools for use in Twetch, but it should be clear that it does not have to be specialized For Twetch." Petty explained.
"Using this SDK, users can create all kinds of things: chat bots that automatically respond on Twetch, you can develop tools to schedule posts, or let bots act as Twetch users in the game. But there are still big ones. The potential can be tapped, and what developers can really gain from it is the ability to build a service tool like Twetch, in which data is owned by the user and published on the chain, so as to realize the interaction involving transaction information or payment."
A brighter social media future
Although less than a year old, Twetch has built a demonstrable practical example that illustrates the potential of using the Bitcoin SV blockchain to drive applications that require true enterprise-scale applications. As the transaction volume on the BSV network continues to grow, Twetch has become one of the increasingly prominent contributors, and its support and functions for a large number of new users will be quickly rolled out across the platform.
Rose explained: "In the beginning, we built Twetch into a mobile-first application. Our priority was its mobile friendliness, but this led to the problem of unreasonable desktop layout. Let the desktop experience change Better, this is something we have been thinking about for a while and want to accomplish, but we must do it well. Our idea is to create a fully functional social media application that looks, feels and runs like a desktop application ."
For anyone who has experience using social media, Twetch's look and feel are very familiar. Its interface is easy to use and is designed to make the curve for new users learning to use relatively flat.
Rose said: " In the right sidebar of the app, we have conducted more experiments and tried some new things. We have set up a quick search and notification panel, in addition to a leaderboard, including the following two lists Among the top ten in the list, one of the lists is the people with the most income, and the other is the people who spend the most.
We are trying different ideas, trying to get more new users active on Twetch, and we are also looking for ways to locate the best, most active and users on the platform. Part of it is to explore ideas around competition and incentive mechanisms in order to create more activities on the platform, thereby generating more transactions on the network. "
The release of the new desktop platform will help improve the new star's social media products, but this is only one of the two major new projects in 2020. Earlier this year, Twetch released /Pay, a feature that directly integrates peer-to-peer transactions into the platform and supports rewards.
"/Pay enables anyone to receive and pay directly on Twetch. This is like a terminal command, you enter /Pay, then check your payment object, enter the amount, and then it will be sent between users immediately Peer-to-peer digital currency.” Rose explained, “It’s like integrating Venmo or CashApp directly into Twitter, or like integrating into Twetch in this use case. It uses Bitcoin as a payment system, so no matter which wallet you use , You can trade directly."
Currently, Twetch supports Money Button and RelayX, but is working on cooperating with other Bitcoin SV wallets as part of the ambitious growth trajectory envisioned by its founder.
"I hope that in 12 months, we can continue to grow into a platform that can meet the needs of millions of users. I think that within 12 months, the number of active users on Twetch will also reach 1 million." Rose Said, “In order to accomplish this goal, we must build an application that can run at the speed of light and can process large amounts of data. For us, it’s important to have time to get things done. Our team has everything we need. A person, we believe in the company’s vision and are willing to work hard for the company’s equity."
Although confidence is important, it takes a lot of courage and unique differences to go all out to compete with the giants that dominate the social media field, and Twetch and the team behind it show these two points vividly. Obviously, Twetch has viable potential. Now, execution is the key.
Rose said: "For us, I think everything has to be done one step at a time. You have to work day after day. What we do is do our best to continuously create the best products. I do think , There is a huge gap in the market. New entrants can solve these problems: solve the problems after users log off the platform; let content creators make money; maybe even find a way to eliminate fake news. All these problems, we can all Solved by building applications on Bitcoin."
More practical examples are here
Although Twetch is still the most prominent practical example of social media using the Bitcoin SV blockchain capabilities, it is far from the only case. With more than 400 projects being actively developed on Bitcoin SV, some of which are also targeting this field, and some exciting projects are worthy of attention.
Memento
Jeremy Street, co-founder and CTO of Memento, explained: “Memento is an ad-free social media experience. Unfortunately, currently on social media like Instagram, less than 1% of users can monetize their content. , And usually through advertising. Other platform users, including some of the most amazing photos and videos, get nothing. What we want to do is to remove advertising from this "balance" and return the power to users. "
Memento is packaged as an Instagram-like application that uses micropayments to incentivize interaction on the platform. Users do not need to watch ads, but pay a nominal fee to interact with others’ posts such as likes and comments. This fee is earned by the users who post the content.
Daniel Street, co-founder and CEO of Memento, explained: “Essentially, Memento allows anyone in the world who can use a smartphone and the Internet to generate income from day one.
Instead of letting Instagram and Facebook make so much money from users, how about letting users start earning it back? "
To track the progress of Memento and join the closed beta, please visit mementosv.app to register.
Tocial
Tocial focuses on the Chinese social media market. The platform combines a series of functions on other competing platforms and links these functions with BSV micropayments.
For more information, please visit tocial.to
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