Ankr: Some thoughts on the future of Web3 social media

Original Title: "Some Thoughts on the Future of Web3 Social Media"

Source: Ankr

In many ways, social media intuitively showcases the potential of the internet to the world.

Early social platforms like MySpace made it possible for individuals to instantly share in the vast social network. Web2 helped internet users transition from being "read-only" to being able to "write" and share digital content such as blogs, videos, tweets, music, and more. More importantly, it provided a safe place for people to connect with each other, transforming the internet from an information exchange to a community network.

Nowadays, Web3 technology provides social media users with another experience: reading, writing, and owning.

This article discusses our choices for the next generation of social applications, how blockchain-based social networks can provide more power to users in their daily lives, and how Ankr, as a Web3 infrastructure platform, can help the development of decentralized social media.

Super App Era is Coming

Recently, social media has evolved into "super apps", where social applications like WeChat not only allow you to stay in touch with friends online, but also enable you to hail a ride, order food, pay bills, transfer money, shop, play games, book travel, and more. Other heavyweights like Meta and X are also striving to integrate more features into their social platforms to gain more revenue and improve convenience.

However, the cost of these conveniences is that users further lose ownership and control of their data. Before we dive headfirst into the era of super apps, perhaps we should consider if there are better ways to build social media that prioritize users in more ways.

Existing drawbacks of social media

When trying to build better social applications, what aspects can we consider improving?

Centralized power, lack of transparency: Platforms like Twitter can be used to strengthen resistance against corruption, as seen in the Arab Spring, but they can also be used to suppress voices, as revealed in the Twitter files. It all depends on balance. Social media platforms do not always excel in transparency, such as whether there is behind-the-scenes manipulation, how algorithms are written, and how data is collected and used.

User is the product: If users don't pay for the product, then they might be the product. Currently, in most cases, users pay for the product and their data is still commoditized. User data is collected and shared among companies, but most people have little to no control over their data ownership and benefits.

Low incentives and low allocation: Some big V and creators on platforms like YouTube and TikTok can earn income through the platform, but in most cases, it requires a great deal of effort. When users choose the next generation of social apps, a new incentive mechanism that benefits each user may be a key differentiating factor.

Web3 Social Media Solution

What is Web3 social media application?

Decentralized social media applications are social media platforms that are developed and owned in a more collective way. They are built using blockchain technology and are supported by a network of servers (nodes) instead of a central server. This effectively avoids manipulation of the program and allows users to better control their own data.

In addition, blockchain-based social applications can fully utilize smart contracts and cryptocurrencies to create new experiences.

Web3 social media application has obvious advantages

If social applications can accommodate the entire economy, integrating simpler peer-to-peer transactions and more incentive mechanisms for users is a direction to consider. Let's see what Web3 technology can offer for existing social companies and decentralized social applications.

Decentralized control, open source code: Blockchain-based social media provides a better opportunity to create frameworks that decentralize power to more participants (such as DAOs). Not being controlled by a single entity also makes applications more resistant to manipulation, and open source code means transparency for the code of Web3 social media platforms.

Enhanced data privacy and ownership: For example, users can choose whether or not to share their data with the platform, and can choose whether or not to benefit from the value of their data. Web3 social media platforms can give users ownership of their data, which means that users can control how their data is used and who can access it.

Reward Distribution: Web3 social media platforms can create new incentive programs that benefit all users, not just top influencers and creators. For example, users can automatically receive rewards for their contributions, including creating content, watching ads, or choosing to share data. The platform can use blockchain technology to distribute rewards fairly and transparently, ensuring that users are rewarded based on their actual contributions.

Social Fi: Web3 economic mechanism, such as embedding staking, gaming, or liquidity mining in social networks.

Flexible Payments: With applications such as Paypal and Venmo enabling the sending of cryptocurrencies, social media platforms can add more ways to pay with digital currencies and offer rewards.

NFT Utilities: NFTs can fully realize their potential on widely adopted Web3 social applications, such as granting access passes and selling unique digital goods.

Innovation and Development: Blockchain and smart contracts provide a new framework for developers to build innovation in social applications.

Network Effect: Social Media is Key to Web3's Mass Adoption

According to the 2022 India Internet Report published by DataReportal, 61% of Indian internet users stated that social media is their primary reason for using the internet. As social media becomes an important part of daily life, similar trends are emerging around the world.

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