Five Social Networks Defending Against Blockchain Disruption

Blockchain is undeniably one of the major disruptive forces that have been witnessed by all kinds of industries operating today. Stacked with some highly convenient features, businesses flocked towards this technology quite swiftly without wasting much time. The impenetrable security and high scalability offered by blockchain are profusely favored by the developers as they continue to make inroads into the traditional apparatus, visit website. 

There is no denying the fact that social networks operate as the most-recognized middlemen today. People yearn for quality communication on a daily basis, and social networking platforms orchestrate it seamlessly. Blockchain gained significant traction in the last decade because it operates in an open environment that is distributed across shared networks. 

Mega players in the social network are constantly vying for better opportunities through the forthcoming Web 3 and are looking forward to undergoing a major transition in the coming years. It will take you through the status of such companies and their current operations: 

#1 Meta 

Facebook’s latest announcement took the world off guard when they announced their rebranding as “Meta.” However, there is no doubt that it is set to provide significant momentum to the blockchain down the line. An immersive virtual world is not a foreign concept to blockchain-oriented cryptocurrencies. 

Furthermore, the emerging NFTs, digital wallets, custom avatars & blockchain gaming operate on the same phenomenon that has been hailed by Meta recently. Facebook’s cryptocurrency “Diem,” which used to be known as “Libra,” is set to make significant inroads this time around, and Mark Zuckerberg seems pretty confident about it all. 

#2 Twitter

Twitter is the most active platform where the cryptocurrency topic is discussed frequently. It is the 3rd largest social media platform in America, and the major changes in the crypto industry are generally highlighted by the traders on this platform. Tweets more than 220 million reportedly talked about the emerging NFTs, and the number continues to proliferate in this year 2022 as well. 

Jack Dorsey is one of the self-proclaimed crypto enthusiasts who take a keen interest in the dynamics of cryptocurrency. Crypto’s decentralized future is set to unleash a pool of opportunities that can be leveraged by all industry leaders alike. The prominent blockchain platforms for Twitter are Bitcoin & Ethereum. It is based in San Francisco, California. 

#3 Tencent 

You must have heard about the social media app “WeChat.” Well, Tencent was at the helm of this social networking platform which incorporated a plethora of options such as gaming, shopping & messaging. Tencent is also set to develop a holistic platform which is being promoted as “Tencent Cloud Blockchain.” It is quite active in China, and certain provinces like Beijing, Guangdong & Hainan have already been using it to provide electronic bills against transportation & healthcare. 

Tencent-oriented blockchain has already processed at least 15 million transactions since last year and continues to process such transactions successfully. Some of the predominant blockchain platforms in this domain are Hyperledger Fabric, ChainMaker, FISCO BCOS, etc. It is based in Shenzhen, China. 

#4 LINE Corporation 

Coming from “Z Holdings,” it is one of the most lucrative Japanese conglomerates that currently sits on the colossal market cap of $43 billion. The company enjoys ownership over Japan’s PayPal & Yahoo Japan, and now it has emerged as a trailblazer when it comes to messaging apps in Japan. 

It has also garnered a robust customer base of 300 million active users and now proactively works towards developing its respective proprietary blockchain. It is known as “LINE,” and NAVER group & Softbank Group are the combined official owners of this blockchain technology. They facilitate services such as cryptocurrency exchange, digital wallets, NFT marketplace, etc. It is based in Tokyo, Japan. 

#5 Kakao Corporation

It is one of the remarkable messaging platforms that are currently active in South Korea. “KakaoTalk” has nearly 52 million users, which makes up the 90% of the overall country’s population. It also allows NFT trading, and it recently launched the “Klaytn Growth Fund” that aims to support all the developers that work towards the blockchain ecosystem. It is based in Jeju-si, South Korea.