Metrics for The Social Media Blockchain - Intro

in Hive Statistics8 months ago

"Hive is The Blockchain for Web 3.0 ... Hive is developed to store vast amounts of content and to make it available for time-based monetization."

I have probably been thinking about Hive as Social Media on the Blockchain for a long time but the Hive whitepaper makes it clear Hive is much more than that, but social media surely is one of its niches and USPs.

Social Media is all about content and monetisation

...

This will be one small part of the Hive ecosystem but maybe, just maybe

Hive can become know as The Social Media Blockchain, the preferred blockchain to build Social Media Apps on.

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This is the first in a short series of posts that look at Hive through this lens focusing on key metrics and analytics that are important for the social media use case.

Analytics are important for investors and there are some major gaps in what is possible with Hive compared to other platforms. I thought it would be interesting to use this series to explore the gaps (some can be filled) but where there are gaps that remain highlight them and explore if they are a USP of doing social media on the blockchain or if they are a fundamental gap that will limit adoption.

Analytics

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Metrics people analyse vary depending on their goals. Are your social media goals return on Investment? Exposure? Engagement?
...
Metrics that have emerged as most valuable for Social Media can be summarised under 5 headings

  • Reach
  • Engagement
  • Conversion
  • Satisfaction
  • Income / Monitisation

Each post in this series will explore one of these 5 themes in detail in the context of Hive.

Interestingly reputation is not really one of them.

Analytics is an Opportunity for Hive

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Being built on top of a blockchain introduces some unique challenges and some of the more important and expected metrics are not as accessible as others with this platform.

  • Is this because it's not possible to implement technically via a blockchain/DAPP infrastructure or is it because we just haven't developed a solution yet?

Mass adoption of a new technology by an incumbent industry will happen after the ecosystem evolves enough and is at a minimum as least as good as the existing technology.

  • What KPIs available on Hive today, and what are missing?

This series might just identify quick wins or gaps that we should try to get the devs to fill!

I am also hoping for engagement in this series from developers and community members who might be able to identify solutions that could fill the the gaps as we discuss them. I will tag this series with #hivedev and #hive and I am posting to the Hive Statistics Community where the real experts have already spent a lot of time thinking about this topic in the context of Hive.

Hive Tools

I will also use this work to add updates to https://eroche.shinyapps.io/hiveanalytics/ so let me know if there are metrics or KPIs you are really interested in seeing added.

Credits

Woman photo created by rawpixel.com - www.freepik.com
Data vector created by stories - www.freepik.com
Business photo created by DCStudio - www.freepik.com
https://blog.hootsuite.com/social-media-kpis-key-performance-indicators/

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I guess Hive is a pretty good platform for collecting data on, but it does seem engagement can be lacking. I have just been going through my feed and I see a fair few posts with decent rewards, but no comments (apart from spam). I think we have an issue of too many creators and not enough consumers. The thing is that readers can earn too from curation and comments. I hope this can improve.

!PIZZA

Its also difficult to know if people see your content outside of the hive community. I often read things but don't comment so that's hard to guage too. I would definately like to see more engagements on my posts.

I like to see signs that someone actually read my posts and comments suggest they do. The web stats suggest the dapps get hits from beyond the Hive community, but I don't know how many people will find posts via search engines. We need a wider audience.

We need the sort of content that people will discover and make them feel they should sign up to comment and potentially vote. It should be a compelling experience that is not just about making money.

!BEER

This is what brought me to hive. I signed up because i wanted to interact and i found unique interesting stuff to engage with.

Starting to truly enter the chain and find legitimate creators and communities is something I'm pushing to do! Takes a while to get involved in Hive properly and too many think it's a grab and go sorta thing.

I believe people should be more educated on the economics and backbone behind Hive (which I'm still learning!) before they have that "oh, this isn't what I thought it was" or "oh, I can't get that" feeling because, in agreement, we truly do need more engagement within the smaller, growing parts of the community, to not just help with education, but also engage those whom otherwise would not!

The economics is an important aspect to make sure it stacks up for the long term. Why is a post worth anything? If i buy hive with fiat am i investing in a ponzi scheme?

The concerns people have and the reluctance to engage is often because their perception is that crypto is a scam. The advantage to hive is it costs nothing to join, its an easy on ramp for people to exploring what is possible with crypto and in built is the community where you can learn how it works. How to secure your private keys etc.

Bring people in with low expectations and deliver big. Back to your point, how can we cultivate legitimate creators and help them become embedded in communities?

You need to stake more BEER (24 staked BEER allows you to call BEER one time per day)

This is sadly too accurate and I'm seeing so many examples of this myself trying to develop and make connections.

I wish there was a system where one could choose to remove downvoted comments on their own content but I sadly believe this never will happen with Hive...or am I mistaken in thinking this is actually a decent idea?

I just find it very disheartening sometimes because these consistent spammers often push other people away from commenting on content and providing feedback, ultimately affecting the creator and the way their posts are displayed.

The front ends could add options to filter what we see. You can mute accounts, but some may argue you should not be able to restrict what others see. I am actually surprised there is not more spam. It is fairly low cost for now, but I suspect the RC cost would go up if it was taking too much bandwidth.

!BEER


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