Industry insiders are sharing their insights regarding the rising trend of decentralized social networks.

In recent times, the spotlight has turned towards decentralized social networks that present a viable alternative to the traditional social media giants that rely on centralized databases and servers.

Users of conventional web2 social networks often contend with issues surrounding the mishandling and exploitation of their personal information. For example, Facebook has faced ongoing criticism for how it manages user data, frequently engaging in vast data collection for targeted marketing. Major scandals, such as the one that unveiled the unauthorized harvesting of data from millions of Facebook users for political purposes, have sparked public outrage. Cambridge Analytica scandal Furthermore, Elon Musk's takeover of Twitter in November resulted in a mass departure from the platform, partly due to the firing of numerous employees and the introduction of subscription services previously reserved for influential figures.

Many of these platforms have come under fire for their vague and often inconsistent content moderation strategies, which can lead to the unjust removal of posts and the unjust suspension of accounts without any transparent reasoning or recourse. For instance, TikTok faced backlash for its policies that suppressed certain content from marginalized communities, like those with disabilities or non-mainstream appearances, under the guise of preventing bullying, yet users were left unaware of these policies until they were leaked. $7.99 per month for the verified blue tick As the issues surrounding centralized digital media control come to the forefront, decentralized social networks are driving the next wave of transformation in the Web3 landscape. By leveraging blockchain technology, these platforms enable a more distributed approach to data storage and content sharing, which enhances user autonomy over personal data and privacy.

Venture capitalists are heavily investing in decentralized social media ventures. told its moderators One of the prominent developments in this realm is the influx of investment into various platforms, blockchains, and protocols dedicated to decentralized social media. Investors eager to tap into this wave of advancing technology have seen startups like Lens Protocol and other blockchain-based platforms amassing substantial funding in recent times.

Rusty Matveev, the Chief Strategy Officer at Calaxy, commented on this trend, stating, \"The shift towards decentralized platforms seems like a natural evolution for the industry. Numerous startups are exploring various interpretations of what 'Web3 Social' could potentially offer. What’s certain is that investors will keep driving innovation by backing diverse models that maximize the unique advantages that Web3 has to offer across the social media spectrum.\"

While each platform presents different advantages, many are designed to enhance transparency, encourage community-led governance, and navigate around issues of censorship.

A sure sign of the growing interest Some platforms enable creators and users to monetize their interactions, integrating aspects of decentralized finance (DeFi) and paving the way for a budding economic model referred to as 'SocialFi'.\" Plai Labs , web3 social marketplace Calaxy , web3 social data portal Porte3 , decentralized social blockchain DeSo Ken Timsit, the Head of Cronos Labs, noted, \"In traditional web2 social networks, monetization through advertisements and partnerships is largely limited to those with a significant follower base. In contrast, the core of web3 SocialFi integrates financial aspects that facilitate peer-to-peer engagements through mechanisms like creator coins or micro transactions.\" DSCVR The blockchain-based social network DeSo claims that applications within its ecosystem, such as Diamond and Desofy, have generated over $20 million for creators early on by introducing innovative monetization strategies, such as social tipping and token creation for social interactions.

Platforms like OpenProsper, which acts as a social blockchain explorer, provide users with valuable insights into the ecosystem, while other creative applications are launching, including a web3 version of Instagram named Pearl and a crowdfunding tool similar to Kickstarter called DAODAO.

The advantages of decentralized social networks. Beyond the clear benefits, such as increased transparency, opportunities for monetization, and user ownership over their data, Web3 social platforms could also pave the way for a landscape where individuals can fluidly navigate between applications while retaining their entire social history, according to Zaven Nahapetyan, co-founder of a decentralized social media platform that recently entered beta testing. Adding to this idea, Timsit pointed out, \"SocialFi provides portable social networks and self-sovereign identities. This means users can carry their friends and followers from one platform to another, ensuring rightful ownership of their connections and content.\" SocialFi .’

He further mentioned that these portable social networks could help mitigate the risks of de-platforming and censorship that traditional networks frequently impose. With self-sovereign identities, users will have the discretion to determine which data they want to share based on the context needed. Both features serve to dilute the monopolistic trends observed in traditional social media, allowing for a more decentralized power dynamic favoring users and content creators, as Timsit mentions.

The obstacles in transitioning web2 social users to web3 platforms.

The emerging field of decentralized social or SocialFi is demonstrating early signs of traction. For instance, in November, DeSo reported a remarkable 120% month-over-month growth, following a preceding growth spurt of 160%.

"We are witnessing the beginnings of a growth cycle,\" Naser Al-Naji, the founder of DeSo, stated in a press release. \"Now that we have established a user base and generated content, developers are actively creating applications more than ever before.\"

Nevertheless, the challenge of integrating new users into web3 social media poses a significant obstacle, particularly for individuals who lack familiarity with cryptocurrency. Niche \"Our primary challenge with native web2 users is their unfamiliarity with much of what exists within the web3 space, including specific jargon, not to mention the difficulties of managing wallets and digital assets. Our approach to ensuring seamless onboarding and overall user experience is to provide a familiar user interface,\" Matveev explained.

