Despite the fast-rising popularity of the online dating scene, many people still rely on their real-world social networks to find a match , a feature most dating apps have yet to incorporate. The issue in this case is a lack of clear incentives for helping others find a match. In the real world, friends, family, and colleagues may help others find a date for altruistic reasons, but among strangers that is less common. Online, the problem results in awkward interactions, failed matches, and frustration by shier users who are unable to find a partner this way.

In an ecosystem where matches have been gamified into a measure of success, this dynamic can be compounded and cause users to simply leave the app altogether. Blockchain startup Ponder is one such app adding a twist to the regular dating dynamic by allowing users to participate simply as matchmakers. By employing this model, users can connect other participants whom they believe would be a good match, while others can volunteer to be matched, allowing third parties to select their potential next date.

Other apps have introduced similar models, such as Matchpool, which hinge on this very situation. In both cases, users are rewarded for being helpful. Ponder awards users who match others with tokens, with the incentive to quickly earn more as they match additional users. This presents a third way for both matchers and those being matched. Much of the press blockchain has received has focused on its large-scale applicability, from logistics to IoT functionality and even the broad travel industry.

However, by localizing the technology to the dating industry, startups have been able to quickly target and start disentangling some of the biggest drawbacks the market has so far been unable to resolve on its own. With new apps quickly emerging and threatening to capture market share from established companies like Match and eHarmony, the industry is faced with a real need to embrace innovation or be cannibalized by its younger visionaries.

By adopting blockchain and the easy fixes it offers, dating services can improve their transparency, provide users with a more complete experience, and create incentives for honesty and good behavior.

See also: SEC Halts Trading In 3 Firms Linked To Blockchain and Cryptocurrencies. Investing in cryptocurrencies and Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs.

Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

As of the date this article was written, the author owns cryptocurrencies. Company News Markets News Cryptocurrency News Personal Finance News Economic News Government News. Your Money. Personal Finance. Your Practice. Popular Courses. News Cryptocurrency News. Compare Accounts. Advertiser Disclosure ×. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear.

Investopedia does not include all offers available in the marketplace. Related Articles. Bitcoin How Bitcoin Works. Bitcoin Bitcoin Years Later: Was the Nakamoto White Paper Right? Altcoins Public vs Private Blockchains: Challenges and Gaps. Blockchain Decentralized Finance DeFi. Blockchain Public, Private, Permissioned Blockchains Compared. Partner Links.

Implementation of cryptocurrencies presents far-reaching benefits not only for the users but also to these online matchmaking platforms. Hence, the concept of chargebacks scams is highly unlikely. Even Caleb Chen is of the opinion that it provides huge incentives for the website, as these platforms also benefit if their users have more privacy.

However, not all kinds of change is good. According to reports from Memri. org , this website has over 3, members out of which over 2, are active and are residents from the US, Canada, Europe, and Australia. Furthermore, the website requested donations in the popular privacy coin — Monero. There is a reason why blockchain is called the new wave of future which gives the whole idea of anonymity and privacy a new meaning in which users do not have to worry about the data leaks or third-party involvement.

However, while cryptocurrencies are pseudonymous, stemming out of its creation are the privacy coins such as Monero, which provides near-total anonymity. As online purveyors of love flourishes, so will businesses using blockchain and other path-breaking technologies. Subscribe to our Newsletter. Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.

Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Latest Bitcoin Ethereum Blockchain Exchange Ad Contact About Us Contact us Advertise with us Meet the team. Connect with us. Share Tweet. The Discreet Connection Dating has always been a discreet affair. Cryptocurrency and Dating — a match made in heaven? Source: CoinDance.

Where to Invest? Subscribe to our newsletter. Related Topics: cryptocur monero. Don't Miss Bitcoin and its low volatility: Where is the price headed?

Chayanika Deka. You may like. Zcoin launches its testnet called Lelantus. Zcash, Monero, Tron price analysis: 30 August. Ethereum Classic, Litecoin, Monero price analysis: 26 August. Binance Coin, VeChain, Monero Price Analysis: 25 August. Decred, Monero, Cosmos Price Analysis: 24 August. ZCash, Monero, Ethereum price analysis: 16 August. Click to comment. Leave a Reply Cancel reply Your email address will not be published.

Home » Blockchain » Online Dating Will Never be the Same with Blockchain. Online dating is one of the largest digital industries, yet the online user experience remains incomparable to in-person experiences. From spam to explicit messages, fake accounts to the misuse of data; the world of swiping right can be scary. On top of that, one of the most significant issues lies in the technology: matching.

Though it seems odd to think about an algorithm dictating our romantic fate, a strong one could make the difference. If the dating pool is feeling extra shallow lately, online dating solved with blockchain could be our best chance at love. One company, Luna, has come up with a new approach to ease the pressure and stress of online dating. They increase matchmaking success rates by using machine learning compatibility calculations to create the best match possible and use blockchain to give the user a higher level of satisfaction.

The way people meet their partners has changed dramatically in recent years. Furthermore, they can be actively taking away from the purpose of your visit to the site: to find a date. Machine learning could change this. How can we adapt machine learning to reproduce relationships and happiness?

Luna believes that the answer starts with blockchain by giving the data back to the user. The Tinder economy has a higher Gini coefficient than This tokenized economy of online dating can help with attention. A crucial part of dating, online and off. Next, Luna creates a cycle between their token ecosystem and their machine learning model.

This model helps the token system work better. It creates the price of the messages based on the above criteria, the reciprocation, and feedback which goes back into the ML system to provide more data to help the ML data create more matches. By assigning a higher probability for compatibility, Luna is an endless cycle.

Users can purchase exchange, or earn stars on the app. By restricting the number of stars and rewarding users for verifying in-person meetups, they believe they can grow an entire cryptocurrency dating ecosystem.

One can use stars to start new conversations or move messages up in the queue. You can earn stars by reading or responding to messages quickly. All adding to the gamification of dating and reward earing.

Furthermore, they also utilize near-field communication NFC by pulling up the app and physically touching it to the potential partners to verify in person ID verifications. In addition, users frequently fill out polls which feed directly back into their the machine learning algorithms. All of the match transactions and gathering of feedback is decentralized. But the storage and processing of user data are centralized with the intent of security and optimization.

Moreover, the ability to scale Luna is a key feature of the consensus network platform. With the QTUM scaling solution, it could be possible to use a private network on blockchain. So, Luna seems to be a good end to the previous online dating woes. With blockchain comes to trust, decentralization, and scalability which all seem to be answers to our current online dating issues.

As such, we can expect more relationship applications on the horizon to help with online dating problems solved by blockchain. Press ESC to close. Share Article:. blocklr The following articles are the opinions of Blocklr's editorial staff, not financial advice. August 22, 7 Ways Blockchain Already Affects Your Life.

Your Email. The secretive Hong Kong-based founder, who only goes by his first name Tim T. Matt Aaron. Cryptocurrency and Dating — a match made in heaven? He believes that knowledge can change the world and be used to inspire and empower young people to build the life of their dreams.

Categories:

• Free apps
• Dating sites
• Dating apps
• Best dating
• Dating website