Blockchain is evolving into a new foundation for the internet. What began as a closed web is transitioning into an open source system driven by decentralized systems. Every sector is now adopting this technology to better serve its customers. Social communication, in particular, is seeing a lot of promise from blockchain solutions. Popular messaging apps like Instagram and Meta have joined the Web3 bandwagon, offering blockchain solutions like cryptocurrencies, and NFTs.
On the other hand, a wave of new blockchain-based messaging apps are emerging with innovative solutions. Security, privacy, secured micro-payments, and enhanced user experience are some of the key offerings of these upcoming projects. Blockchain is opening doors to unexplored trillion-dollar opportunities in the communication sector. This technology’s permissionless, trustless, and open-source nature promises to eliminate legacy problems that have plagued the messaging application.
The majority of today’s communication happens through social media applications. With almost 2 billion users, WhatsApp tops the list, followed by Messenger (Meta) and Wechat, which have 1.3 billion and 1.2 billion users, respectively. Internet penetration, easy accessibility, and smartphone penetration have significantly contributed to this massive growth. Platforms now provide unified channels of communication combining features like micropayments and media transfer.
Despite these rapid developments, a few critical issues have been ignored. Privacy and security have been the major concerns for users. The majority of existing messaging applications have poor security measures. WhatsApp, for example, brags about its end-to-end messaging encryption technology. But, it can be easily bypassed if the user backs up their data to a cloud server.
Another major concern has been user privacy. Many social media companies have been accused of gathering user data without their consent and then utilizing it to target advertisements. Facebook–Cambridge Analytica data scandal is one of the greatest examples of this. Cambridge Analytica, a British consulting business, gathered personal data from millions of Facebook users without their consent in 2010 that was then used for political advertising.
Furthermore, censorship has been a source of concern for users. People who oppose a certain viewpoint, whether political or anti-company, have had their accounts banned. Ultimately, platforms have become more business-focused than user-focused, which is precisely what blockchain intends to solve.
Blockchain technology promises to overcome the majority of the current messaging problems. The first is by providing a secure infrastructure for platforms. Everything on the blockchain is encrypted and the data stored on it cannot be altered. Moreover, it employs complex consensus mechanisms that guarantee hack-proof systems. Users need not worry about their account getting accessed by any third party.
Another key benefit of the technology is the ability to maintain privacy. The majority of user interaction on the blockchain occurs through Web3 wallets, which are non-custodial and totally anonymous. Even crypto transactions on the blockchain are anonymous and permissionless. Anyone can transmit any amount of funds to any region of the world without fear of central authority. Moreover, crypto payments eliminate fiat limitations by providing borderless transactions, low fees, and blockchain validation.
This is not merely theoretical. In fact, new projects are already providing blockchain-based communication services. TokLok is one such blockchain-based messenger that enables individuals and businesses to communicate in a convenient and secure manner. Its non-public messenger lets users choose who they want to interact with.
The app also provides message encryption, with the content being removed from the system once the user has read it. Furthermore, no information about users or their correspondence is collected or stored by the application. The ecosystem is powered by its native $TOL utility token, which gives lifelong access to the app as well as other benefits.
The emergence of blockchain has been a boon to numerous businesses, including the messaging industry. The technology promises to overcome all of the existing issues with social media in an efficient and cost-effective manner. While security and privacy are the primary advantages, it also improves user experience. Platforms like TokLok, which provide decentralized communication services, are already laying the framework for the future of communication. Blockchain is the new internet revolution transforming users into owners.
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