6 Cryptosocial Platforms I'm Bullish On
The good, the bad, and the ugly of cryptosocial
Since 2018, I’ve identified hundreds of new projects tinkering with cryptosocial media applications. Many of them have died. Others are on the brink of falling off a cliff. Still, many more are alive and kicking.
What I’m calling cryptosocial media goes by other names, but I prefer cryptosocial media as an all-embracing term. The reason is simple: The basic framework is still social media. The twist is the marriage of cryptocurrencies to social media. And it looks different from platform to platform.
Some of the platforms are social blogging platforms. Similar to Medium or Blogger, but closer to Medium as the Big M includes a monetization feature—weak, but it’s still a monetization feature. Crypto-monetization protocols are mostly superior because they include economies that lead to variation in values of the native cryptocurrency based on supply and demand and other factors.
Other cryptosocial platforms are more like social networks, but they may include additional features such as an NFT marketplace, a decentralized exchange (DEX), or gaming applications. If they don’t now, they are planning them for the future.
If a cryptosocial platform doesn’t make it onto this list, it doesn’t mean it has no value. It could mean that I don’t have enough experience with it to judge it adequately. I have tried every one of the following platforms and can vouch for three things about them:
They’re attractive enough visually to not scare me away;
Their monetization protocol seems fair and adequate enough to lead to at least a decent side hustle;
And they’re easy to use
That last one is very important. If a platform isn’t easy to use, it doesn’t matter whether you can earn good money from it or if it’s beautiful. To onboard non-crypto enthusiasts, cryptosocial platforms will have to make their websites as easy to use as Facebook and Twitter. Otherwise, they’ve lost the very crowd that could catapult them to stardom.
Now, without further ado, here are 6 cryptosocial platforms I use and don’t mind recommending that you use. One caveat: These are not in order of most value or highly recommended.
6 Cryptosocial Platforms Worth Joining Right Now
These 6 cryptosocial platforms are worth a look if you’re interested in earning cryptocurrencies with your time rather than with your money:
Bastyon - Bastyon has a very simple interface. Not only that, it looks like a social media website. I’ve been on Bastyon just a few short days and have already seen more engagement on my posts than I have other cryptosocial platforms that I’ve participated on for months. The native cryptocurrency is PKOIN, or Pocketcoin. Built on its own blockchain network, PKOIN doesn’t cost a fortune to move like many ERC-20 tokens. That’s a plus if you don’t intend to keep your coins on-platform. Another plus is there are lots of categories in which to post your content so the site isn’t geared only toward crypto enthusiasts. That’s a huge plus if you have friends who aren’t into crypto but would be willing to try a cryptosocial platform as an alternative to Facebook and Twitter. Bastyon calls itself “The first censorship-resistant social network protocol,” which isn’t exactly true because other cryptosocial platforms that are both decentralized and censorship-resistant have preceded it, but it appears to be both decentralized and censorship-resistant. What’s really cool about it, in my opinion, is that you can post a short post in Facebook-like fashion, a long blog-like post, or upload a video. However, to post videos, you have to have a minimum of 5 PKOIN in your account. Bastyon has most of the features, including private chat, that a good social network must have and users can earn a cryptocurrency that seems to be holding its value. Find me on Bastyon here.
Hive - Hive is a Steemit hard fork. As such, it’s essentially a Steemit clone and falls into the social blogging category. That’s neither good nor bad, really, but it’s worth noting. Because it is a hard fork, it makes Hive a pioneer among cryptosocial platforms because many of the witnesses broke off from Steemit to launch Hive and Steemit was the first cryptosocial media platform to launch with a cryptocurrency. It is built on its own blockchain and users earn Hive (HIVE) and Hive Dollars (HBD), the native stablecoin. Through various decentralized applications (dapps), users can earn a variety of tokens. Like Bastyon, there are plenty of non-crypto categories meaning it’s not all about crypto. However, like Steemit, Hive’s UI is not as simple and intuitive for new users. Posting requires some knowledge of markdown unless you use the visual editor. Still, if you’re persistent, consistent, and add some Hive to your account and stake it to increase your Hive Power, you can do well on Hive. If you join Hive, look me up.
