Traditional industries are currently facing an ultimatum—either embracing new technology or succumbing to old methods. Since 2008, blockchain technology has been central to this conversation.
The lesson from the Facebook era may be that social networking is too central to modern life to be monopolized by one very profit-driven company. Maybe social networks are something more like bridges or water supplies, something best controlled by the public.
According to recent estimates, corporations will spend nearly $20 billion on blockchain services by 2024. Blockchain has emerged as a revolutionary and disruptive technology, creating opportunities across finance, real estate, entertainment, healthcare, and gaming. It’s also pivotal to Web3 and is undoubtedly here to stay.
One of the industries that are undergoing significant changes due to blockchain’s impact is social media applications. In 2021, people spent an average of 6 hours and 59 minutes online, and much of that time was spent on social media. This, coupled with the fact that there are already 4.2 billion active social media users, makes it high time for businesses to leverage these platforms. Consequently, there’s an immense opportunity for projects integrating blockchain technology into social media. Enter Blockify, which aims to build the first-ever smart, social web3 application.
Blockify – The Facebook of Crypto
Following the global outbreak of COVID-19 in early 2020, emergent GameFi platforms like Axie Infinity introduced novel incentivization mechanisms. With Play-to-Earn (P2E), for example, users were given the ability to monetize grinding while at the same time receiving lucrative rewards for their contributions and participation.
Similarly, Social Finance incentivizes individuals to surf and earn. Blockify, for instance, has introduced Surf-2-Earn (S2E). This incentivization model rewards users who engage with the platform. Since 2021, Blockify has been developing in stealth mode, building an interface that unlocks the world of DeFi and Web3 for anyone, regardless of crypto knowledge or experience.
Core features include unlocking the capabilities of web3 social interaction between projects and communities and providing an interface for users to track and manage their assets.
“If you look at the way the internet developed with Web 2.0, you’ve got these massive data structures that are built by all of us behind proprietary enclosures: the global search index at Google, the global product index at Amazon, the global social graph at Facebook. The thought is these large data structures created by the public should be owned by no one; they should be public”. said by D.C – CEO Blockify
Blockify saw an opportunity to build a user-friendly interface for the rapidly expanding ecosystem of blockchain-based financial products and services. Decentralized finance now has over $40B in total value locked and encompasses everything from major cryptocurrencies like Ethereum to other forms of programmable money, crypto loans, social tokens, and NFTs.
Unlike Coinbase or Robinhood, Blockify does not track user data or have custody of its users’ funds. Blockify is 100% non-custodial, and this agile approach sets the stage for tremendous growth and adoption.
Bridging the Gap – Fusing Social Media, Finance, and Crypto
Blockify will enable non-technical users to acquire, track and manage assets on many leading DeFi protocols. Blockify is building an integrated experience that overcomes the fragmentation, complexity, and lack of trust in decentralized financial products that have, to date, held back the adoption of Defi.
The lack of verifiable information has created a roadblock in crypto adoption; Blockify has created an environment where projects can interact and disseminate information directly to their communities in a verifiable method via blockchain technology.
Check the Below Links & Stay Updated on Blockify Developments:-
Official Website:- www.blockify.com
Twitter:- https://twitter.com/_Blockifyhttps://twitter.com/_Blockify
Source: https://www.cryptonewsz.com/blockify-using-blockchain-to-reimagine-social-media/