2018-10-31 00:00 |
The application of cryptocurrencies and blockchain technology has spread beyond the financial services industry. Nowadays, these technologies have found use in other sectors of the economy such as the automotive sector, cloud computing, IT and data, and many more.
The latest beneficiary of this emerging technology is the $200 billion social media industry. Blockchain technology is used to enhance the privacy and security of social media platforms, two factors that are currently the shortcoming of existing social networks.
The centralized nature of existing social media platforms is the cause of most problems. For instance, these networks have been accused of sharing users' private information with third parties without consent. Other issues that are blamed on centralization include inaccessibility of content, data insecurity, privacy challenges, inability to monetize content, and many more. The most recent of menaces to hit social media platforms is the propagation of fake news.
The introduction of blockchain technology promises to curb most if not all of the aforementioned challenges. Besides decentralization, distributed ledger technology also brings with immutability and transparency. Another interesting aspect of blockchain technology is the support for smart contracts. Smart contracts are self-executing programs that ensure that all parties involved in a transaction are satisfied before implementation.
In addition, developers are contemplating leveraging blockchain technology to reduce the spread of fake news through incentivized of authentic consent and indexing information in terms of reliability.
What is WhatsAround?The WhatsAround app is a blockchain-based social media platform driven by a cryptocurrency known as ShotCoin. The app is intended for adventurers who like sharing photos and videos of their outings and escapades. Essentially, this is a blockchain-driven alternative to Instagram, a popular photo-sharing platform. Notably, users get rewards for sharing content on WhatsAround.
WhatsAround is useful to any party that wishes to promote their products and services to an audience. For individuals, the app keeps a recorded of all visited locations. The network rewards users who discover new places and assist the community in finding tourist sites.
Additionally, the platform supports sharing, commenting and ‘liking' of posts shared by other users. The membership consists of people from all professions, meaning that users can easily connect and interact with others who share similar interests.
Earning income on centralized platforms such as YouTube is subject to meeting a set of conditions, including numbers of followers, number of views, and so on. Basically, it takes time before a user can start earning on such platforms. Contrariwise, making money on WhatsAround is not dependent on the number of followers. Instead, the activity of a user determines how much they make. The more active a user is, the more money they earn.
How it WorksUpon downloading, WhatsAround prompts the user to create a new account. This is followed by a verification of the credentials. This process is straightforward and user-friendly.
After completing the registration, a user can start sharing content immediately. Each activity on the platform is rewarded in Shot points, which are later converted into ShotCoin. The ShotCoin can be exchanged for gift cards in partnering merchants, other cryptocurrencies such as Ethereum or Bitcoin or even electronic cash.
The Shot points can also be earned when other users ‘like’ your content, when a user saves your picture, and so on. Likewise, a when a user performs the same actions on other content posted in the website, they get rewarded with Shot points. There are also points for referring new users. Continuous activity on the app results in the guarding of the account's levels, for which users earn points.
Later on, WhatsAround intends to introduce a marketplace where users can promote their services to the audience. So far, the app has been downloaded 10,000 times and is available for Android and iOS platforms.
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