Aren't there already some competing social media platforms out there? Twitter, facebook(Whatsapp and Instagram too), Snapchat, G+ used to be a thing. You may say they do not compete head on to each other, but which one of them was immune to this problem? The fact that any internet based social platform will have a very large connectivity and will provide people a very easy way to communicate to an exponential amount of other people, that fact won't change by lowering barriers. The fact that all the people reading something online neither have the time nor the patience to research everything is not going to change.