2020 year in review: Bitcoin key developments in social media

2020 was a big year for Bitcoin-based social media platforms. In 2020, we saw new Bitcoin-based social media companies launch, new platforms rank at BSV Pitch Day, and existing projects reach incredible on-chain milestones.

Here is a quick recap of the developments we saw take place in the Bitcoin social media space in 2020.

Relica (Memento), places in top three at BSV Pitch Day

In February at CoinGeek London, we saw a new Bitcoin-based social media company enter the arena. What was originally Memento rebranded to Relica in September 2020; Relica—an on-chain social media app that has a similar look and feel as Instagram but solves a number of the problems that traditional photo/video social media websites currently have—was one of the top three companies at BSV Pitch Day.

On Relica, you upload photos and receive a payment anytime someone executes an action (likes or comments on) your image.

While Relica focuses on solving the problems photo/video-based social media websites like Instagram have, we also saw a new company emerge that offers an alternative to social media platforms like Twitter, Facebook, and WordPress—PowPing.

Streamanity gets acquired

On June 15th,  Streamanity—one of the first Bitcoin-based social media platforms (if not the very first)—got acquired by RelayX. With the change in ownership came an influx of new users to the platform. The RelayX acquisition of Streamanity paved the way for growth that was just not possible under the previous owners and it marked the very first instance of a Bitcoin-based social media company getting acquired.

PowPing Launches

On July 13, 2020, Unwriter launched PowPing, a social media app that combines a user experience that is reminiscent of Twitter and WordPress combined.

Introducing PowPing, a Social Bitcoin Network. https://t.co/jVC3oSAqKH

— _unwriter (@_unwriter) July 13, 2020

What’s great about PowPing is that it is free to use which makes it one of the best ways for newcomers to earn their first bit of BSV. On PowPing, users can post statuses, publish blog posts, and join channels which are subject-specific groups with discussions around particular topics.

Many people originally saw PowPing as a Twetch competitor, however, the two grew to be very different once PowPing began rolling out more features such as channels and blogging, while Twetch honed-in on being a user empowering alternative to Twitter.

Twetch passes 1 million transaction

On October 27, Twetch achieved an amazing milestone when they put 1 million transactions on-chain. Twetch is the most popular Bitcoin-based social media app to date. The user experience on Twetch is similar to Twitter, however, on Twetch you own your data and can profit from it—some users have earned over $1,000 to date.

On Twetch, each new follower you get earns you $0.08, each like $0.04, and each branch—which can be thought of like a retweet—$0.01, directly into your MoneyButton, RelayX, or DotWallet.

Only a handful of companies in the Bitcoin ecosystem have put 1 million transactions on-chain. So being one of the first companies to do this is a huge accomplishment, especially as a consumer-facing service provider.

Will more companies enter the sector in 2021?

The social media companies that have been built on Bitcoin are making remarkable progress. From 2019 to where we are today, we have watched the creation and evolution of the Bitcoin social media industry. Many of these companies are still in their early stages and are just beginning to find their niche in the market, others, like Relica, have yet to leave their private beta.

We are just at the beginning when it comes to the Bitcoin social media sector—so let’s see what these companies have in store for us in 2021.