Social Media Platform aims are a big part of our lives now, with most people across the globe having at least one social media account. While there have been some concerns and backlash around privacy and other issues with these companies, it cannot be denied that they play a major role in providing news and information to many millions of people. Of course, there are questions to be asked around the role of social media in the rise of ‘fake news and other related phenomena. In any case, social media companies drive a lot of developments in the online world, and so it was only a matter of time before one was created to cater specifically to the needs of another online trend, cryptocurrencies.
Cryptocurrencies have never been more popular, with the crypto boom over the last 12-15 months bringing more people into the industry than ever before. It is also extremely encouraging that this boom in prices has been accompanied by more tangible developments as well, with several sectors and businesses investing in cryptocurrencies and blockchain to improve their own operations. Crypto has come along leaps and bounds since its creation, and one of the biggest examples of this is the way in which crypto is used in the online gambling industry today. Several online gambling providers give players the choice of placing bets in the form of cryptocurrencies – a novel idea that has spread like wildfire and becomes extremely popular. The crypto casino Winz.io is just one such online venue that offers this option, and this shows how much demand there is for crypto and news around these developments. Thus, the creation of Blockster, which will be a social media platform for crypto enthusiasts, is the next step in the evolution of the market.
Blockbuster has been created by the cryptocurrency exchange Digitex, which is three years old and charges zero fees. The aim is to bring all of the people who discuss crypto on Twitter, Facebook, Reddit, Telegram, and other networks on to one integrated platform, which will also offer the ability to provide targeted crypto advertisements, unlike Facebook for example, which does not allow advertisements related to crypto at the moment. It will be a place where crypto enthusiasts can find news and opinion pieces from industry experts and thought leaders, follow trending cryptocurrencies and share information on Blockdesk, the social network’s blog, create business pages and groups, advertise their products, and look for MNC jobs all while following real-time cryptocurrency market data on Blockwatch or learning about crypto on Blockcademy.
This is an example of an initial exchange offering, or IEO project, with the ultimate aim being to take Blockfunder, the project behind Blockster, public. Digitex has designed and developed this promising social network in-house from the ground up. However, according to the company, future CEOs will be open to up-and-coming external projects. These sort of token launch platforms vet the projects they select, weeding out scams and shaky projects for potential buyers. Crypto startups can also benefit from the technical expertise and marketing of a successful exchange.
Most of the revenue for the project will come from client fees, although Blockfunder is selling Blockster’s BXR tokens as well, only in exchange for the parent company, Digitex’s DGTX cryptocurrency in three of its six planned funding rounds. The other three rounds will sell BXR tokens in exchange for Bitcoin, Ether, and USDC. Like many utility tokens, Blockster’s BXR is an Ethereum-standard ERC-20 token that will have a lot of uses on Blocker. It is the only currency accepted when buying ads or NFTs, for tipping other Blocksters, and can be sent to and from community members instantly and free. Beyond that, BXR holders who use Digitex’s Blockfarm yield farming and staking site receive 20% of monthly ad revenues, and Blockster will burn 5% of the ad revenue it collects every month. There will also be a community governance aspect. During the six-round BXR sale, referrers will receive 10% of the amount of BXR tokens each new buyer acquires
This is quite an encouraging project that could redefine social media when it comes to cryptocurrencies, and it will therefore be an interesting one to keep an eye on over the next few months.