TWETCH: Will it be the Crypto backed Social Media Utopia?

TWETCH: Will it be the Crypto backed Social Media Utopia?


If you have been regularly using the crypto based platforms you would have noticed the steadily growing amount of spam and low quality posts on them. Some platform seem to be coping better than others while some seem to have been made totally defunct by the spamming. If I have to share my views on the platforms I use regularly it will be the following:

 

#1 Publish0x – I have to mention that technically speaking it is not a social media site as users are not encouraged or rewarded for their interactions. It is basically a blogging platform where posts receive crypto backed tips from readers. The more visibility and appreciation your post gets the higher will be the tips. The reader has the flexibility to decide how much tip to share between the reader and content creator and the more impactful your post the higher tip you can expect. The tips are anonymous which automatically promotes higher quality levels as people will not tip something they did not see any value after reading it. One aspect I have to appreciate about Publish0x is how clean the platform is and almost negligible amount of spam comments you seen on the posts. Majority of the comments on posts are genuine interactions related to what has been posted.

 

#2 Uptrennd – This platform had a killer idea of making Facebook redundant in the future by rewarding social interactions on the platform by their native token 1UP. Initially all posts and comments were rewarded which naturally lead to chaotic level of spamming. This model was later revised to reward only the upvotes you get on your posts and comments. The site still faces challenges related to spamming but what is truly commendable is that the admins are continuously coming up with enhancements to control and reduce the spam and penalize the regular defaulters. Recently the 1UP token saw a sudden price surge which saw another new wave of spamming but Uptrennd responded by coming up with a bounty scheme for reporting the spammers.

 

#3 Read.Cash – This is another site which is a mix between Publish0x and Uptrennd as it gives you the option of creating both detailed blogs or short posts. It rewards users in BCH and there is no minimum limit on withdrawals. A major USP it has over it’s competitors is the instant payment mechanism. Publish0x has a weekly payout mechanism where you can request payouts every Monday and has minimum thresholds set for the crypto you receive as tips. Uptrennd has a minimum limit of 500 1UP tokens for withdrawal and it charges a fee of 40 1UP tokens to manage the processing overheads. Since the last couple of weeks ReadCash has seen exponential rise in the level of spam and if not checked soon it has the potential to cripple the whole platform. It will be a pity as the platform’s concept was really promising.

 

#4 MINDS – This is probably a case study on how not to run a social media platform. It started really well with it’s native MINDS token reaching a value of over $1 and the user base growing steadily. However it could not control the quality level of posts and content which led to a steep decline over the last month with the MINDS token now becoming practically worthless. Personally I have stopped using the site for a few weeks now.

 

As is evident all platforms that reward social interactions are bound to suffer from varying levels of spam. In this scenario if I were to tell you that there exists a new social platform that rewards you in crypto and is completely free from spammers you would surely think I am joking or this is a huge scam.

 

Enter Twetch- Nemesis of Spammers   

Twetch is a fresh crypto backed platform that is 100% free from spam. This has been made possible thanks to their innovative idea of charging all users a minimum fee for all interactions like making a post, following someone or commenting or liking their post.

I would not be surprised if this is the first time you are hearing about it as this platform is still in a very nascent stage with less than 20,000 registered users. The interface is very similar to Twitter and in fact many people label it as “Twitter Killer”.

You might like the platform or you may not like it, afterall everyone has their preferences and expectations from a social platform. However one thing you will undeniably notice starkly the very first time you use the platform is how unbelievably clutter free and clean the landing page is. Imagine going to crypto reward based site and not finding a anyone posting daily pics of the flower in their garden. No one making totally useless comments like “very nyc”, “I lyk it”. No one spamming all popular posts with their shilling links.

To experience how refreshing it can feel to be on a platform without any spam you need to try it out yourself.

 

How Does this Platform Run?

To register on the platform you need to create an account with Money Button and then transfer some BSV to it. Once transferred you can start using the site. There is no minimum amount, I transferred $1 of BSV just to play around and get the hang of how the site works and I really liked the concept.

Many people might find it a deterrent to use a site where you need to pay a small amount for each post, comment and other interactions but I would really recommend you try it out once with a small amount like $0.50 or so. It will enough to make a couple of posts and interact with some other users.

When you follow someone it costs you $0.10 out of which $0.08 goes to the user you followed. The balance of $0.02 is used to manage the operational costs of the platform. Similarly liking a post costs $0.05 and commenting on it $0.02 and again a big chunk of this goes to the user.

With the $1 amount I put in for testing couple of days back is still intact as once you start generating interactions you start receiving small returns as well.

You might get an impression that I m over-glorifying this as I might get some referral bonus or other incentive, but that’s not true. I could not find a referral option on the homepage and Twetch is not paying me anything to write this post. I genuinely liked the platform thus this post.

 

Strong Use Case for BSV!

I have been obsessed with everything crypto for over 3 years now and like to explore all new concepts whether it’s staking, DeFI, CeFI or any new project that gets launched. However for some inherent bias I always ignored the Bitcoin forks and considered that BTC is the only Bitcoin worth knowing about. Some controversies related to BCH and Craig Wright which I will keep hearing in the background strengthened the conviction.

The first time I noticed any utility in these forks was while using ReadCash when I made the first transfer of BCH out of my account I noticed how much faster it was compared to a typical BTC or ETH transaction I would make.

Twetch takes this processing to a different level as each interaction on the site is linked to a BSV transactions and you would be amazed how smooth and fast it is.

 

What Challenges will Twetch Face?

Despite being built upon a brilliant idea which has the potential to disrupt the entire social media industry, Twetch will face some challenges before it goes mainstream:

  • Scaling Up the Userbase: When you visit the platform you will notice that at any given point in time there will be very few active users. It can not be compared to platforms with millions of users where the moment you refresh the site thousands of new posts flood the feed. As the total number registered users are about 18K there are very few regular active users currently. This will change once the platform hits the critical mass of 100K users and I think it might change the whole dynamics for existing users with a strong following. Consider a twitter user with 10K followers and getting a regular 1K retweets for his posts. He gets paid nothing by Twitter for this but on Twetch if someone has 10K followers and getting consistent 1K retweets or branching as it’s called in Twetch lingo he would get $800 for getting the followers and getting $20 for those 1K retweets per post. Once the platform scales up the big influencers will make a killing.

 

  • Penetrating the Developing Countries: When you go to ReadCash and Uptrennd the first thing you notice is that 90-95% active users are from the developing countries which makes sense as these countries generally have much bigger populations. With internet getting more and more accessible in the remotest parts of the poorest countries this is clearly logical. However not many of them will be willing to invest $1 to try out Twetch as that money could fund an entire day’s meals for them. This might change in the future once crypto gets mass adoption and everyone will have some spare tokens to play around on Twetch.  

 

 

You can access the platform on twetch.app and if you decide to try out Twetch do let me know in the comments.

 

To have a look at the user interface of the platform, check out the video below.

 

Cheers,

SamBTC

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