As per the latest records, there are 3.81 billion people actively using social media worldwide. Imagine the amount of time and attention paid by those users. In return, incentivizing customer’s efforts is something brands have been working on for a long time. Several widely adopted social media applications such as Facebook, Reddit, etc. are also planning to implement reward systems with Blockchain technology.
Steemit described itself as the first social platform built on the ‘Steem’ blockchain, a decentralized reward system for users to monetize content and grow as a community. Steemit believes in rewarding users in the form of ‘Steem’ (a cryptocurrency coin) for their attention and contributions to the platform. It obeys a simple points system, and those points can be traded in the market as tokens by the users. Such platforms allow artists to raise money for their talents; it also lowers the economic barriers to entry in an industry.
Similarly, Reddit is also planning to carry through ‘Ethereum,’ the blockchain network. It allows users to earn points by contributing to the community, like publishing a quality post or comment that increases their karmas. Reddit community points are digitally represented as tokens on the blockchain: 1 Community Point on Reddit equals 1 Community Point on the Ethereum blockchain. It would be a quantum leap for active social media users; also motivates more users onboard.
For implementing the incentivization system on social media platforms, blockchain proves to be a robust technology. Blockchain technology has a decentralized database that stores a registry of assets and transactions across a peer-to-peer network. It’s basically a public registry of who owns what and who transact what to whom. These transactions are under protection by cryptography and overtime stores the transaction history, locked in the data blocks. These blocks are cryptographically linked together and are secured. It creates an immutable and unforgettable record of all the transactions across the network. And this record is replicated on every single system on that network. Blockchain is highly trusted because it facilitates transparency. A person does not need to trust another party; it just requires trust on the platform.
With Artificial Intelligence implementation, several analyses and predictions are generated based on blockchain’s historical data. It not only improves the incentivization system but also is used to enhance the user’s recommendation techniques. AI merging with Blockchain surely will be fruitful for both businesses and consumers.
With the execution of an advanced blockchain application, Kwegg aims to serve B2B and B2C financial models. It works to put a value or token behind every user-interaction to build an advanced economic model for your business application. We assist your application to listen and keep a record of all the events performed by the user. Then help to configure various rules to reward the users. Kwegg’s own redemptions dashboard allows adding partner brands. We ensure data protection under policy compliance. Kwegg enables you to expand your business marketing capabilities and boost your program profitability.