Facebook’s dwindling popularity is no secret, as users and organizations alike have criticized its ever-changing algorithms and lodged claims of censorship. In light of the most recent algorithmic changes, which have prioritized users’ friends’ posts over posts from public pages, even Facebook has acknowledged a decrease in the amount of time people are spending on the site.
Though there is currently no major alternative to Facebook that compares to the way Facebook served as a replacement for Myspace a decade ago, emerging options reflect the new paradigm: decentralized blockchain platforms.
In what is arguably a show of major recognition for these new options, Bloomberg Technology reported Tuesday on Steemit, an increasingly popular blockchain-based social media and blogging platform that allows participants to earn cryptocurrency for posting, commenting, and voting on content.
Steemit is already gaining traction with independent media outlets and journalists who have seen their reach on Facebook and traditional platforms suffocated (journalist Ben Swann recently joined Steemit, as have Anti-Media and many of our reporters, including myself).
Bloomberg’s report on Steemit documented the growth of the “financial internet” in general and its potential to disrupt the established internet order:
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“The so-called financial internet stands the Facebook business model on its head. With Facebook, users post content on the site and the company collects the money — last year, $41 billion in revenue. On Steemit, the money goes in the other direction. Facebook, with 2.1 billion monthly users, may not even see Steemit, which says 9 million…