How Is the Web3 Space Changing Social Networks
How Is the Web3 Space Changing Social Networks
It is difficult to imagine modern communication without messengers and social networks - convenient, fast and accessible. The almost instantaneous exchange of information has shaped a unique way of thinking, reacting and perceiving the world. Although there was not much freedom left, people quickly adapted their lives to social networks and called it "freedom of communication and self-expression."
If you think about it, social networks have learned to collect our personal data, customize ads based on them, record the history of movements on the Internet, censor content and much more. The real owner of the user profile is no longer (ironically) the user, but the platform.
By 2023, this situation, to put it mildly, no longer satisfies members of the Internet community. It was time to change the approach and rebuild the old system. The most requested and frequently mentioned technology in recent years has arrived on the recovery block. Essentially, Web3 Socials began to form. What are they and how they differ from familiar social networks, we will tell you in this new material.
What is Web3 social media?
Blockchain has managed not only to change the structure of the global financial system, but also to enter the social sphere of life. Web3 Socials are new generation social networks built on the basis of blockchain. Its main features are the use of open source code and the principle of decentralization, which is characteristic of the world of cryptocurrencies.
Web3 Socials exist in the new Web3 space, which aims to create a faster, more convenient, decentralized and free internet space using Artificial Intelligence and blockchain technology.
Features of Web3 socials,
Compared to the previous version, the new order of social networks differs from the following:
Decentralized data storage. All passwords, codes and personal information are stored on multiple independent nodes, not on one central server.
Security. Distribution of information among different nodes increases the system's resistance to hacking.
Resistance to censorship. Censorship rules are developed by community members, not by higher control authorities.
Monetize content. Identification of personal data and copyright content DeFi and DAO enable users to benefit from social media activities.
Returning power to users over their data. Web3 Socials offers users the opportunity to determine what content they show, what they hide, and take responsibility for managing their data.
Let us remind you that YouTube, X, Facebook, LinkedIn, Instagram, TikTok are considered Web2 social networks. Web3 social media are still in the early stages, but their developers are actively attracting funding and increasing user interest. Let's list the most popular projects that can replace the groundbreaking Facebook at the moment.
Lens Protocol
The creators created Lens Protocol, a polygon-based social platform that gives authors full ownership rights to their content and distribution.
With the Aave DeFi protocol (AAVE), every account on the new social network automatically becomes an NFT, including the history of all messages and comments. This means that users on Lens Protocol have their own NFT profiles linked to and stored in their crypto wallets.
Friend.Tech
Friend.Tech, a decentralized Web3 application connected to the X social network, launched in May 2023. It was launched by the well-known Coinbase platform based on the L2 solution Base.
According to the developers, the new project allows tokenization of user influence in social networks thanks to blockchain technology. Registration at Friend.Tech is by invitation only and immediately upgrades to the status of elite practices.
Bluesky
An alternative to social network X that focuses on decentralization. Bluesky gained popularity after Twitter's breakup. Jack Dorsey, the former head of Project
Damus
A mobile application for the decentralized Nostr social network. Another alternative to reserved Twitter and incoming X. Lightning Network is based on L2 solution technology. Damus' main motto is "The social network you control".
Farcaster
Another X analogue. The protocol of this decentralized network is built on OP Mainnet (optimism). The network caught the attention and support of Ethereum creator Vitalik Buterin. Needless to say, the company's stock grew noticeably after that.
conclusion,
Web3 Socials may have a bright future. Global crypto giants are watching them, a significant percentage of users already trust them, inspired by the ideas of decentralization and free exchange of information on the Internet. However, it is not recommended to rely entirely on the superiority of Web3 socials and preemptively abandon Web2 networks. Since the concept of the "new internet" Web3 is still quite young, not all its stages have undergone a comprehensive security and functionality check.
