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Worldwide internet access has made social media a huge part of our lives. Statistics show that over 4 billion people were active internet users as of July 2020. Once the social media platforms switched to fan-based engagement models, they became an economy built on attention.
Platforms like Facebook and Youtube have over 2 billion active users, and they are taking full advantage of these numbers. These market leaders in the industry are mostly platforms that have turned their users’ attention into a valuable commodity.
Users have steadily lost trust in social media and are getting frustrated with how their privacy and information get handled.
This article will look at the issues experienced with social media and an example of an upcoming revolutionary platform.
A majority of social media sites make users feel like they are in control of their privacy and who gets access to their information. They include options like privacy settings, blocking, restricted viewing, etc. to give their users a sense of security. However, what users are coming to realize is that these platforms have unrestricted access and sole authority over user data.
Furthermore, even with privacy settings and the little autonomy afforded on these sites, users have no control over how their information is presented to others.
The data collected by these sites then gets sold to third parties like advertisers and companies pushing agendas. Once the user has agreed to the policies of the site, usually without reading them, they have essentially sold rights to their information. Suddenly, they start receiving targeted advertising and information that was thought private is now in the hands of organizations with agendas.
The users of these platforms are no longer customers of the service but products sold to third parties.
Algorithms on social platforms like Facebook and Twitter curate the feeds their users get based on their preferences and likes. These feeds include news, blogs, videos, events, etc. the more information about the user the site collects the more content they receive in line with their interests.
Most social media users are out to get validation for their lifestyle and worldviews. Therefore once these sites have identified the user as a particular type of person and present them with information that fits personal narratives, it leads to polarization. Receiving data the social media site has packaged for you from your small world of interests that never challenges thoughts narrows your worldview.
Many social media platforms hinder content creator creativity by imposing restrictive policies on posts allowed on the sites. Users face limitations from sets of rules that are left to the interpretation of the platform’s owners.
They risk getting blocked from accessing their accounts or getting suspended from the platform if their content is deemed wrong. These regulations are frustrating to creators who wish to express themselves differently.
On Youtube, creators risk getting demonetized if they don’t kowtow to the rules and regulations, which threatens their livelihood. Furthermore, these sites offer other users the option to report any misdemeanour on other people’s content which leads to posts getting taken down without verification.
Users are denied their freedom of speech every time certain words in their posts get flagged for going against regulation.
These limitations of existing social media platforms are the reason Apollo Fintech developed the new ecosystem, Stratus.
Stratus, will launch in Q3 of 2020. It is the new social media ecosystem that will feature functionalities of most social media sites like Facebook, Instagram, Twitter, Tiktok, and many more. It was started to give the world freedom of speech free from the censored mainstream options currently available. Therefore, the platform will not censor content outside of illegal posts or sell user data.
Apollo Fintech CEO Steve McCullah explains that Stratus will be an ecosystem of individual platforms with individual profiles so that users can have separation from activities at the local hub. Users will access each platform individually from the main dashboard.
One account, one ecosystem, and internet of platforms and services. Stratus brings unprecedented convenience by making interoperability across different platforms a possibility. Stratus users will have one account to access all platforms and services condensed into one ecosystem.
Furthermore, Stratus will embed the Apollo blockchain; therefore, features advanced technological development. The ecosystem comes with Apollo Fintechs exchange network, Knox WorldPay. This network will allow anyone to send crypto in 1-2 seconds with indefinite sustainability.
Social media sites are an essential part of internet activities in people’s lives. The numbers of active users in any mainstream social network company are staggering.
However, the sites are dealing with issues of privacy and censorship that are gradually alienating users. Moreover, users have no control over their information or how it is presented to the world, which is frustrating.
As the world gets more educated on matters of privacy and how to maintain it, these social networks will find themselves in trouble. If these platforms don’t change the ways they are currently conducting themselves, they’ll end up overtaken by innovative platforms like Stratus.