Social media platforms have become an integral part of our daily lives. They allow us to connect with others, share content, and engage with the world around us. However, as the number of users and content being shared continues to grow, it can be difficult for individual users to stand out and get the visibility they deserve. This is where the concept of social currency comes in.

Social currency is a point system that can be used to boost visibility on a new platform. It rewards users for engaging with the platform and creates more transparency for traffic reach. Unlike other types of currency, it is not money-based, but rather a way to accumulate points based on your activity on the platform, such as posting, sharing, liking, and viewing content. This can help prevent botting and fake engagement, since points can only be earned through authentic interaction with the platform.

Can We Achieve Fair Visibility on Social Media?

Current social media platforms often suffer from algorithmic bias and a lack of transparency, making it challenging for users to understand how their content is being surfaced to others. This can create frustration for users who may feel that their content is not getting the visibility it deserves. By introducing a new social currency system, we can create a more fair and transparent platform that rewards users for their engagement, and increases their visibility. In addition to more transparent growth, social currency can also help prevent botting and fake engagement since points are only earned through authentic interaction.

In this blog post, we will explore the concept of social currency, the current problems with algorithmic bias and lack of transparency, and introduce the idea of a new social currency system that rewards users for their engagement and increases visibility. We will discuss the potential benefits and pitfalls of this new system, as well as alternative ideas for increasing user visibility on social media platforms.

---

What is Social Currency?

Social media platforms have become an integral part of our daily lives. They allow us to connect with others, share content, and engage with the world around us. However, as the number of users and content being shared continues to grow, it can be difficult for individual users to stand out and get the visibility they deserve. This is where the concept of social currency comes in.

Social currency is a point system that can be used to boost visibility on a new platform. It rewards users for engaging with the platform and creates more transparency for traffic reach. Unlike other types of currency, it is not money-based, but rather a way to accumulate points based on your activity on the platform, such as posting, sharing, liking, and viewing content. This can help prevent botting and fake engagement, since points can only be earned through authentic interaction with the platform.

Current social media platforms often suffer from algorithmic bias and a lack of transparency, making it challenging for users to understand how their content is being surfaced to others. This can create frustration for users who may feel that their content is not getting the visibility it deserves. By introducing a new social currency system, we can create a more fair and transparent platform that rewards users for their engagement, and increases their visibility. In addition to more transparent growth, social currency can also help prevent botting and fake engagement since points are only earned through authentic interaction.

How the Social Currency System Works

The social currency system is a point-based system that rewards users for interacting with the platform. This includes actions such as creating and viewing content, liking, commenting, and sharing. By engaging in these activities, users accumulate social currency that can be used to boost the visibility of their own content.

However, one potential concern with the implementation of the social currency system is the potential for bots to earn a significant number of points and use them to promote their profile, making the whole system look spammy. To address this issue, the social currency system can be designed to detect and filter out bot activity, ensuring that only legitimate user engagement is rewarded with social currency. Additionally, the system can be designed to prioritize the quality of engagement over the quantity of engagement, so that users who provide more valuable engagement (e.g. through thoughtful comments or engaging with a diverse range of content) are rewarded with more social currency.

• Another concern may be whether social currency can be purchased with real money, as this could lead to an imbalance in visibility between users who can afford to buy social currency and those who cannot. These are important issues to consider when designing the social currency system.
• This system could require users to hold a certain amount of tokens in their wallet to participate in the social currency system. By requiring users to stake their tokens, the platform can ensure that users are committed to the network and incentivize them to engage meaningfully with other users.

Addressing Concerns and Enhancing Fairness

However, this approach does raise the concern of users who cannot afford to stake tokens in their wallet. One possible solution is to allow users to earn tokens through other means, such as participating in surveys or completing other tasks on the platform. This would allow users without the means to stake tokens to still participate in the social currency system and benefit from its rewards.

• Another solution is to create a tiered system, where users with larger stakes are rewarded with more social currency. This would allow users with more resources to contribute more to the platform and receive more benefits in return, while still providing opportunities for users with smaller stakes to participate and contribute meaningfully.
• A potential concern with a staking-based system is that those with more resources to stake would have more influence and control over the platform than those with fewer resources. This could lead to an imbalance of power and potentially harm the overall community.
• One way to address this issue is to set limits on the maximum amount that can be staked by an individual user.
• Another approach could be to distribute the staking power more evenly across the community by implementing a tiered system, where users are grouped into different tiers based on their staking power. This way, users with less staking power can still have a say in the decision-making process.

It’s also worth noting that a staking-based system is just one potential approach to designing a social currency system on a blockchain platform. There are other approaches that could be explored to address these concerns, such as a reputation-based system where users are rewarded for consistently contributing high-quality content and engaging in meaningful interactions. Ultimately, the key is to design a system that incentivizes genuine engagement and rewards positive contributions to the community while avoiding the concentration of power in the hands of a few.

Advantages of the Social Currency System

The social currency system offers several advantages over traditional social media algorithms. First and foremost, it rewards users for their engagement on the platform, creating a more level playing field for all users to increase their reach and following. This means that users who may not have had the same level of visibility under a traditional algorithm can now earn social currency and use it to promote their content and increase their visibility.

