Korean Blockchain Social Media startup Foresting is making a lot of waves in Korea. This is mainly due to the fact that 20% of Steemit users come from Korea. Korea has a lot of passion when it comes to content creation, especially on platforms where the content providers reap the rewards.
Focusing on three pillars:
- Their Blockchain Social Media platform called Foresting
- Their unique banking/credit rating system for Foresting users called Foresting Bank
- Their Foundation through crowd donations called Foresting Foundation
The Social media market is growing every year and with blockchain technologies at the forefront of innovation, it is only a matter of time before Social Medias like Facebook and Twitter start to implement Blockchain technologies themselves. However, history has shown that corporations move slowly when it comes to new technology adoption. This is why Blockchain Social Media startups really have a chance to capture the market early on. Steemit showed a taste of that but the Steemit platform has a lot of flaws which Foresting is looking to solve.
Giving the social media platform to the people is their mission. Most big social media sites today make money off advertising. Therefore there is a lot of risk in regards to personal information leakage and theft as well as a lot of clickbait posts that contribute very little to the platform and community.
Daniel Eom the CEO at Foresting said during BitForum a Blockchain conference in Seoul that their vision is to create Korea’s very first blockchain based Social Media in order to achieve an economic freedom for content providers. This will lead to better content an generate revenue for the users. A win-win for both the platform and the contributors. They have also been forming partnerships with key players in the blockchain industry. Furthermore, they will be heading to Consensus 2018 to partner up with other global blockchain leaders.