Why Does A Dating App Need The Blockchain – The Ponder.io Story
The world is turning into an increasingly internet-centred place. Retail sales are continually moving in an online direction, as e-commerce continues to gobble up market share. Likewise, the rapid developments of the modern sharing economy have led travellers and commuters in an online direction–no longer does one “hail a cab”; rather, they pull out their smartphone and hire an Uber or a Lyft.
In addition, human relationships are increasingly moving in the digital direction. Data shows that there are almost 2.5 billion social media users as of 2017. This number is expected to cross the 3 billion user threshold by 2021. Online dating is also on the rise. There are over 7,500 online dating sites in existence, and Pew Research notes that “online dating has lost much of its stigma, and a majority of Americans now say online dating is a good way to meet people.” This is probably why almost 50 million Americans have tried online dating. One-fifth of committed relationships actually began online, and 17 percent of marriages in the last year originated from an online dating platform.
A Booming Business
Overall, the industry is quite lucrative, bringing in about $2 billion in revenue annually. As online daters will tell you, however, not everything is “love at first sight” in the online dating world. The $2 billion has to come from somewhere, and the average online dater spends $243 a year. Tinder, one of the world’s most popular dating apps, especially among those under 30 years old, adopted programmatic advertising in early 2017. It has also introduced subscription packages that let users unlock special features in an attempt to make the app more profitable. Traditional online dating platforms also don’t instil trust within their users–a key component of any healthy relationship, by the way. Over half of all online daters lie in their profiles.
Several companies have noted the problems in the online dating industry and are developing platforms to address them. The most promising efforts come from projects that use the power of blockchain technology to decentralize platform operations and lower costs for users. A key component of these platforms is their ability, through distributed ledger technology, to cut out expensive middlemen from the process. As a result, blockchain platform users can focus on what they’re really, therefore–fulfilling their dating and relational desires.
What Advantages Do Blockchain Dating Platforms Have?
Traditional dating sites and apps require a lot of legwork on the part of their users. In addition to filling out sometimes hundreds of questions for their profile, they then have to filter through thousands of results aggregated by impersonal computer algorithms.
However, companies are seeking to change the way these interactions work. For example, there is the Ponder platform, which brings an element of personalization to the online dating process. Like the other platforms, it is fully decentralized, with the effect that users don’t have to spend hundreds of dollars finding their perfect match. By incorporating its own cryptocurrency token, the platform incentivizes users to become matchmakers who set up individuals through pools. This gives the app a personal touch, in contrast to traditional platforms that use algorithms to throughout the process. Ponder utilizes the incentivizing power of blockchain technology in conjunction with human judgment and social capital to create an environment where users can join custom-created matchmaking pools. Because matchmakers are rewarded based on their performance, there is a genuine reason for matchmakers to do their best.
Other blockchain companies like Matchpool are using decentralized group dynamics to bring similar people together. The decentralized pools are specific to individual needs and are based on location. Additionally, Matchpool deploys a “locking mechanism” within their platform, so that every “x” has a corresponding “y”. The guarantee of a binary ratio in pools means that every entity has the potential for a match.
Finally, another blockchain dating project, Viola.AI, was created by one of Asia’s oldest dating platforms, Lunch Actually. Their platform is focused on security and identity protection, which is crucial for an industry that has a problem with spreading false information and exploiting private data. The platform uses ID verification supported by the blockchain and digital wallets to screen fake profiles and foster trust among its users. It also uses the power of artificial intelligence in conjunction with decentralized matchmaking to help users connect with partners with real potential.
As blockchain technology continues to develop new venues for interaction and trust, these platforms will continue to make major inroads into the online relationship world. Whether for dating or business, blockchain is a way to build safe and mutually beneficial relationships, and all with far less headache than traditional systems.
This is a sponsored story written by a guest author.