Chris Hughes he became super rich thanks to his Facebook stock. Now, this Silicon Valley entrepreneur wants to restore the middle class, and he believes this can be done through his idea. His new book, Fair Shot, outlines a guaranteed income for the poor in the United States.
"Most Americans can not find $ 400 in an emergency such as a car accident or hospitalization, yet I managed to earn half a billion dollars for three years of work. There is something deeply wrong with our economy and in our country, and we have to fix it", Hughes complains, does that seem credible?
Those in the mass media use reputation management through the power of social media and this man intends to overturn the bad publicity by getting the good graces of the crowd – through a presscon and a book. This event took place in April 2018, but now we are in the last months of 2018.
Whatever the long-term results of this stratagem on social media are, there are some lessons learned from those in the Blockchain space after the Facebook scandal and we have listed some here.
This is a difficult lesson for Facebook, but it can easily open the way for others to face the growing gap for centralized social apps. 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 ever-changing landscape, the moment is now right for Blockchain-based social apps to 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.
Howdoo has quietly implemented his goal of providing a unique social experience that combines the best of social media and blockchain without compromising the user experience. The second lesson is that 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 needs of social media users.
Before being able to challenge the comparison with centralized incumbent platforms, Howdoo must first be compared with its main competitors blockchain Mithril and Steemit:
Like Mithril and Steemit, creators and anyone engaging with content on Howdoo will be able to earn udoos (the Howdoo token) to appreciate and share content while there will be a unique gamification level that rewards users for use. adjust and add 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% on Patreon. With Howdoo there are no service or processing costs.
In order for a project to keep up with other strong contenders for the same space, it must have its own token on cryptographic exchanges. Many projects have suffered because of this hindsight. Fortunately, Udoo is listed on several stock exchanges and Blockfolio, with the largest volume on Coinbene. With a current market capitalization of $ 6 million and an improved platform and user experience, it can easily match and surpass Mithril.
This is a valuable lesson for other projects on which to base their strategies – continue your project with validation through the cryptographic market. Since Howdoo offers something even more unique, It is not unrealistic to expect that Howdoo will gain a large share in a market dominated by centralized social platforms.
Advertising is a key component of any social media platform with Facebook that generates $ 6.18 to $ 26.76 per user each 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 claimed that "social apps on the blockchain can not compete for subscribers and advertisers contented on centralized incumbent platforms" I've noticed that musicians, gamers and other creators of high-profile content for beauty, fitness and lifestyle are subscribed 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 who act in advance should be able to register the usernames they want 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.
"There is something deeply wrong with our economy and in our country, and we have to fix it," writes Hughes. It's true, but we in the blockchain space see the solution differently. As an exponent of the blockchain, we are inclined to believe ourselves as projects on the blockchain massively disrupts every sector of society, including the financial world, the fruits of labor will be distributed more evenly among those who work.
[Disclaimer: This is is a guest post. The opinions expressed within are the author’s own observations on the direction social media is moving in, and the author claims to not own any token from any of the companies listed above.]