Home Blockchain Facebook and Twitter will soon be obsolete thanks to blockchain technology

Facebook and Twitter will soon be obsolete thanks to blockchain technology

Facebook and Twitter will soon be obsolete thanks to blockchain technology

The current social media landscape is dominated by Web2 companies, primarily Meta (Facebook) and Twitter. Companies collect data from billions of users and raise billions of dollars in revenue through user-generated content. While this is great for companies and their shareholders, it comes at a cost for average users and professional content creators.

But in the near future, decentralized social media – or Web3 – will likely end this old model by putting the power back in the hands of users.

No more kicking out unruly users

Because platforms such as Facebook, Instagram, and Twitter are centralized, users are at the mercy of business leaders, who demand compliance with their platform’s policies. If users don’t comply, they can lose content and followers they’ve taken years to develop in seconds.

A famous example is the Twitter ban of former President Donald Trump. While you can debate Trump’s opinions, Twitter’s leadership decision didn’t include the millions of Twitter users who make the platform so valuable. This showed how little control Web2 users have over Twitter decisions linked to their content, even though they are the ones who create value for the company.

The beauty of Web3? Corporate bosses will no longer be able to dictate who is allowed to use their platforms.

Another problem with Web2 social networks? Enclosed gardens

Another problem with Web2 social media is that it is characterized by “walled gardens”. If you have 1 million followers on Instagram and want to create an account on YouTube, you should start with zero followers. There’s no way to move your audience because they’re connected to the individual platforms, not you. This even applies to platforms owned by the same company, such as Facebook and Instagram.

Related: Decentralized social networks: the next big thing in crypto?

Web3 introduces solutions to reduce the number of intermediaries, create an open ecosystem, enable new forms of monetization and give individuals more power not only over their content but also over their subscribers.

New blockchains on the horizon

Several platforms have launched which could supplant the social media industry on Web2. They include Team Aave’s Lens Protocol and Andreessen Horowitz-backed DeSo. Both are designed to host decentralized social media applications. They already have many live apps, including Lenster, Phaver, Iris (decentralized Twitter), and LensTube (decentralized YouTube).

How do they work? With Lens, for example, users can use a non-fungible token (NFT) to link their content and followers directly to a cryptocurrency wallet. This means zero dependency on individual platform as they hold cross-platform access to their subscribers.

If a user posts something, it’s automatically shared across all the platforms they use. And because their followers are linked across platforms, they have the same number of followers on each platform. If a new platform emerges, users don’t have to replenish their audience. In Web2 terms, it’s like having an account directly tied to the internet instead of one tied to Facebook’s closed ecosystem.

Direct user monetization instead of ads

Another feature of Web3 social media is that rather than generating revenue from advertising, users have the ability to directly monetize their work. The model incentivizes users to post much better content. It’s simplified by allowing creators to set a fee to “collect” their posts – or set a fee to track them. The revenue then goes directly to the creator, not to the platform.

Influencers will accelerate adoption

Some critics argue that Web2 social networks is so far ahead that it will be impossible for social Web3 to catch up. But the reality is that the benefits of decentralized social media are so great that top content creators will make the switch, taking their audience with them.

Related: The metaverse will change the content creation paradigm

There are already many examples of top influencers having their own social media platforms because corporate platforms would no longer allow them to share their content. Web3 offers an obvious solution for the growing number of those who have been banned from Web2.

Provide ownership of their own content and followers? Simple ways to generate income through their work? Connect everything with easy-to-use NFTs? What to complain about? Blockchain technology brings us a social media space that rewards users – not platforms – and is better than anything we have dreamed of in the past.

Darius Moukhtarzadeh is a cryptocurrency entrepreneur specializing in decentralized social media applications. He previously worked as a researcher for Sygnum, the world’s first digital asset bank. He has also worked for Ernst & Young in blockchain consulting and for several start-ups in the Swiss Crypto Valley.

The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.


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