A certain man, Chris Hughes who was ushered into the world of affluence following his mass investment in Facebook stocks has had a brainwave on how to restore the middle class. The Silicon Valley entrepreneur has had an idea to go through with this and has released a new book called Fair Shot. The book contains information on assured earnings for the poor in the US. Hughes stated that;
“Most Americans cannot find $400 in the case of an emergency like a car accident or a hospitalization, yet I was able to make half a billion dollars for three years of work. Something is profoundly wrong with our economy and in our country, and we have to fix it.”
Personalities constantly talked about in the media work on their reputation through the wide spread of social media and Hughes intends to change the public’s outlook by being in their good books through a press conference and a book. The event in which the above comments were released to the press was in April 2018. Now we’re nearing the last month of the year.
While the motive behind this move employed by the Facebook investor is unknown, some lessons still need to be learned by those in the crypto space after the Facebook data scandal. The data scandal, which was discovered earlier this year, revealed that at least 50 million people had their Facebook profiles harvested so Cambridge Analytica could target them with ads on politics.
Can Social Apps on the Blockchain Take Over the Social Media Market?
It is a hard lesson for Facebook but an advantage to other competitive centralized social apps to work on taking the reins as the leading social network. The distrust for sharing data on Facebook has grown, and users are likely to migrate to other apps. It’s considered the best time for social apps on the Blockchain to challenge the current leading social network platforms.
Those with content do not share in the profits arising from advertisements by the by these top social networks, with the exclusion of YouTube and Twitch, where content creators can share in the advertising revenue. Youtube and Twitch both take about 25-45% of revenues and YouTube changed its terms and conditions on sharing profits with content creators. YouTube previously set the threshold for displaying ads content on their platform at 10,000 views, but later switched to a rule of 4,000 hours of overall watch time on a channel within the space of a year and have at least 1,000 subscribers on the channel.
The change in rules oversaw the migration of over 100,000 content creators to Patreon in a quest to connect more with their fans and profit from their patronage and tips.
The Blockchain-Based Social App, Howdoo
A recently introduced Blockchain based mobile app, Howdoo, might be set to challenge social networks and even Patreon in terms of popularity. The new app promises to deliver the best of the social media and Blockchain without adverse effects on the user experience.
For Howdoo to take the reins in the social media market, they need to provide a one of a kind user experience and at the same time, make flexible changes in response to the numerous demands made by social media users. It also needs to take on its main Blockchain competitors, Steemit and Mithril, before they can record success.
Just like Steemit users get STEEM coins for posting content, Howdoo users will receive udoos, the official Howdoo token whenever their content is liked and shared. Howdoo needs to implement cool new features, able to make content creators earn more from fans, and also to have its token on several exchanges to improve liquidity on its tokens.