Metrics for The Social Media Blockchain - Intro

"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?
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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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