How One Blockchain Startup will Tackle Data Theft Across Social Media Platforms
Mithril will integrate with major social media platforms to give users an opportunity to earn rewards through social mining
People these days are investing a substantial amount of time surfing online social media platforms, where the average teen spends at least 9 hours a day surfing the world wide web. But what users don’t necessarily know, is that these social media platforms make money off everyone’s data, without clarifying to the data owners of the monetary benefit within it.
The Future: Big Data and the Intrusion of Social Media Companies into People’s Privacy
Social media companies utilise big data for market analysis and consumer behaviour prediction – similar to a lot of other industries.
With the monetization of offerings by Facebook, Instagram, Twitter and Pinterest gaining traction, it is obvious that big data’s benefits for social media will become even more peculiar. According to a study by Cambridge and Stanford University researchers, Facebook can utilize the data from accounts to understand personalities better than friends and families!
All the likes, comments, follows, and shares become data that reveals to companies what users like and dislike, what they might buy, and even what users’ actions might be. Also, social media profiles are usually linked with the users’ browsers and search engines. This means that any action taken there will probably reflect on social media profiles – ultimately leaving a trail of digital footprints that might be instrumental in predicting the user next moves.
The Reality of Things: Cryptocurrency at the Forefront
Now, any user can actually earn from using a social media platform. Luckily, this is now feasible – also operational – thanks to the help of blockchain technology and cryptocurrency as a whole.
One of these revolutionary cryptocurrency-based social media platforms is Mithril. Mithril integrates with major social media platforms and gives users an opportunity to earn rewards through social mining. With Mithril, content creation, likes, and views are rewarded with MITH. This way, users can take back a piece of the pie even though social media networks still use their data for marketing and revenue purposes. This would ensure that users are compensated for the use of social media instead of these platforms solely exploiting the data created by them.