How would Twitter, Facebook, or LinkedIn look if they were on the blockchain?
You might not have thought about it, but blockchain-based social networks have been getting more and more popular for a while. And for a good reason.
Modern social networks have made it much easier for people to connect with each other, but they could be run and built much better. Traditional social networks have been criticized for things like widespread censorship, arbitrary algorithm changes, privacy violations, annoying ads, and unfairly profiting from creators.
Can blockchain technology fix the problems with centralized social networks? So, a lot of people agree with you. Blockchains are supposed to make it easier to build decentralized social media networks that are hard to censor, controlled by the users, and private.
In this essay, we look at decentralized social networks and how they work. We'll also talk about things that make it hard for Web3 social media app development platforms to be used by a lot of individuals.
Why traditional social networks don't work
When social networking sites like Facebook, YouTube, and Twitter were made, they opened up new ways for people to talk to each other. People could easily share information, build communities, and trade information across borders.
The revolutionary nature of social networks is shown by how quickly they are growing. Facebook has 2.91 billion users, Twitter has 290.5 million users, and YouTube has 1 billion users (2 billion).
The social networks we have now are very powerful. Research shows, for example, that individuals spend a lot of their time online. Because of this, the things we see on social networks can have a big effect on how we think and what we do.
People say that having a lot of power comes with a lot of responsibility. Social media companies have chosen to put the safety and happiness of their users ahead of making money.
In order to get more people to join in, they use algorithms that encourage unfavorable content. They get information about their users and sell it to companies that then put annoying ads in our news feeds. They might even listen in on what people say to each other.
But that's not all.
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Social media companies earn a lot of money off of user-generated content, but they save a big chunk of this money. Even worse, content providers could be removed from platforms without warning, taking away people's way of making money.
Also, centralized control and vague rules about how to moderate content have made it easy for social media companies to censor users on their own. Because of this, social media giants like Twitter and Facebook have been accused of putting down different points of view and hurting the right to free speech.
Another important thing to talk about is how social media networks store user information in one place. Recently, hackers broke into some of the world's biggest platforms and stole a lot of personal information. This makes it more likely that someone will steal your identity, and it also makes it riskier to use the internet.
In the last few years, there have been major data leaks on social networks.
What are decentralized social networks?
Decentralized social networks are platforms for making and sending content that is based on blockchain. Most of the time, these platforms try to fix the problems with Web2 social networks that were talked about in the last section.
So, how might a Web3 application for social networking work? There are already enough blockchain-powered social networks to show how these systems might change the way we communicate in the future.
Steemit is the Medium of the blockchain. It is a place where people can share content and make money based on how many people see their content. The platform's native token ($STEEM) can also be used to tip content creators.
In a decentralized Twitter, it might not be possible to delete or change tweets. Once the information is on the blockchain, no one, not even the platform owners, can take it down.
Peepeth is a service like Twitter that runs on the Ethereum blockchain. This is how it works. Once a post, also called a "peep," is published, it can't be changed or taken down. These steps will probably cut down on censorship and stop centralized social networks from shutting down a lot of people's opinions.
Watch-to-earn, learn-to-earn, play-to-earn, and other incentive programs may be used by Web3 social networks to pay users for their time. Some might even let people sell their data and trade it for cryptocurrencies instead of just letting businesses use user data to make money.
There are a number of decentralized alternatives to well-known social media apps.
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