The Facebook data scandal is the last days on everyone's lips. After days of silence, Mark Zuckerberg has now taken up a position on the scandal and blamed the responsibility for Cambridge Anayltica. In the meantime, the hashtag #DeleteFacebook was very popular and much discussed. On this occasion, we asked ourselves which alternatives currently exist on the Blockchain or which projects are in progress to possibly replace Facebook one day.
Even Tagesschau today published an article titled Facebook as "Danger to Democracy". In many countries, politicians demand a summons from Zuckerberg and an explanation of how the data could be lost.
What happened - short summary
The data analysis company Cambridge Analytica is said to have used data from 50 million Facebook profiles illegally, without having obtained the consent of the user. The data should have been used to u. a. to influence the US presidential election and the Brexit vote in the UK.
As reported by the Tagesschau, US and European authorities see "massive repercussions" not only on the protection of personal data, but also on democratic opinion formation and the electoral system. Both in the US, as well as Great Britain and Germany are therefore investigations against Facebook planned. Several parliaments want to personally summon Facebook CEO Zuckerberg.
Facebook slips because of the scandal possibly in the biggest crisis in its history. Yesterday evening after market close Mark Zuckerberg has reported on a Facebook post to speak and position.
As expected, however, he has all the blame of Facebook. He gives himself humbly and explains how it could come to the data abuse. In the post he also promises to want to better protect user data in the future. As a concrete measure, he proposes in particular a limited access of app developers to the data.
The business model Facebook
The fact is that Facebook's business model relies on personal data of users. Without users, Facebook would not be worth anything. Data is one of the most valuable resources in today's digital world. Not without reason are companies such as Facebook, Google or Amazon so successful. All three companies know how to turn data into money.
Everyone should also be aware that the "scandal" was not a theft or hacking. What has happened is part of the daily business of Facebook. Facebook collects data about users. Not just by posts you write or likes to distribute, but also by capturing which articles you read, which link you click, and what your friends do. From this data, Facebook creates a user profile with preferences, hobbies or even political orientation. The data and profiles Facebook sells to other companies.
Whether Facebook may legally? Yes, they are allowed! With the approval of the ever-changing terms and conditions, every user accepts this data trade. Lawsuits, whether in the US, the UK or Germany do not ban Facebook!
Ultimately, everyone is responsible for deciding whether to allow it or if the call is followed by #DeleteFacebook. However, since social media are hardly devoid of everyday life and the central problem is centralization, we asked ourselves whether there are already functional or at least planned blockchain projects, the Facebook, WhatsApp or Instagram, all of them on Facebook belong, can replace. The goal must be a system in which every user has full control over their data.
Steemit
Facebook's biggest and best-known blockchain competitor to date is the social media and blogging platform Steemit with its coin STEEM, which is priced at € 1.71 at the time of writing and has a market capitalization of $ 434 million Ranked 28th of the largest cryptocurrencies by market capitalization.
The project was founded in 2016 and follows the idea of a decentralized and censorship-resistant blog platform, similar to Reddit. Unlike Facebook, the user can earn money on Steemit by being rewarded for comments and posts from others. On Steemit the money flows in the other direction.
The Facebook data scandal was not left unanswered by Steemit on Twitter. The Steemit team shared a Bloomberg article from the end of February about how Steemit and blockchain technology can compete with Facebook.
Steemit has 9 million users every month, according to Bloomberg. Anyone who knows Steemit or looks at the website, however, will find that Steemit is not comparable to Facebook, but rather resembles Reddit and therefore Steemit is much better and safer than Facebook.
TRON
Even Justin Sun, the founder and CEO of TRON, did not miss the opportunity to pick up the Facebook scandal and promote his own platform: TRON.
TRON aims to create a protocol that allows each user to freely decide on their personal data and to return the data sovereignty to the user. According to white papers, the TRON network should be a platform for digital entertainment of all kinds - from streaming services to online gambling to social networks.
First, however, the launch of the Mainnet on May 31, 2018, will be of great importance before it can work on the overthrow of the throne of Facebook. Also in 2018 should The integration of TRON into the "Chinese Snapchat", Peiwo, with over 10 million users.
Nexus / Sociall
Social is a token developed on the Nexus Blockchain. The token currently occupies 623th place of all cryptocurrencies by market capitalization. The price is around € 0.15 per Sociall (SCL). As part of its ICO, last year, Sociall was able to collect more than 5 million euros.
The Sociall platform aims to develop a social network similar to Facebook, where the data is stored on the Blockchain decentralized. The SCL token should be used within the network u. a. be used to pay other users, buy ads or advertisements or fundraise.
SocialX
SocialX is also developing a reward-based social network, but, like Sociall, is a rather unknown project. SocialX aims to be a community driven social media platform where users can post photos and videos similar to Facebook and Instagram. The currency, the SOCX token serves as rewards, as in previous projects.
In addition to these projects, there are numerous other projects (eg Userfeeds, Yoyow), which also want to develop a social network, similar to Facebook, Twitter, Instagram, etc. Probably the biggest competitor of WhatsApp could be the telegram.
Apart from Steem, however, no platform has yet been established or no project is at all in a developmental stage in which an active, productive use would be possible.
In this respect, we see the blockchain technology as the future strongest opponent for Facebook and the possibility to revolutionize the social media industry. However, it is currently missing still on competitive challengers who could exploit the current weakness of Facebook.
In my opinion, Steemit is the best social media platform that exists because Steem is not selfish, but also thinks of his users and pays them money. Since Facebook could take an example. Steemit is the best, Steemit forever.
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