Cointime

Download App
iOS & Android

Decentralized Social Media — A New Narrative to Lure an Audience of Billions Into the Web3 Realm

Web3-savvy users and crypto investors already know about the power of decentralization, but what if this feature could provide a narrative with the power to attract more than four billion social media users to a decentralized, web3-native, blockchain-powered, and censor-free ecosystem?

This powerful, yet simple narrative goes as follows: “Own your content.”

Which one of you didn’t hear about public figures being de-platformed (read: banned) from traditional social media (TradSo) platforms? One of the infamous examples from recent history might be Andrew Tate, who got banned from YouTube, TikTok, Facebook, and Instagram altogether in a matter of days.

Surely, the quality and worthiness of his content are subject to dispute, to say the least, but it shines the light on a deep-rooted issue that is inherent to all big names of social media today. And we are not only talking about the prominent total bans, as there are way more subtle ways to skew the feed as the platforms can make sure specific content doesn’t get distributed at all, and thus, shadow-banning certain creators and topics.

The elephant in the room

The issues are based on the misconception of users see themselves as the customers of social media platforms, which can’t be further from the truth. With TradSo, the user is not the customer, he is the commodity. The customers are the companies who are spending billions of dollars every year, so Facebook, Twitter, and their likes can show ads to respective target audiences. For you to get an idea of how big this business already is, worldwide social media advertising spending accounted for around 115 bn USD in 2021, with a projection of doubling that amount by 2027.

In the good old logic of “Customer is King,” business decisions are made in favor of the ones who are paying. And if big ad money spenders decide they don’t want their precious ads appearing next to unsavory content, they are the ones with the threat potential as they could take their business elsewhere.

So, TradSo is first and foremost determined to keep their customers, the ones who are paying them, happy. After that, there will be users, who are the ones whose attention is marketed to the advertising companies. The user trades a free account and free usage of the platform against the full custody of his content, his social connections, his identity, and his reputation on said platform. If one day the user decides to start new on Instagram, there is no way for him to transfer his followers and his content from Facebook to his new Insta profile. The user will start from scratch, putting new content on the platform, gaining new followers, and make name for himself from zero.

We all accepted this model as somehow given, but just take a moment to visualize how ridiculous it actually is: Imagine you have a checking account with a certain brick-and-mortar bank in your hometown. Transfers and account maintenance are free, but the catch is you can only wire transfers to people who also happen to be customers of said bank. Also, you could just buy with your credit card at retail stores that are also customers of this bank. All of this while living under the constant threat of your bank suspending your account and withholding your assets for good.

Nobody would consider using such a banking service, yet, if all of your favorite retail online shops, grocery stores, and all of your friends and family are using this bank, you would be able to work around this issue and make your everyday life work. Sounds weird, but this is the logic we all happily accept when dealing with today’s social media behemoths like FB, Insta, and Twitter.

Enter: DESO

As the foundation of Bitcoin was an answer to the 2008 financial crisis and the harmful centralization in the banking system, decentralized social might just be the next big narrative to unlock web3 to a broad audience of billions of users.

The word around decentralized social media got some traction of late, as personal communication between Twitter’s co-founder and former CEO Jack Dorsey and big-shot entrepreneur Elon Musk was revealed as part of the evidence in the law case around Elon stepping back from buying Twitter. Also, Jack himself announced the launch of his decentralized social tool called BlueSky, which is currently in closed beta.

What was missed in the public discussion is that there is already a lively ecosystem built upon the DESO blockchain. DESO stands for Decentralized Social and provides a layer-one blockchain capable of storing storage- and state-heavy interactions for social media in a decentralized and immutable matter. In March 2021, the first app on this blockchain, BitClout, was opened to the public as a proof-of-concept by the devs to let people experience the functionality and value of this platform.

The absolute beauty of this approach is as follows: Every piece of content, every follow, like, and repost is stored immutably on the open-source DESO blockchain. This means that every developer can host a DESO node of their own and immediately gets access to vast amounts of content to build around. Find below a selection of platforms that already emerged and are available for the public:

  • Decentralized Twitter: Diamond
  • Mobile App for DESO: Desofy
  • Decentralized LinkedIn: Entre
  • Decentralized Medium: Zirkels
  • Decentralized OpenSea: NFTz
  • Decentralized TikTok: Stori
  • Decentralized Fundraising: DAODAO

When building on the existing content on the DESO blockchain, every developer can curate the content around a certain topic or a specified functionality, so different approaches like a decentralized LinkedIn and decentralized OpenSea are up and running. The user base, social graphs, and content they are using are actually the same, but by providing a unique UX/UI, they are delivering specific value to their respective audiences.

Surely these platforms are curating the content that is existing and freshly created and thus, are influencing the feeds, but that is a feature rather than a bug: As the blockchain and API are open-source, anyone in the world can run their own DeSo node with its own characteristic angle and feed and compete with the existing platforms right from the get-go, as the content database is free for all. We might witness the foundation of platforms that are focused on sports, political news, or science. Everything is possible with an open-source blockchain.

Which problems does decentralized social media solve?

First and foremost, decentralized social gets rid of the ad-driven revenue model which infected the existing social media ecosystem. As users can pay their favorite creators directly via native network tokens and app runners (devs) can earn via transaction fees and subscription models, there is no need to let corporate ads into the system.

