Have you heard the news? Facebook is planning to ban all cryptocurrency advertisements on its platform. Earlier this year, Mark Zuckerberg said that they will be studying crypto to fix Facebook. Are they going to create their own coin? Or will they be adopting another cryptocurrency to use? How about their stock market listing? Will it be affected if they launch their own crypto? No one knows because everything is subject to speculations but I’m sure of three things.
Facebook is a power tripper
Since billions of people are using their platform, they can just do whatever they want. One very good example is the banning of all ads regarding crypto. Yes, those ads generate revenue to them but in my humble opinion, maybe blockchain technologies are a threat to them. Remember, they’ve been the technological advancement of 2010 for introducing the Age of Influence by leading widespread use of social media but their dominance may soon come to an end if there comes a new platform that is built for the future.
If you have problems with your account, most of the time they won’t even bother replying to you. I know someone whose account got suspended. It’s already three months since his account was inaccessible. As you can see, we’re using Facebook’s platform and they can implement anything they want, whenever they want it.
Social media platforms sell our data
Yes, you heard it right. Social media platforms such as Facebook, Twitter, and Instagram sell our information to companies to analyze our online behavior. Our accounts, our actions, our online browsing habits and yet, they’re the ones who are earning, not us. That’s the main reason we can still freely use our social media accounts. They sell our info to companies in exchange of their payments for our collective info that they can use for their advertisements.
How can I be sure? Just try to like any Facebook page. You can like anything. After liking that page, all other pages of the same genre are recommended to you. Facebook has an algorithm that collates all our likes, shares, comments, and viewed videos. They even collect our data from our liked pages, groups, and their algorithm creates a generalization with our online browsing behavior.
Wasted payments by advertisers
In exchange for our free use of the social media platforms, they sell our info to advertisers and big companies. These companies then create advertisements on their platforms. Unfortunately, those ads are still not efficient thus wasting huge amounts of money from advertiser’s funds because in real life, we can still see ads that are not of interest to us.
There are many campaigns an advertiser can use on the advertising manager of Facebook. The first one is about Awareness where it focuses on Brand Awareness and Reach. The second one is about Consideration where it focuses on Traffic, Engagement, App Installs, Video Views, Lead Generation, and Messages. The third one is about Conversion where it focuses on Conversions, Catalog Sales, and Store Visits. Despite all these campaigns, big and small companies alike need to increase their budget to actually make their advertising campaign profitable because the initial approach of Facebook is just spread it to people depending on their age, location, and interests.
The game changer
Sphere plans to revolutionize the scene by being the first social media platform built on top of a blockchain technology. Technology is very much fast paced. I never imagined Facebook to lose its dominance but it’s the first time a project can actually challenge Facebook on its throne.
Why should we love Sphere?
1. Definition of the word Sphere
Based from its first definition, it’s like the planet Earth. On its second definition, it’s like social media because of the phrase “unified by a particular characteristic”. Putting these two definitions together is like the explanation and application of Sphere. There are 7.5 billion people right now and these people want to communicate and interact with each other so basically, Sphere is a very good name for a social media platform.
2. Brand name on a business standpoint
In business, one of the most important things to plan is the brand. If the logo is the face, the brand is the name and it will be used to all forms of advertisements. I myself have other businesses so I had been part of some brainstorming processes and the brand name is one of the most tedious to think about. After planning the brand name, it should then be registered to all the concerned agencies. After the business registrations, it’s better to have your brand name registered on intellectual property rights so you’ll be protected in the future for people who want to use your name or something that looks or sounds like it.
One thing I learned about brand name is it should be catchy and easy to remember. Since the words in the dictionary are just limited, it will come to a time that business owners will use combinations of words such as FedEx. A brand name should be at max of 3 syllables. Better if it only has two syllables but the best ones only have one syllable. Short brand names can be easily remembered and it may even become a household name. Sphere is a single syllable word so I’m very sure many people will be familiar with it in the future.
3. Business to Consumer (B2C) relations
Current social media platforms sell our data to big companies in exchange for our free use. In return, big companies advertise to these platforms with their products and services. These platforms are the ones earning from our info. On Sphere, there will be no more middleman so we can interact directly to the advertisers depending on their campaign.
Since these big companies pay big amounts of money to social media platforms for our info, it’s about time we’ll be the ones earning from our own info and online behavior.
4. Blockchain technology and decentralization
Current database systems use centralized methods for the processing and storage functions. Blockchain technology is the future as it aims to make everyone in the blockchain interconnected. Since Sphere is built on top of a blockchain technology, it aims to be the first decentralized social media platform. Blockchain is about the community so the future of Sphere lies on the community and not just on a single entity.
5. Power to the people
In Sphere, you are in power of what you share. You earn on your info and you can just share any info you want, any time you want. Without the current social media platforms acting as middleman for monetizing our data, users will be the ones handling the power on their info and they have the say what, when, and where to share it. Instead of the platforms earning from our info, we’ll be the ones earning from it.
6. Social Activity Tokens (SATs)
Sphere will be using SATs as the token of the users to monetize their online browsing behavior using their platform. On the other hand, it will be the token to be used by advertisers and big companies to give back to the community with their advertisements when users join their campaign and share their info.
Bitcoin was started by someone with the pseudonym of Satoshi Nakamoto in 2009. Since it’s just a pseudonym, no one really knows who he is even now. Many people claim to be him because he currently has around 1 million Bitcoins.
Since the amount of Bitcoin unrealistically surged last year, it can’t be tracked with the US Dollar. Instead, Satoshi is the term used with the maximum of 8 decimals to the right of the whole number. So if people say they bought a particular coin for 1,000 Satoshi (Sats) per coin, they actually mean they bought it for 0.00001000 Bitcoin per piece. Satoshi had widespread use in the universe of crypto so the acronym SAT or the Social Activity Token of Sphere will surely be remembered by many.
Initial Coin Offering (ICO)
On February 12, Sphere will be holding their ICO for the future of social media. The expected price of SATs on the public token sale will be around $0.14 per SAT based from their Telegram group. The total supply of all the tokens to be issued is 1,000,000,000 SATs. But wait, there’s more!
If you want to avail SATs for an introductory price of $0.05 per token, you can register to their pre-sale to this link https://sphere.social/?ref_code=ivlhzzhj0kt4 and get lots of bonuses before February 12. That’s already a 300% increase from your initial capital when it hits the public token sale. As of this writing, around $1,500,000 worth of SATs were already sold during their pre-sale so get yours now!
In 2009, Bitcoin started around $0.10 per coin and based from the data of Coin Market Cap, it surpassed the $20,000 in December 2017. No one knows what the price per SAT will be in the future but there are 7.5 Billion people in the world and is continuing to grow. Almost 3 – 4 Billion people use current social media platforms. Just imagine about the future of Sphere if it gets mass adoption.
Disclaimer: This is not an investment advice. Invest at your own risk. Invest only the amount you can afford to lose.
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Article links:
Website: https://sphere.social/
Whitepaper:
Twitter: https://twitter.com/SphereOfficial1
Telegram: https://t.me/sphere_official1
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