- The Web3 social media platforms are pacing toward the adoption of decentralization through blockchain.
- While this development is in its nascent stages, it will likely bring about a revolutionary change in how we perceive social media.
What is Decentralized Social Media?
Crypto enthusiasts are well aware of the unique selling proposition of the crypto industry, which is its underlying blockchain. The reason it is desirable is because it leverages decentralized ledger technology.
In layman’s terms, think of a decentralized ledger as multiple separate computers (or people) that are clinging onto copies of transactions. Integrating it with concrete encryption and there you have it- a safe and secure, not necessarily stable, way of trading cryptocurrencies.
In the case of decentralized social media, the platform aims to apply a similar structure to the decentralized ledgers of a blockchain. These social media platforms do not rely on independent ledgers, instead, they rely on self-dependent servers. So, for instance, the software of a decentralized Twitter will be run by multiple servers.
This method has multiple benefits, including the fact that it removes a single point of failure, meaning that even if one server stops functioning, it won’t shut down the entire network. Moreover, it restricts censorship of the network, promotes freedom of speech, and enables superior control.
Top Social Media dApps in 2023
- Diamond App
The Diamond app is solely focused on content and lives up to its promise of Web3 development. The app is decentralized and leverages blockchain technology to accommodate content such as social graphs and blogs. This allows the posted content to be flexible enough to move among different apps. Additionally, it also allows creators who are looking to grow their audience, to monetize their content.
Being a decentralized music streaming platform, Audius caters to the needs of both the creators and the listeners. The app doesn’t charge any type of fee from its users and allows music artists to directly engage with their audience without requiring any intermediaries like music labels.
AUDIO is the native token of the platform and acts as the utility token for the platform as well. As it is a blockchain-based platform, nodes are required to operate the platform. These nodes are paid in the form of AUDIO tokens.
Steem is not wholly a social media platform, but it can be referred to as a framework for other social media platforms. At its core, Steem allows developers to build social media apps while also supporting a blogging platform. The reason it is the choice of creators is that it rewards them with its home currency.
The Minds platform markets itself as an alternative to Facebook but the difference is that it offers monetization features. The idea behind its monetization mechanism is that it rewards its users in the form of Ethereum cryptocurrency upon posting content and interacting with each other.
These rewards can be utilized to fund their advertising campaigns. In addition, these rewards can also be utilized to support other creators on the platform by subscribing to their content.
- Plai Labs
Plai Labs is considered a one-of-a-kind social media dApp. The platform has developed a full-fledged social media platform in the metaverse and has named it Massina. With it, the developers aim to build video games for the Web.
The first step toward it is already underway with the game called Champions Ascension. The game allows users to earn rewards through their gameplay.
All things considered, the evolution of Web3 is still in its budding stage. However, it is just a matter of time before we witness a 180-degree revolution in the Web3 space.