Second, no one can ever be de-platformed or shadow-banned anymore, as DESO is open-source and immutable. Even in case a specific app decided to blacklist a specific user or decides to not curate his content anymore, the user can take his content, social graph, and funds with them to the next platform that might suit his style and content type better. This can’t be stressed enough, as nobody in the ecosystem has the power to take content away from the creator as all of it is stored on an immutable blockchain.

Third, the competition between platforms and apps is only about the UX/UI and use case they are providing to their audience and creators. Gone are the times when the biggest network took it all, fostering centralization and gated communities.

Final Thoughts

Decentralized social media has an appealing in-built narrative which is called “own your content.” As the social media market already amassed billions of users, this narrative has the power to attract a broader audience that is not originally from the crypto or web3 space by providing known already familiar features with a little crypto twist. As the financial narrative clearly failed to achieve mainstream adoption for crypto, decentralized social might even have a shot at being the narrative that incinerates the next bull market.

Comments

All Comments

Recommended for you

  • Another Iranian Oil Tanker Returns to Iran After Breaking US Blockade

    On April 21, according to CCTV News, maritime intelligence company 'TankerTrackers' reported that a tanker belonging to the National Iranian Tanker Company returned to Iran after unloading approximately 2 million barrels of crude oil in Indonesia, crossing the relevant maritime blockade line. The tanker is currently en route to Iran's main oil export hub, Khark Island, and is expected to arrive on April 22 local time. It is reported that the tanker set sail from Iran in late March, heading towards the Riau Islands of Indonesia.

  • White House: US and Iran on the Verge of Reaching an Agreement

    On April 21, White House Press Secretary Kayleigh McEnany stated in an interview with Fox News on the evening of the 20th that the United States and Iran are on the "verge of reaching an agreement." McEnany remarked, "The US has never been closer to achieving a truly good deal." However, she did not disclose any information regarding the current status of the negotiations. McEnany noted that even if an agreement is not reached, President Trump has multiple options and is not afraid to utilize these measures. Previous actions have demonstrated that Trump is not just "bluffing."

  • Kelp DAO Attacker Transfers 30,800 ETH to Special Address

    On April 21, news emerged that, according to monitoring by PeckShield, the Kelp DAO attacker transferred 30,800 ETH to a special address starting with 0x00000, possibly indicating a destruction action.

  • Trump: 'Midnight Hammer' Completely Dismantled Iran's Nuclear Dust Base

    On April 21, U.S. President Trump stated that the 'Midnight Hammer' operation has completely destroyed the 'nuclear dust' base within Iran. As a result, the cleanup will be a long and arduous process. The fake news media, including CNN and other corrupt media networks and platforms, have failed to give our great pilots the credit they deserve, instead always attempting to belittle and undermine them. They are losers!!! (Dongxin News Agency)

  • BTC Drops Below $76,000

    Market data shows that BTC has dropped below $76,000, currently priced at $75,999.63, with a 24-hour increase of 1.68%. The market is experiencing significant volatility, so please ensure proper risk management.

  • Japan Officially Allows Export of Lethal Weapons Through Cabinet Resolution

    On April 21, according to Kyodo News, the Japanese government officially revised the 'Three Principles on Transfer of Defense Equipment' and its operational guidelines during a cabinet meeting, which will, in principle, allow the export of lethal weapons. (Xinhua News Agency)

  • Trump Claims Iran Will Negotiate

    On April 21, during a phone interview with CNN, U.S. President Trump stated that Iran "will negotiate" and expressed confidence in potential talks set to take place in Pakistan. Trump remarked, "They will negotiate; if they don't, they will face unprecedented problems." He also expressed hope that both sides could reach a "fair agreement" and emphasized that Iran "will not have nuclear weapons." Additionally, he defended military actions against Iran by stating there was "no choice" and claimed that they would ultimately "wrap things up."

  • Amazon to Invest Additional $5 Billion in Anthropic

    On April 21, Amazon announced on Monday that it will invest an additional $5 billion in the artificial intelligence company Anthropic, bringing the total investment to as much as $20 billion. Anthropic develops the Claude chatbot and programming tools, and plans to invest over $100 billion in Amazon's cloud technology and chips over the next decade.

  • Three U.S. Carrier Strike Groups May Deploy Simultaneously in the Middle East

    On April 21, according to CCTV, the U.S. military is expected to deploy three carrier strike groups simultaneously in the Middle East in the coming days. Currently, the USS Lincoln strike group is stationed in the Gulf of Oman, near the Strait of Hormuz, participating in maritime blockade operations; the USS Ford strike group is located in the northern Red Sea; and the USS Bush strike group, which is taking a route around Africa, is heading north from the southeast of Africa and is expected to enter the Arabian Sea—this carrier may replace the USS Ford in its mission. In the short term, the U.S. military may have three aircraft carriers in the Middle East.

  • Web3 data and AI company Validation Cloud completes $10 million in new round of financing

     Web3 data and AI company Validation Cloud announced a $10 million financing round from True Global Ventures. The company plans to use the funds to expand its AI products and achieve seamless access to Web3 data.