my2cents – Web3 Social Media Platform Review

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Written by

Heath

https://decentralised.news/

2 years ago

What is my2cents?

Described as an online/onchain social platform, my2cents makes it possible for users to post content, buy/sell goods and services, as well as play games. The desktop and mobile application my2cents is owned and managed by P2P Software GmbH. The platform is a new social media platform that provides users with better privacy than most web2 socials such as Facebook, Instagram, TikTok, etc. The platform utilises blockchain technology, in particular, the BSV blockchain.

What makes my2cents unique?

The my2cents platform does not profit from user data since they don’t collect user preferences for the purposes of selling that data to third-parties. The platform does not know what users like or dislike and is not interested in manipulating users’ thoughts nor using invasive tools, such as Google Analytics, to be able to sell users goods and services they may not even need.

What’s great about my2cents is that no content can be shadowbanned. Web2 platforms such as Rumble are already getting mainstream adoption based on the same ethos, however, what makes platforms such as my2cents standout is their use of blockchain technology which can provide censorship resistance and also enable micro payments that are peer-to-peer, in addition to being non-custodial which means that even the platform developers cannot withhold ecosystem funds and block transactions. Platforms such as Rumble could potentially be limited in future if third-party payment processors and ecosystem partners are forced to stop doing business with them e.g. due to politically motivated reasons, especially if they do not counter the image that they are sympathetic to ‘right-wing’ groups. This problem can somewhat be avoided when using some Web3 platforms. Other interesting platforms that incorporate web3 features include Publish0x, Read Cash, Mastodon, Minds, Crbn, Ecency, and Noise Cash, among others.

Platforms like my2cents are trying to cater to a growing populace that is increasing weary of the encroachment of social media companies, governments and ‘cancel culture’, which is why they are turning to platforms that allow diverse worldviews from different types of people who may come from different socioeconomic backgrounds and therefore have differing ideas and ideals. Ultimately, people are attracted to platforms that champion free expression without political censorship, other forms of controls, manipulation and exploitation.

Geting started with my2cents is fairly simple. First, go visit https://www.my2cents.io/ and choose to sign up if you are not already registered on the platform. Choose a username and password in order to create an account.

Once you’ve signed up, you’ll be asked to save a ‘mnemonic phrase’. Please ensure you save this collection of words somewhere safe as these will be your private key in case you need to login to your account from another device, backup or recover the account. You can then proceed to fund your BSV account.

For this demonstration, we chose to send BSV from Exodus wallet. The great thing about the Bitcoin SV blockchain is that it is designed for peer-to-peer micro-transactions making it easy to send and receive small amounts that you can utilise in platforms such as my2cents.

Within a few seconds of making the transaction to my2cents wallet, the funds were credited.

Once your account is topped up, you can proceed to modify your profile if necessary.

The my2cents platform gives the user a choice to view or not view ads on the platform. The user will opt in or out based on their own preferences. This is a model that contrasts with most social media giants today that make accepting terms and conditions that strip user privacy and data rights away a condition to use or access the platforms.

After choosing your option, the profile is saved and you can access the home page.

To participate by contributing content and earning ad revenues there are a few rules you need to follow:

You can also contact the team at my2cents if you want to advertise on the platform using micro Bitcoin payments via the BSV blockchain. Users are able to also directly create their own advertisements and promotions by paying online via your credit card or onchain via Bitcoin, and they will be able to broadcast the ads immediately.

My2cents is truly a web3 social media platform, offering users a wide range of options and incentives to opt for more secure, free and community centric platforms. A platform that not only incentivises creativity but is more equitable towards the creators and contributors, empowering users to make choices around how their data is used and so much more e.g enabling users to publish and have access to a fully functional social platform that can facilitate micro transactions and better interactions with audiences, opening more opportunities to participants for the entire ecosystems. Web3 social media will be transformative, there’s no doubt about that.