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- Vitalik Buterin & crypto-centric companies call for a truly decentralized social media built on blockchains.
- Beyond decentralization, there remain other themes to a social media built on blockchain
Recently the co-creator of Ethereum, Vitalik Buterin called for more social media-based uses on his blockchain, consequently, many other crypto & blockchain-centric companies also showed keen interest in building decentralized social media networks similar to Twitter.
However, creating a network that works on the principles of web 3.0, a truly decentralized version of the internet extends beyond the encompasses of decentralized Twitter. There are four other themes relative to social media on blockchains, that includes personal communication like messaging & consequently an adverse, non tolerant resistance to censorship, Smart moderation, decentralised & democratic control & finally secure finance.
Personal communication & nontolerance to censorship
At present, the current social networks are structured in such ways, they’re incentivized to collect & monitor more data & analytics to pursue their target-based advertising or selling it to various third parties to profit more. Under Such mechanisms, privacy & encryptions are tossed right out the window discreetly. In light of decentralized blockchain-based social networks, this tangent transforms completely. Unlike the Web 2.0 the blockchain-based social networks would easily allow users to communicate freely without any corporate oversight as they are based on protocols that cannot be changed once created.
Smart moderation
This is a paradoxical situation for major creators, on one side the web 3.0 values privacy, protection, un -trackability but at the same time, it also needs to safeguard it’s users from malicious users & spam attacks. A situation like this only poses a grey solution to such complex problems.
One way to eradicate such problems would be the implementation of chat features based on tokens. Under this method, holding a specific token would grant uses to moderate posting, viewing or administrative processes of the networks. Smart contracts could be used to govern the transferability & various access to each new-minted coin.
Decentralised & democratic control
The present scenario of most social media networks on web 2.0 is such that founders & co-founders are famous at the expense of the network. Under web 3.0 most or almost all creations will be anonymous since the power to govern such networks will be dispersed democratically to it’s participants. By holding tokens, with a sense of community, individuals are given power to make changes into the networks rather than whimsical corporations of limited people..
Secure and decentralized medium of exchange
Apart from the alluring quality of decentralization, the token-based incentives could also help users become shareholders of the networks, thereby participating in the growth of the network. The uses of such tokens are endless from deciding on proposals to funding a stringent prospect with decentralized networks, people could really enhance the idea of community in general as the power that’s centralized is dispersed among its users.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
