The core weakness in centralized social media structure is not something out of the blues and the idea of using blockchain and other decentralized technologies to help remedy them also is not new.
However, never before have these issues rise to the fore as they are currently. Never in a long time have so many individuals been so aware of the ethical and practical weaknesses at the heart of Big Tech’s systems for controlling users’ communications.
In reality, these large tech platforms are not to blame because anyone may make a statement that can lead to a violent response, and these big guns can be held liable for not blocking that comment or that person.
On the other side, decentralized social media also referred to as blockchain-based social media, relates to social media platforms that are backed by distributed ledger technologies (DLTs) such as blockchain or DAG.
As a result, unlike centralized networks like Meta, Twitter, and Instagram, activity on these sites is irreversibly recorded on a decentralized system that no central authority can manage or supervise.
The nicest thing about decentralized social media platforms is that they enable producers to commercialize their work by earning tokens that are equal to various cryptocurrencies.
So, there is a developing marketplace for selling items in return for cryptocurrency, and it appears to be a sector to keep an eye on given the recent surge in investment in the crypto market.
Also, because these networks continue to prioritize income creation, traditional social platforms not only manage users’ content but also what they view. As a result, they provide users with attention-getting advertising content, which entertains them rather than informs them.
Subsocial (based on Polkadot and Kusama’s Substrate platform), Uptrennd, and Steem are instances of decentralized social media networks.
Users on decentralized social media networks, on the contrary, have the liberty to engage as they choose without fear of censorship because the developers often simply give guidance guidelines, leaving the rest to a distributed community of users with this system, it is easy to trade cryptocurrency, especially in a country where the currency is banned.
One of the major worries with conventional social networks is the illicit sale of user data. Decentralized social media systems prohibit this.
Furthermore, blockchain technology uses encryption to grow user privacy and data security, this way, users’ identity is not exposed to the authorities when they engage in a cryptocurrency transaction.
Apart from their huge economic opportunities, blockchain-based social networks still have a long way to go before becoming widespread and competing with centralized social networks.
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