Another advantage of the social currency system is that it creates a more transparent platform. By rewarding users for their engagement, the system incentivizes genuine engagement and interaction rather than just simply gaming the algorithm. This means that users can have a better understanding of how their content is being surfaced to others and can adjust their strategy accordingly.

Combating Algorithmic Bias with Social Currency

Furthermore, the social currency system can help combat algorithmic bias. Current algorithms may favor certain types of content or certain users based on a variety of factors, such as follower count, post frequency, and engagement levels. However, a point-based social currency system rewards users based on their engagement rather than other factors, creating a more fair and equitable platform for all users.

When compared to other social media platforms, the social currency system offers a more democratic approach to content visibility. Platforms like Facebook and Twitter rely heavily on complex algorithms to surface content to users, which can be difficult to understand and navigate. On the other hand, a social currency system is more transparent and easier to comprehend. Additionally, the point-based nature of the system encourages users to engage with a wider range of content and users, rather than just focusing on a select few.

The social currency system has several advantages over traditional social media algorithms. It creates a more level playing field for users, promotes genuine engagement and interaction, and helps combat algorithmic bias. Compared to other social media platforms, it offers a more democratic and transparent approach to content visibility.

Potential Pitfalls and Alternatives

While the social currency system has several advantages for boosting visibility and promoting engagement, there are also potential pitfalls to consider. One concern is the potential for abuse by users who may engage in spammy or manipulative behavior in order to earn more social currency. This could lead to a decrease in the quality of engagement on the platform and potentially drive legitimate users away.

Another potential drawback is that the social currency system may not be a good fit for all types of social media platforms or industries. For example, platforms that focus on news or information dissemination may require a different approach to ensure the accuracy and reliability of the content being shared.

Algorithmic Tweaks

Alternative strategies for improving visibility and engagement on the platform include a more traditional advertising system or algorithmic tweaks to improve the distribution of content. Advertising can provide a more predictable and controllable way to increase visibility, although it may not be accessible to all users due to financial constraints. Algorithmic tweaks can help to reduce bias and improve the distribution of content based on factors like relevance and quality.

It’s important to carefully consider the benefits and potential drawbacks of each approach and to choose the strategy that best fits the needs of the platform and its users. Ultimately, the success of any visibility and engagement strategy will depend on the unique characteristics of the platform and the behavior of its users.

Conclusion

The social currency system is a promising solution for boosting visibility and engagement on a new social media platform. It creates a level playing field for users to increase their reach and following by using a point-based system to reward user engagement, regardless of algorithmic biases. While this approach has its advantages, there are also potential pitfalls such as abuse and spamming by users. Therefore, alternative strategies for improving visibility and engagement should also be considered to supplement the social currency system.

The social currency system is not a complete solution, but it’s an idea that can be appended to help improve the fairness of visibility on the platform. Great content should be rewarded, but new users should not be punished for having a low number of followers. Meanwhile, having a large following should matter because it can only be achieved through hard work or exceptional content. Addressing all the problems that current centralized platforms have, such as bias and the lack of support for new and talented creators, is vital. We welcome feedback and discussion from potential users and experts in the field and invite interested parties to try out the new platform and participate in its community.

Exploring Possibilities and Supporting New Creators

While these are initial ideas, we want to explore the possibilities further. It’s clear that the current system isn’t particularly favorable to new creators, and that’s something we need to address. Social currency could be a game-changer because it focuses on good content, rather than simply on how many followers or likes one has. By spending social currency points to promote low-quality content, users are unlikely to get much traction or attention. However, social currency can help great content reach a wider audience and gain more exposure.

New creators, in particular, can benefit from social currency by building up their social currency balance through engagement and contributions, which they can then use to promote their content and reach a wider audience. Social currency helps level the playing field and gives more people a chance to succeed based on their talent and hard work, rather than just their initial level of visibility or popularity.

Statistics on Algorithmic Bias:

• In 2020, Instagram’s algorithm was found to favor posts from users with higher follower counts, with the top 1% of Instagram accounts receiving 34% of all engagement on the platform. (Source: HypeAuditor)
• On Twitter, the algorithmic bias tends to favor users who post frequently, engage with others, and have a large number of followers. In a study conducted by the Pew Research Center, they found that the top 10% of most active Twitter users accounted for 80% of all tweets created by U.S. adults. (Source: Pew Research Center)
• Facebook’s algorithmic bias tends to prioritize content that generates high levels of engagement, such as likes, comments, and shares. According to a study by the analytics firm BuzzSumo, posts on Facebook with a high number of reactions, comments, and shares tend to be shown more often in the news feed. (Source: BuzzSumo)
• TikTok’s algorithmic bias favors content that is engaging and keeps users on the app for longer periods of time. A study conducted by the social media agency Influencer Marketing Hub found that videos that received higher engagement rates, such as likes, comments, and shares, tended to be shown to more users. (Source: Influencer Marketing Hub)

Be a voice that matters –

I invite you to join me and become part of the awesome community working together to create a platform that’s not just fun, but also lucrative. We need your input, your creativity, and your willingness to take a stand against censorship and botting on decentralized social platforms.

So, come on over to our Discord server, and let’s make some magic together!