We have officially surpassed 100 days in the bear market. Activity has slowed down. Projects are laying off employees left and right. Whitepaper ideas are still… whitepaper ideas. However, this is not the case for blockchain based social network, Sapien. Last month, they released the highly anticipated Polaris update to the platform, their team continues to expand and the user base is growing.
Why is this happening?
A shift is taking place in the blockchain ecosystem. We are witnessing a change in what the community finds important. Market participants are looking for real platforms, not hype and ideas. Users want to adopt new technologies instead of using the platforms that are exploiting them. Most importantly, communities are looking for adoption, not speculation.
This global shift of consciousness plays directly into Sapien’s favor. Why? Because Sapien is developing, pushing product, and has a real user base who interacts with the platform on a daily basis, in the crypto-sphere, this is very rare.
Underneath A look into the future.
There is no denying that the online social experience is changing. 2018 was a year of realizations. We learned about the business models our social networks use to profit.
Facebook charges users $0.
Facebook profited $8.59 from each user.
Netflix charges users ~$120 a year.
Netflix profited $3.57 from each user.
As stated beautifully in this tweet, the user has become the product on these platforms.
All of these new insights are creating an environment for an alternative network to take charge. Sapien is positioning itself to become the alternative network. Let’s look into the reasons why Sapien can provide a more fair, enhanced, and secure experience for the user by leveraging blockchain technology.
Transparency of the Blockchain
Current social platforms have hidden algorithms running in the background that are optimized to keep users on the platform for as long as possible. Everything on these platforms happens in the dark and attempts to maximize profit off of users.
The blockchain is a distributed, immutable database that is both tamper-resistant and distributed. Each block is chained together through the process of consensus by miners running specialized software all around the world. Once a block is appended, it represents the canonical state or “truth” that can’t be modified.
For Sapien, the blockchain provides a novel way to record public social actions in a transparent and accountable manner. User activity will visible on the Sapien blockchain explorer—the data that is on the blockchain is precisely what Sapien has access to. This will essentially eradicate the insidious business model of current social platforms like Facebook, Twitter, and YouTube.
Value Capture through Tokenization
Bitcoin demonstrated that the blockchain is a powerful technological invention that can create the infrastructure for a decentralized, censorship-resistant digital currency. Ethereum enabled many projects to launch their own tokens, allowing the tokenization of a variety of industries.
Tokenization for a social network allows an Ethereum-based token to capture the value on the platform, generated through valuable user contributions or advertising dollars. At Sapien, the value captured is redistributed to its users through the SPN utility token. This is a fundamental shift that will reward users for content and allow them to monetize from their own data.
Sapien wants to use the blockchain to empower users, the true value creators of any network.
How can I get started on Sapien?
Prospective users can join the Sapien Beta right now. The platform features thousands of users, a live engine that rewards users for social activity, and staking implementations. Have a question? Sapien features 24/7 live user support available directly from the platform along with a wide array of tutorials to help you get started. Time to join the revolution!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
This author could be anybody, but he/she is not a member of staff coingape.com and opinions in the article are solely of the guest writer and do not reflect Coingape’s view.