Similarly, Timsit points to convoluted onboarding processes and awkward interfaces of web3 social platforms as significant barriers to entry for web2 users. Many users considered alternatives like the decentralized microblogging platform Mastodon during the initial phase of Musk's takeover, though feedback has indicated that while Mastodon is not overly complicated, it does require some effort to navigate.

Nahapetyan underscored the importance of user interfaces, expressing, \"Most individuals don’t care if an application is web2 or web3; they simply seek a product that is user-friendly and appealing. This is a critical misstep for many in the web3 development sphere, as they become overly absorbed in the technology and forget to create something that’s actually usable.\" social media platforms On addressing what is required for widespread acceptance, Timsit commented, \"Simply being a decentralized platform is insufficient to ensure mass adoption. Many factors, such as accessibility, security, and strong community involvement, will serve as the backbone of SocialFi's growth. Until notable and influential creators embrace SocialFi and foster vibrant communities, average users will see little reason to migrate from established mainstream networks—especially when newer models aren’t user-friendly to begin with.\"

Did Elon Musk ignite the call for SocialFi?

After Musk's $44 billion acquisition of Twitter, Mastodon experienced a jump in active users, escalating from 300,000 to over 2.5 million from October to November. However, by December, the number of active users had dipped to 1.8 million, as reported.

In the same timeframe, Twitter temporarily suspended the @joinmastodon account for sharing a link to the newly-created Mastodon account of @ElonJet, which tracks the public flight path of Elon Musk's aircraft, as highlighted by Mastodon's founder, Eugene Rochko. grows usage and content even more in a virtuous cycle.

"This serves as a poignant reminder that centralized platforms can enforce arbitrary and unjust limits on free expression while also holding users' social networks ransom,\" Rochko added.

Several Twitter accounts belonging to journalists from reputable outlets, including CNN, The New York Times, and The Washington Post, as well as some independent journalists, were also reportedly suspended for discussing Mastodon's treatment on Twitter.

In light of this, Matveev observed that Musk's acquisition of Twitter is perhaps a clear indication of an existing demand for decentralization in social media, pointing to Facebook’s transition to Meta and its commitment to integrating traditional social media platforms into the Metaverse as a preceding indication of this trend.

Timsit concurs, emphasizing that Musk's takeover of Twitter has highlighted the critical necessity for social media networks that are not governed by a single authority.

Authorities in the field express their views on the growing prominence of decentralized social media platforms, as discussed in Metaverse Post.

Lately, there’s been an increasing enthusiasm surrounding decentralized social platforms, which provide an alternative to conventional social media sites that depend heavily on centralized servers and data management.

Insights from industry professionals highlighting the emergence of decentralized social platforms.

The FTC's attempt to thwart the Microsoft-Activision merger has been unsuccessful. uk Originally published on February 15, 2023, at 7:00 am and subsequently updated the same day at 8:31 am. uz .

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Over the past year, social platforms within the Web3 space have successfully attracted significant funding.

One of the hurdles that founders of decentralized social platforms encounter is effectively onboarding new users.

Elon Musk's acquisition of Twitter highlighted an existing demand for decentralized social platforms.

In recent times, a noticeable increase in enthusiasm for decentralized social platforms has emerged. These alternatives to traditional social media networks aim to provide solutions to issues such as reliance on centralized systems for data storage.

A major concern among users of centralized platforms like those of Web2 is the exploitation and manipulation of their personal data. Facebook, for example, has faced numerous criticisms regarding its data management practices, known for the extensive collection and utilization of personal information for targeted advertising. The platform has been embroiled in various notorious data scandals, such as the incident that uncovered unauthorized data collection from millions of users for political aims.

Moreover, when Elon Musk took over Twitter in November, it triggered a significant departure of employees, and he began to charge for certain services.

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• This service had previously been limited to a select group of public figures and influencers with large followings, originally intended to signify authoritative accounts.
• These platforms have faced scrutiny for their non-transparent and often arbitrary content moderation policies, which can lead to sudden content removals and even the suspension or banning of users without any clear guidelines or opportunities for contesting those decisions. For instance, TikTok faced backlash for its policy of suppressing posts created by users with disabilities or from LGBT+ communities, along with those deemed to have 'unattractive' features. The platform justified this by claiming it was to prevent bullying, but this policy was only disclosed after internal guidelines were leaked.
• As anxieties about centralized control over social media platforms escalate, decentralized alternatives are igniting a fresh wave of innovation in the Web3 landscape. Utilizing blockchain technology enables these platforms to operate on a more distributed network, granting users enhanced control and ownership over their data and privacy.