When you’re just getting started on blockchain or crypto-monetized social media platforms, it can be overwhelming. In this video I’m going to explain the basics you’ll need to know to flatten the learning curve.
Now while I’ve covered all the red flags before in-depth, I’d like this to focus more on getting started. You can find the red flags to look out for when prospecting new platforms here: https://lbry.tv/@ScottCBusiness:4/Demystifying-Blockchain-Social-And-Identifying-Red-Flags:2. I’ve also recently put out another similar video here: https://lbry.tv/@ScottCBusiness:4/If-You-Can%E2%80%99T-Withdraw-Your-Crypto,-Stay-Away-1:6
The main things I tend to look at for each platform I’m using in terms of it’s blockchain-oriented values and characteristics, I look for: easy access to funds, use of the blockchain, decentralization, blockchain-related values, staking, interesting platform nuances, and platform rewards. If I weren’t testing all of these I would then emphasize prioritizing the platform you use with the 80/20 principle. 80% of your effort should go into what is doing well and 20% time should go to expanding, creative new solutions, and innovating.
Let’s briefly cover each thing I mentioned above:
Easy access to funds – This is important for obvious reasons, if you can’t access your funds, they’re not your funds.
Use of blockchain – This isn’t essential, but it’s great when platforms are actually taking advantage of the technology blockchain offers.
Decentralization – Platforms that are decentralized are great as a solution to get away from the original highly centralized legacy models, but they aren’t always perfect. More decentralization or at least leaning towards is preferred.
Blockchain-related values – With decentralization in mind comes other like-minded blockchain core values like free speech, privacy, transparency, open-source, and financial liberty. These aren’t inherent, but likely go hand in hand amongst the community.
Staking – Like many nuances and features, staking is very new, but is a very unique component to social media platforms and the ability to earn cryptocurrency platform rewards.
Interesting platform nuances – This is simple. I’m just looking out for features and things that make platforms unique in what they offer.
Platform rewards – While it’s not required and there are many great platforms without platform rewards, it is highly preferred that a platform gives out rewards in the form of crypto to users for their engagements, efforts, or some useful metric to gauge the value of their contributions.
These are the things I look for in crypto platforms and some of the main things you should have a grasp of when getting into blockchain social media platforms. Once you understand these basics, understanding most platforms will be much easier and familiar.
Let me know how you evaluate new crypto platforms? What’s your favorite social media dapp to use? What blockchain platforms are you using now? Am I missing something, or do you disagree with anything above? Let me know your thoughts on this in the comments below and don’t forget to share, like, and subscribe