Loop Markets - Loop began as Trybe, but it rebranded last year and looks or acts nothing like its original. In fact, it is a completely new project on a completely different blockchain. It is one of the most attractive cryptosocial platforms I’ve seen, but that isn’t its biggest positive. Loop has a fully operational DEX where users can farm, pool, or stake their earned tokens, buy new tokens, or swap tokens. Loop is built on the Terra blockchain, which means LOOP, LOOPR, and UST (the native stablecoin) are all tokens, not coins. A planned NFT marketplace is in the works. One thing that makes Loop unique is its rank system. LOOP tokens earned are based on one’s Loop rank. In that regard, any one who started as a Trybe member received a 1:1 airdrop of LOOPR tokens last year during the migration, which gives such veteran platform users an advantage. I’m proud to be among them. LOOPR tokens are used only to determine how much LOOP one earns during each month’s airdrop, and I have to say that I’m pleased with the amount of LOOP I’m earning before I stake, farm, or pool them. I have not tried to cash out any of my tokens yet, so I can’t vouch for that process, however, I like what I’m seeing so far. The downside to Loop Markets is that every now and then, there is a technical issue with accessing the website. That can be frustrating, but it doesn’t happen too often. In my opinion, LOOP is undervalued, but UST is ranked #14 in market cap on CoinMarketCap. That’s a huge plus. One other downside is my posts don’t see as much engagement as I’d like for the time I’ve put in, but since my earnings aren’t based on engagement, that’s not such a big deal. If you’re ready to try Loop Markets, connect with me.
Publish0x - Publish0x is unique in that it has no native cryptocurrency to offer. Users do, however, earn a variety of altcoins that change periodically. Currently, the tokens users can earn are Ampleforth (AMPL) and Statera (STA). Like Hive, Publish0x is a social blogging platform. I do like the engagement I receive on my posts and, unlike Hive, I gather followers without much effort simply by posting awesome content. Another unique feature is that users are paid in tips. If you like an article, you click the tip button and the author receives a majority percentage of one of the payout tokens selected randomly while the tipper receives the default 20 percent. That means you can earn on Publish0x by reading and never writing a post. The tipper can also move a bar to change the tip amount up or down. I’ve received 100 percent tips on some of my articles. Publish0x is also attractive and easy to use, but most of the articles are about crypto. In fact, when I post on non-crypto topics, those articles typically don’t see as much engagement or earn as much crypto as my crypto-focused articles. Of all the cryptosocial platforms that I use, I have the most followers on Publish0x. If you choose to use Publish0x, look me up and connect.
Read.Cash - There’s not a lot to say about Read.Cash other than it is a social blogging platform on the Bitcoin Cash blockchain. That means the cryptocurrency users earn is Bitcoin Cash (BCH). I’m pleased with my earnings. In a short time, I’ve accumulated a little stash of BCH that seems to be growing, but most of the earnings come through @TheRandomRewarder, the Read.Cash resident reward bot. BCH does have a dust-limit problem. There are also a few technical issues that I find annoying, but they are minor. One is the way images are shifted to the bottom of a page when I’m writing a blog post. I just cut the text above the image and remove blank spaces then paste the text below the image to compensate. It adds a few seconds to my posting time, but I believe visual appearance on blog posts is important. Otherwise, Read.Cash isn’t a bad place to post your content, especially if you like BCH. Connect with me at Read.Cash.
Torum - Torum is a true social network. It looks like a social networking platform and acts like a social networking platform, but creators call it a “SocialFi Metaverse” and decidedly aimed it toward crypto enthusiasts. You’ll find non-crypto content on the platform in small amounts, and users can post about anything, but its mostly about crypto. Like Loop, Torum has an NFT marketplace and a DEX, where users can stake tokens and provide liquidity in the XTM/BNB pool. They can also create an NFT avatar. Other features are forthcoming. Torum also includes a native crypto news board that pulls in news from third-party sources, however, the news is so out of date that it’s practically useless. My biggest frustration with Torum is that developers are more concerned with sticking to their roadmap and rolling out planned features than fixing the platform’s annoying bugs. That’s fairly common in the blockchain space. Still, I find it annoying. In that regard, its Clan and Companies features are two unique offerings that are practically useless due to the way Torum rewards users, and developers don’t seem interested in improving that. What I do like is gathering followers is seamless for those who post valuable content, however, Torum does have its spammers. This is one area where developers have taken a proactive approach to improve the platform and they’re not afraid to get rid of the bad apples, though there have been accusations that some users were unfairly targeted as spammers and put in Torum jail for a short time. Users can gift each other, earning Dust for each gift given and Shards for each gift received. These can be used to power up one’s staking multipliers in the DEX. These are the kind of unique features that make a cryptosocial media platform useful, in my opinion. If interested, connect with me on Torum.
I’d encourage you to try these cryptosocial media platforms, if you haven’t already. If you have tried some, let me know in the comments which ones you like the most.
For more on cryptosocial media platforms and protocols, read my book Cryptosocial: How Cryptocurrencies Are Changing Social Media.
Cryptocracy is a decentralized newsletter published 4 times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. I’m also trying to write one unique original article each week. Always fresh, always interesting, and always crypto.
First published at Cryptocracy. Not to be construed as financial advice.