Decentralized social networks are becoming more mainstream.
Throughout 2019, Cent has been gathering (excuse the pun) steam. But what is Cent? What does it offer to users? What are the differences between Cent and Steemit? And which is the best blockchain-based social network at the moment?
What Is Cent?
Cent gets its name from the company’s two core principles—incentivization and decentralization.
The entire network is income-generating for its users. You can earn on Cent for posting new content, making comments on existing posts, sorting content (picking the best responses), or seeding (which is a glorified tipping mechanism).
The Cent network is built on Ethereum and uses the Ether token to reward its users. You need to deposit Ether into the Cent wallet if you want to perform any monetary transactions on the site.
At the moment, the Cent is still in the beta phase.
Steemit vs. Cent: Content
Any social network is only as strong as the quality of the content it offers, so it’s important to know what type of posts you can expect on the two sites.
Cent operates like a blend of many of the popular social networks that people use every day. It is part-Medium, part-Quora, and part-Twitter.
The site uses hashtags to categorize the content. The trending hashtags at a given time are shown in a panel on the left-hand side of the page.
As is often the case on social networks, #memes, #photography, and #music are consistently among the most popular topics. Cent also boasts a thriving crypto-art community. If you want sports content, it’s not the place to go. At the time of writing, there are only four posts tagged #soccer and zero tagged #NFL.
Steemit operates like Reddit, with upvotes and downvotes. The content on Steemit is also more diverse thanks to its bigger pool of users, though perhaps unsurprisingly, crypto-themed content is hugely popular.
Like Cent, Steemit allows you to browse the most popular categories by using the left-hand panel.
How Much Money Can You Earn on Steemit and Cent?
The biggest difference between the two social networks is how they reward users.
Steemit’s approach is the more complex of the two. When a user creates new content, they can either receive 50 percent in Steem tokens and 50 percent in Steem dollars, or accept the entire payment in Steem Power.
Steem is a regular crypto token that you can trade on exchanges. It is currently in the top 60 largest tokens in the world by market cap, with an all-time high of $8.57 and a 52-week high of $3.37. It is available to trade on Binance, Bittrex, and Bithumb, among others.
Steem Power is used on the site itself. It’s like an influence score, designed to keep you engaged with the network over time. It’s highly illiquid—if you want to cash out of Steem Power you will receive 13 payments over 13 weeks. Steem dollars are pegged to the U.S. dollar.
So, how much are people earning? At the time of writing, the top three posts on Steemit were
$178, $127, and $214 respectively. Some users have reportedly made thousands.
Cent provides a leaderboard, so we know exactly how much the top earners on the site have made. The current top user has made $663 in the past 30 days. That same user has earned $3,875 on the site to-date.
If you create a post, you can offer a bounty in order to initiate responses from the community. They can help to drive crowdsourced responses to surveys, gather information on a topic, promote your app, promote your social media accounts, and more.
You can decide how much bounty you want to offer, to how many people, and for how long. In turn, this drives up the quality of the response and debate.
The minimum bounty you can offer is 0.001 ETH. That’s about $0.25 based on the current exchange rate.
Steemit vs. Cent: Which Is the Best?
So, which network is the best one right now? For us, it’s still Steemit. It’s three years further along with its development than Cent, has more users, and has a greater variety of content.
We also like the unique way that rewards are linked to the Steem coin, though in the long run, Cent’s decision to run on Ethereum might prove to be the better call.
Cent clearly has potential. Because it doesn’t only rely on a Reddit-esque upvote and downvote system, it has a slightly less divisive vibe.
We also think, in the long run, Cent might be able to offer more valuable USD payouts than Steemit. The top earners are already making a good amount of passive income, and that trend looks set to continue.
Learn Even More About Steemit
To learn more about using the Steemit social network, make sure you check out our complete guide to what is Steemit and how does it work.
And remember, Cent is just one of many decentralized apps (DApps). We’ve rounded up some of the best examples of DApps if you want more information about the possibilities.