The Web3 industry is on a relentless mission to disrupt various sectors, and one of its primary targets is social media. In a recent episode of Cointelegraph’s Hashing It Out, host Elisha Owusu Akyaw interviews Ryan Li, the co-founder of CyberConnect, to delve into the concept of decentralized social media platforms. This innovative approach aims to revolutionize the landscape of social media as we know it.
Li begins the conversation by explaining the rationale behind the creation of social media platforms running on blockchain technology. According to Li, Web3 social media platforms provide content creators with the confidence that they won’t be abandoned as the platform grows or shifts its focus to generating ad revenue. This key feature is made possible by leveraging decentralized financial systems, creating a strong case for what is known as SocialFi.
The Rise of Decentralized Social Media Applications
Li further highlights exciting developments in recent years that have brought decentralized social media applications into the spotlight. For instance, CyberConnect has introduced account abstraction, a feature that enhances the user experience. Additionally, new gamified ways to increase engagement on SocialFi platforms have created a significant buzz in the sector.
One such decentralized social media platform that has gained tremendous momentum recently is Friend.tech. Remarkably, the platform has become the most widely-used decentralized application on Coinbase’s Base network, generating a revenue of 10,663 Ether (ETH) and boasting a total locked value of over 30,000 ETH in less than two months. However, despite its impressive growth, Friend.tech has also attracted critics who raise concerns about its security.
In this regard, Li presents an interesting opinion, describing Friend.tech as potentially falling under the category of securities. He points out that although the platform’s key may trade against a battling curve, it does not trade with another person. This perspective highlights the complexities involved in categorizing and regulating decentralized social media platforms.
Beyond the realm of decentralized social media, Owusu Akyaw and Li explore the impact of recent changes at major platforms like Meta (formerly Facebook) and X (formerly Twitter) on the adoption of Web3 social media. Li suggests that X’s new monetization strategy and Meta’s less successful experiment with Threads might serve as catalysts for the mainstream adoption of decentralized alternatives. According to Li, users are likely to be attracted to these platforms initially due to a single compelling feature and will ultimately stay because of the robust infrastructure they offer.
As decentralized social media platforms gain momentum, it is clear that the future of social media is being reshaped. This paradigm shift not only challenges traditional centralized platforms but also offers content creators greater control and security over their work. The rise of decentralized social media platforms signifies a powerful movement towards a more transparent, democratic, and user-centric online ecosystem.
To explore the captivating conversation between Elisha Owusu Akyaw and Ryan Li, co-founder of CyberConnect, tune in to the latest episode of Hashing It Out on popular podcast platforms such as Spotify, Apple Podcasts, Google Podcasts, or TuneIn. Additionally, for a comprehensive collection of informative podcasts, visit the Cointelegraph Podcasts page.
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