How blockchain will shape the future of social networks

SMU alumnus Gaurang Torvekar, CTO & Co-founder of two tech start-ups – Indorse and Attores, shared his views on how the introduction of a public blockchain like Ethereum can shape the future of social networks by allowing users to earn incentives in the form of financial rewards while engaging on the platform. According to Metcalfe’s law, the value of a social network is directly proportional to the number of users. This is evident in the recent sky-high valuations of companies like Snapchat, Facebook, LinkedIn, and Whatsapp which have billions of dollars in market cap, even though some have yet to make a profit. The advent of blockchain technology allows the creation of a transparent, public and immutable record of transactions and activities performed by the users, leading to a win-win situation for both users and owners of the platform.