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Blockchain technologies are having an increasingly apparent impact on the world across a variety of industries. As the world of social media grows and develops, it comes as no surprise to see the revolution of blockchain technologies spread into this sector.

Social networks, like Facebook, Instagram, and YouTube, essentially present the same opportunities to their users, although packaged in slightly different ways. Ultimately, they give users the ability to broadcast and communicate while receiving some kind of social currency in return.

What is social currency, you ask? The number of followers a user has, the number of likes or comments a user receives, or the amount of traffic a user can generate would all be classified as a form of social currency – the more a user has, the more credible they become.

In July last year, Steem – a new social network – was launched. Steem was designed as an evolve of the already established basic models (Facebook, Instagram, etc) but with one difference: To reward users with cryptocurrency in addition to social currency.

Steem is similar to Reddit, and even Facebook, in that it encourages users to post, share, and react to content. Upvoting (liking) a post makes it more visible on the site and rewards the person who posted it with ‘Steem’ (digital currency). Steem can then be exchanged for real cash via Bitcoin or reinvested into ‘Steam Power’.

If there’s one thing to learn here it’s that the world of social is constantly evolving alongside the tech world and, more often than not, overlapping when there is an opportunity to do so.

Tapes were killed by CDs, CDs were killed by downloads only to be replaced by music on demand apps such as Spotify and Apple Music. Myspace was overpowered by Facebook and, perhaps one day, a blockchain based social network will replace Facebook too – Remembering that “one day” could be closer than we think as blockchain based social networks, such as Steem, Paymeabit, Akasha and Synereo (just to name a few), have been gaining traction in the market.

 

“The first generation of the digital revolution brought us the Internet of information. The second generation — powered by blockchain technology — is bringing us the Internet of value: a new platform to reshape the world of business and transform the old order of human affairs for the better.” — Don Tapscott, author of Blockchain Revolution

 

The Blockchain NZ 2017 is a 3-day event coming to Auckland in May as part of Techweek‘17. The event will bring over 20 international speakers, including industry leaders Vitalik Buterin and Andrea M. Antonopoulos, right to our doorstep to share their knowledge, insight, and experiences on this groundbreaking technology. It will not only consist of fantastic presentations and workshops but will also create opportunities for networking and discussions for those who attend.

“We want to stress that this is not a tech conference, this is a business conference designed to take business entrepreneurs on a journey from learning the basics through to exploring some of the real-life ways that blockchain technology is being used to disrupt business models and transform our society” — Event organiser Mark Pascall

For ticketing and event information, head to http://www.theblockchain.nz/