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How Is The Web3 Space Changing Social Networks?

How Is The Web3 Space Changing Social Networks?

By SimpleSwap | SimpleSwap Blog | 15 Jan 2024


Modern communication is hard to imagine without messengers and social networks - it's convenient, fast, and accessible. Almost instantaneous exchange of information has shaped a unique type of thinking, reactions, and perception of the world. People quickly adapted their lives to social networks, calling it "freedom of communication and self-expression", despite the fact that there is not much freedom left.

If you think about it, social networks have learned to collect our personal data, customize ads based on them, save the history of movements on the Internet, censor content, and much more. The true owner of the user profile is no longer the user (ironically), but the platform.

By 2023, this state of affairs, to put it mildly, no longer satisfied Internet community members. It was time to change the approach and rebuild the outdated system. The most demanded and frequently mentioned technology in recent years came to the rescue - blockchain. On its basis, Web3 Socials began to form. What are they, and how do they differ from the familiar social networks, we will tell you in this new material.

What are Web3 socials?

Blockchain has managed not only to change the structure of the global financial system but also to penetrate the social sphere of life. Web3 Socials are next-generation social networks formed on the basis of blockchain. Their main feature is the use of open source code and the principle of decentralization, characteristic of the world of cryptocurrencies.

Web3 Socials exist in the new Web3 space, which aims to create a faster, more convenient, decentralized, and free internet space using Artificial Intelligence and blockchain technology.

Features of Web3 socials

Compared to the previous version, the new order of social networks differs in the following:

  1. Decentralized data storage. All passwords, codes, and personal information are not stored on one central server but on multiple independent nodes.
  2. Security. The distribution of information among different nodes increases the system's resistance to hacking.
  3. Resistance to censorship. Censorship rules are developed by the community members themselves, not by higher controlling authorities.
  4. Monetization of content. Tokenization of personal data and copyright content, integration of DeFi and DAO allow users to profit from social media activity.
  5. Returning power to users over their data. Web3 Socials provide users with the opportunity to determine what content they display, what they hide, and take responsibility for managing their data.

Existing Web3 socials 

Let's remind you that projects like YouTube, X, Facebook, LinkedIn, Instagram, TikTok are considered Web2 social networks. Web3 socials are still in the early stages, but their developers are actively attracting funding and fueling user interest. Let's list the most popular projects at the moment that may soon replace once groundbreaking Facebook.

 

  • Lens Protocol

 

The creators define Lens Protocol as a Polygon-based social platform that gives authors complete ownership rights to their content and its distribution.

Developed by the Aave DeFi protocol (AAVE), each account in the new social network automatically becomes an NFT, including the history of all messages and comments. That means that users in Lens Protocol have their own NFT profiles, linked to their crypto wallets and stored there.

 

  • Friend.Tech

 

A decentralized Web3 application linked to the X social network, Friend.Tech appeared on the market in May 2023. It was launched based on the L2 solution Base by the well-known Coinbase platform.

According to developers, the new project allows tokenizing user influence in social networks thanks to blockchain technology. Registration on Friend.Tech is only possible by invitation, immediately elevating it to the status of elite applications.

 

  • Bluesky

 

An alternative to the X social network with a focus on decentralization. Bluesky gained popularity after the dissolution of Twitter. Former head of the X project, Jack Dorsey, won the audience's love with his altruistic views, promoting freedom, independence, and "innovation for development, not profit."

 

  • Damus

 

A mobile application for the decentralized Nostr social network. Another alternative to the departed Twitter and the incoming X. It is based on the Lightning Network L2 solution technology. Damus's main slogan is "The social network you control". 

 

  • Farcaster

 

Another X analogue. The protocol of this decentralized network is built on the OP Mainnet (Optimism). The network attracted the attention of Ethereum creator Vitalik Buterin and received his support. Needless to say, the company's stocks noticeably grew after that.

Conclusion

Web3 Socials might have a bright future. Global crypto giants are monitoring them, a significant percentage of users are already counting on them, inspired by the ideas of decentralization and free exchange of information on the Internet. However, it is not advisable to rely entirely on the superiority of Web3 socials and preemptively abandon Web2 networks. Since the concept of the "new internet" Web3 is still quite young, not all its stages have undergone a thorough security and functionality check.

If you want to learn more interesting facts about crypto then check out our blog! You might like our articles “Why Crypto ETFs Matter” and “The Impact of Crypto on Unbanked Populations”.

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SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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