Has been expected that by 2021 there will be over 3 billion social media accounts registered all over the world and with blockchain-based companies aiming to destroy many industries, one wonders if the established and emerging social media apps on the blockchain can supplant social platforms centralized incumbent?
In order for the blockchain to become fully mainstream, it is essential that it illustrates increased use of the real world. There must be real companies with real communities, usable and live products, and a strong and active business development focused on growth, user base and revenue. Regardless of the technological and financial advantages, at the heart of the mass adoption of blockchain there is the user experience and a community enthusiastic about using the platform.
One area that has the potential to become mainstream is Social Media with Steemit and Mithril that pave the way for others. Although these platforms have been quite successful in attracting users from the cryptocurrency community, they have not been able to offer a significant challenge to current centralized platforms.
Unique social experience
With growing disquiet and distrust in the use, in the sale and loss of personal data, in the intrusion of unwanted advertising, in the reduction of premiums for content creators and in an evolving landscape, now it is right for the Blockchain-based social apps challenge centralized social platforms like Facebook, Instagram and Twitch.
Generally, content creators do not share profits from advertising sales, with the exception of YouTube and Twitch, where creators can have a limited share of profits, but only above certain thresholds. Even then, YouTube and Twitch take 25-45% of advertising revenue while YouTube has recently changed its rules on profit sharing. The creators must respect or look elsewhere to share their content.
This has brought over 100,000 content creators who have signed up with Patreon in an attempt to connect more with their fans and benefit from their advocacy and suggestions. However, many users are not happy with the financial burden placed on them.
With the newcomer Howdoo is about to launch, we could see an exciting challenge for traditional social apps as well as Patreon.
I followed Howdoo's development in the last few months. It has not courted a huge publicity, but has quietly implemented the goal of offering a unique social experience that combines the best of social media and blockchain without compromising the user experience. . For Howdoo or any other social blockchain platform to take advantage of the current climate, It needs to scale quickly and provide a unique user experience, appealing to the ever-changing demands of social media users.
Before being able to challenge the comparison between centralized incumbent platforms, Howdoo must first be compared with its main competitors blockchain Mithril and Steemit:
|Name / Facts||Howdoo||Mithril||Steemit|
|Market Cap||$ 6mn||$ 102Mn||$ 226Mn|
|Always high||N / A||$ 350Mn||$ 1.8 billion|
|Launched||December 2018||July 2018||March 2016|
Like Mithril and Steemit, the creators and anyone who engages with the contents on Howdoo will be able to earn udoos (the Howdoo token) for the liking and sharing of content, while there will be a unique level of gamification that rewards users for regular use and adds further value to the platform
In addition, other unique features that are missing from both Steemit and Mithril are live streams, tips and paywalls. A user can tip or donate at the click of a button, with the content creator receiving 100% versus 90% Patreon. With Howdoo there are no service or processing costs.
Udoo is listed on several stock exchanges and on Blockfolio, with the largest volume available Coinbene. With a current market capitalization of $ 6 million and an improved platform and user experience, it can easily match and surpass Mithril. Since Howdoo offers something even more unique, it is not unrealistic to expect Howdoo to gain a large stake in a market dominated by centralized social platforms.
Advertising is a key component of any social media platform with Facebook generation $ 6.18 to $ 26.76 per user every quarter. With $ 50 billion spent each year on digital and gaming assets, it's essential to have thriving, engaging, and supportive communities that attract advertisers.
While some have supported it "Blockchain social apps can not compete for subscribers and satisfied advertisers on centralized incumbent platforms," I have noticed that respected musicians, players and other creators of high-profile content of beauty, fitness and lifestyle are registering as supporters of Howdoo.
Last month, Howdoo announced that he was accepting username reservations. Over 25,000 users have already registered for their user names with multiple additions every day.
Content creators that act soon should be able to register usernames before the public launch of the platform this December. Quickly following his December version, Howdoo will launch its paywall, where content creators can start selling premium content or monthly subscriptions.
The members of the blockchain believe that it will be "More important than the Internet and it will be extremely disruptive for every sector." Howdoo can become the poster child of the social media industry and compete with every other platform? Time will tell. If it can launch quickly and smoothly, continue to attract the best influencers and micro-influencers and keep the promise of providing an improved user experience, it has a very good chance of being a real contender.
Disclaimer of the author: This is not a sponsored post. These are my observations on the direction in which social media are moving. Also I do not own any tokens from any of the companies listed above. About the author: Karnika E. Yashwant (KEY) is a multi-awarded CEO of a dozen brands. He has followed blockchain projects since 2013.