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There are obvious concerns about the major social media tycoons. They are frequently blamed for selling user data to advertising firms and have faced criticism for how they regulate content. The solution to this issue can be developed with Blockchain as a decentralized social media (DeSo) network, where people ideally have more control over the information they create. Several Web3 proponents believe they can establish a pioneer in the social media ecosystem with Blockchain that can overcome the centralized dominance of platforms.
The race to build a scalable DeSo network has been joined by DSCVR and Bluesky, Blockchain-based social networks.
In detail, let’s discuss how Blockchain creates problem-solving opportunities for social media sites.
What is Blockchain?
A complex Blockchain technology database system enables transparent information sharing within a company network. Data is kept in blocks connected in a chain and saved in a Blockchain database.
In several industries, Blockchain is accepted as a breakthrough that can resolve data security concerns to a large extent. Primary examples are supply chain, logistics, and the financial services industry, which is crucial. Several Giants have expressed great interest in the technology since it is useful for keeping the data they have collected over time. Blockchain has a significant role to play in current data, providing significant potential benefits to enterprises.
Blockchain also provides encryption or validation techniques to protect user data. For instance, if a business using Blockchain technology enters user or transaction data into its systems, the data is quickly authenticated by the servers of the network’s owners. After verification, this data is unchangeable unless the stakeholders approve of changes. After that, to further guarantee data security, the information is encrypted with the highest level of encryption methods and stored on the Blockchain network utilized by the stakeholders.
The Concept of Social Media Platforms on Blockchain
The following are some of the primary benefits of Blockchain for social media:
Blockchain technology allows for decentralized social media platforms where users control their data and have a stake in the network. This eliminates the need for a central authority or intermediary, promoting transparency and fairness. Additionally, Blockchain allows for secure and transparent financial transactions within the platform, such as micropayments for content creation.
The lack of transparency on social media sites is repeatedly criticized. Platforms, including Facebook, have been named defendants in numerous cases regarding how they handle user data. Most sites have been charged with using arbitrary standards to determine what constitutes “acceptable” information. A Blockchain is intended to be completely transparent. Therefore any guidelines for what content is considered “acceptable” must be open, fair, and accurate in the application.
The Blockchain creates a distributed, immutable digital ledger, making it difficult to add or remove data covertly. This can be a benefit in some situations where an authoritative record would’ve been useful. Blockchain technology enables the establishment of social media platforms that guarantee immutability. The records and data on these platforms are secured through cryptographic hashes and a decentralized network of nodes, making it impossible to alter or tamper with the information. This feature enhances the trust and credibility of the platform and its users, providing a solution to the problem of misinformation and fake news.
The Need For a Decentralized Social Media
Decentralized social network users individually determine the guidelines regarding how the data they generate enables or denies its transfer, sale, and monetization. Smart contracts and Blockchain technology will be in charge of this. Since this program is open source, anyone can be confident in their dependability and authenticity. It is simple to see that regular users on centralized social networks have very few rights simply reading the user agreements for Facebook, YouTube, and Twitter. Services are offered “as is”; you cannot request higher quality, dependability, and security levels. By agreeing, users of decentralized systems decide on all shared problems (development or management) and each user’s private preferences.
Some Popular DeSo Platforms
Decentralized Social (DeSo) is a technology that promotes confidentiality, discovery, interaction, and cooperation around common interests. Some of the most popular DeSo platforms are:-
Jack Dorsey, the CEO of Twitter, announced the creation of a new decentralized social media project called Blue Sky. The project aims to build an open-source social media standard that allows users to own their data and have more control over their online identity. It also addresses centralization, censorship, and misinformation that plague social media platforms. The project is still in its early stages, but Dorsey envisions it as a way for users to communicate and transact with each other more directly and openly. The project is expected to be launched in the coming years.
With $9 million in seed funding led by Polychain Capital, DSCVR, a Blockchain-based social network built on Dfinity’s Internet Computer protocol, has joined the battle to develop a scalable DeSo platform. About 100,000 people have been added to DSCVR, and the airdrop reward system has generated “millions of dollars” in NFT prizes for those users. It differs from other DeSo platforms in that it seeks to provide a connection across Web 2.0 and Web 3.
Benefits of DeSo Platforms
In the same way as platforms, including Ethereum, Bitcoin, or Polygon, store cryptocurrency and its transaction data on their Blockchains, DeSo is a Blockchain network that can scale or store social networking material, including profiles, posts, followers, and even likes. The portability of DeSo is its main benefit. Unlike current social networks, It will save all user profiles and postings on the DeSo Blockchain and make them accessible to users through any social app.
Blockchain technology offers a promising solution for a new social media architecture. The decentralized nature of Blockchain allows for the creation of platforms where users control their data and have a stake in the network. This eliminates the need for a central authority or intermediary, promoting transparency and fairness. Additionally, Blockchain’s immutability feature enhances the trust and credibility of the platform and its users, providing a solution to the problem of misinformation and fake news. With the recent announcement of Jack Dorsey’s Blue Sky project, it’s clear that Blockchain is gaining traction as a viable alternative to traditional social media platforms. It’s exciting to see how Blockchain will continue to shape the future of social media.