Social media has undoubtedly changed our lives in the last decade, experiencing unprecedented following and usage. It has become part of everyday life for 2.5 billion people in some form or other. Facebook, Twitter, LinkedIn, Instagram, YouTube, Pinterest, Snapchat, WeChat, Weibo, and the list goes on.
Let’s face it, we either love or hate social media. We love it because it is an effortless way to get updates on what is happening around the world, connect with friends and loved ones, learn about latest trends, talk about and debate issues and a fantastic way to sometimes get a good deal from an advertisement. It also provides the public with a voice and an arena for people to develop and share content which otherwise would be difficult to obtain through traditional media.
However, there are recent reports that many are starting to reduce their usage or abandon their social media because it affects their general well-being, invades their privacy and security. In addition, users who produced quality content slowly learned that all their hard work was consumed by the platform itself, without getting paid adequately⎯and in most cases, no getting paid at all. Content on social media became the stepping stone to massive financial gain for the platform rather than the creator.
Social media is used as a platform for advertisers to increase reach effectively in an efficient way. Advertisers are using social media as people are more likely to look at their feed rather than watching advertising on TV. Advertising on social networks is estimated at approximately $30 billion this year. Where does all this spending go? To be honest, not much goes to the creator⎯a very large chunk goes to the platform.
The success of social media has driven the rapid rise of an innovative technology that has the potential to transform the way we live today. It has wide-reaching implications that will affect all businesses and industries, with the potential to revolutionize the social experience by reinventing the very nature of how content and information is privately and profitably distributed.
That technology is blockchain built on a decentralized platform. It is a decentralized database⎯or decentralized ledger⎯where new “blocks” are created for information that is being stored or processed. For a new block of information to be stored, it must be approved by the entire chain, meaning that the chain is completely ‘decentralized’ and therefore secure and transparent. Each block in the chain has a stamp that links to a previous block. Blockchains are secure databases by design, solving the double spending problem (unlike physical coins or tokens, electronic files can be duplicated and spent twice) without the use of an authoritative body or central server.
SocialX as an innovator
Introducing SocialX, a platform employing blockchain technology that supports community building and social interaction with cryptocurrency rewards. SocialX combines concepts from social media with lessons learned from building cryptocurrencies and their communities. Imagine the endless possibilities on SocialX, where content (created and shared) will be secure, innovative and creative; content censorship will be less rigid⎯protecting privacy of the creators and users⎯and at the same time, rewarding content creators, influencers and even content users of with cryptocurrency that can be spent anywhere (at a café, shop online, etc.). Imagine, now advertisers will be able to directly compensate content creators, influencers and users. From a social angle, it could also facilitate social causes where donations and the deployment of funds can be tracked in completely a transparent manner. The possibilities to create a community that decides what content is appropriate and what content matters are endless, now with the ability to reward those content creators and influencers accordingly.
Future of blockchain technology, cryptocurrency, ICOs and decentralisation
In recent months, blockchain technology has been gaining a lot of traction. It’s attracted the attention of prominent bankers and regulatory bodies around the world due to the meteoric rise in value of some cryptocurrencies and increasing trading volumes on crypto exchanges, which are not regulated. This is fully understandable as the full potential of cryptocurrencies in the financial world is still in its preliminary stages. At this point, cryptocurrencies can be misused for illicit financing purposes if not monitored and regulated; it is important to have anti-money laundering controls in place to counter the financing of terrorism and illicit activities. At this point in time, China and South Korea have banned initial coin offerings (ICOs), while the Russian President, Vladimir Putin, has called for regulation of the sector.
The idea that blockchain can be transformative is there, but the true test will be in whether it provides true value⎯similarly to how the Internet was a potential technology was in the late-1980s. In October, the Monetary Authority of Singapore (MAS) issued its position on cryptocurrencies; it said it does not plan to regulate cryptocurrencies such as bitcoin, but it will remain alert to money laundering and other potential risks stemming from their use. It recently issued a guideline to digital token offerings and very clearly spells out the scenarios in which ICOs would be regulated. The focus is not so much on the cryptocurrency or its value, but rather the risks associated with its use and activities. Very few jurisdictions regulate cryptocurrencies on the surface it; most have taken the approach that the medium itself does not pose a risk that warrants regulation. So, the requirements of anti-money laundering controls apply to cryptocurrency activities rather than the cryptocurrency itself.
SocialX has put the necessary security protocols and controls in place and a stringent KYC process in its efforts to fully comply with all government regulations, as well as updating the regulators, when necessary, on the use and activities of the SOCX cryptocurrency.
SocialX Alpha and SocialX ICO
OK, enough said. To my point about cryptocurrency activities and the value of the platform, the SocialX team has worked very hard to release the alpha version, which is now available. We are excited about the future of SocialX and its potential to change the global social experience!