Web3 social aspires to establish a new standard for social media that places more value on users’ ability to manage and control their own data. To accomplish this, we must build accessible systems that give consumers legal titles to the data they generate and the digital products they purchase.
Going Beyond Web2 towards Web3 Decentralised Social Media
Several issues plaguing Web 2.0 social networks demand the development of decentralised social systems. The integrity and diversity of social networks are at risk when data is controlled by a small number of firms, which raises the potential for censorship and content manipulation. Furthermore, content demonetisation based on post content limits options already limited for producers to capture the value of their material on Web 2.0 social networks.
Since social data is owned and managed by a single organisation also makes it difficult to move data across systems, which increases switching costs and makes it more difficult for users to adopt new apps. This data monopoly also restricts data access, slows innovation and stymies freelance programmers.
In response to these concerns, Web 3.0 social networks provide improved privacy and security by giving users more data control. Increased fairness in the distribution of earnings may be achieved via the use of token economies, in which producers get a proportional share of the value they generate.
On top of this, the decentralised nature of Web 3.0 social networks implies that decisions are made by the community as a whole instead of a single authority figure, which increases openness and accountability. Web 3.0 social networks encourage creativity by making data freely available to third-party developers, and they provide a more consistent user experience by making the social graph mobile.
Web2 platforms raced to acquire users as they are what drove the flywheel: better data, better UX, better ads, and thus better user and supplier retention, leading back to more data and so on. Once the flywheel hit escape velocity, the platforms were able to take large profits brokering access (ads) to its aggregated user pool.
As powerful as the aggregation model was in Web2, it does not translate directly to Web3. There are some subtle nuances between the Web2 and Web3 tech stack that change the runaway dynamics seen in Web2
Open Data — Web2 users pushed data into platforms which defended the data for a competitive advantage. In Web3 however, the data and content are pulled in from open networks. As such, any application can show users the same data, and users are free to interact with content on any site. •
Open Code — Closed-source code is a competitive advantage in Web2. Web3’s open-sourced paradigm diminishes this advantage by forcing platforms to seek more specific sources of competitive advantage. •
Marginal User Benefits — In the Web2 growth stage, users went from generic, incrementally delivered content to custom, continuous content. A huge jump in value. Similarly for advertiser’s efficiency and long-tail creators. However, for consumer apps, the Web2-to-Web3 user migration doesn’t have as large a value jump, given users already have ample content. Therefore, user adoption will likely be slower and less sticky.
Since Web3 data is open, the closed-source, closed-data moats used to defend Web2 aggregators won’t apply to Web3 aggregators. Additionally, the open data and code make it easy for others to build competing platforms resulting in far more competition and diminished profit potential for Web3 aggregators.Web3 social emphasises the power of content ownership, empowering users to keep and profit from the work they produce. New, cutting-edge products and business models are being developed because of the combination of NFTs and DeFi. DAOs also provide member-driven decision-making and the decentralised management of platforms. Web3 social’s infrastructure is built independently of banks and payment processors to provide a native payment option.
After all, the overarching goal of Web3 Social is to establish a more democratic and egalitarian environment that puts power in the hands of its people and fosters unprecedented innovation and creativity.
Uncovering the Goals of Web3 Social
Embedded Web3 entertainment, decentralised autonomous organisations (DAOs), and native payment are all part of Web3 Social’s vision for a new social media paradigm. Web3 social is built with privacy as an overarching criterion to keep users’ communications private and anonymous. In addition, consumers must be able to simply transfer services if the current ones mistreat them, which is why data portability is so important.
Blockchain technology’s distributed, immutable, transparent, and easily available ledger may help solve this problem. By offering a decentralised social infrastructure that enables peer-to-peer transactions without middlemen, blockchain technology can enhance d ecosystem in many ways, including decentralisation, transaction costs, and financial inclusion.
Instead of using a centralised social media platform, you may utilise a blockchain-based decentralised social network that puts user privacy and data ownership first. Because of the open data sharing features of Web3, social data can be more easily shared and used by different DApps, reducing the need for duplicative development and increasing the productivity of the DApp community as a whole.
Bottom Line
In this unprecedented context that converges innovation with opportunities for everyone, users have a greater say over their data in Web3 social networks, which improves revenue sharing and inspires innovation compared to Web2 social networks. Blockchain technology is used by Web3 social networks because it improves decentralisation, transaction costs, and financial inclusion.
