The concept of web3 is expanding, and looking at the current scenario and the benefits it will offer to the future world is unexplainable. Future-oriented technologies surround Web3 social media, which is a representation of the upcoming technological era. Contemporary technologies include artificial intelligence, machine learning, the Internet of Things, Blockchain, and Metaverse. Implemented in making Web3-enabled apps and platforms. Looking at the phenomenal structure and framework of web3, various businesses are anticipating great outcomes across industry verticals.
On the other hand, social media platforms have garnered huge attention since their inception. This is due to its connection to getting in touch with loved ones. In the same way, we talk about social networking mediums, which enable individuals to give their opinions on social aspects. Social media integration in web3 has resulted in uncensored content due to the utilization of blockchain technology. Here, the content stored is immutable and is under extensive protection.
Web3 Social Media Platform
The web3-enabled social media platform is different from traditional social media because of the data ownership it offers. In conventional social networking sites, one could scroll down the feed, check out the images, read blogs and articles, watch videos, etc. It just serves information to the users, whereas, on the other hand, the web3 social media platform provides financial support while accessing the online content. This acts as a reward system for users globally.
Working On Web3 Social Media Platform
Web3 is a decentralized network that is essentially a distributed ledger that offers transparency at every level. It would not be wrong to state that they belong to a group of decentralized apps. Smart contracts form a major part of Web3 development and exist on the P2P network, comprising numerous nodes.
This shows the non-dependency attribute. If some nodes break down, it will also not affect the whole network. The functionality will not be interrupted at any cost. In this case, everyone enjoys the perks, whether developers or users. The users are provided the facility to access the exclusive features possible because of the token purchase.
Advantages Of Web3 Social Media Platform
Enhanced Security
The infrastructure of conventional social media platforms is not that robust. Due to this, the data related to the user is always vulnerable. The data comprises sensitive user details like a contact number and email ID taken at sign-up time. The other information, like posts (pictures, videos), friend lists, etc., is record in the centralized system. The situation created is vulnerable to security risks. It allows hackers to enter the system anytime, steal data, and send it to third parties. There have been numerous cases of data theft. The most recent one is Cambridge Analytica, where data was breached during the US elections. This data was from Facebook users, and after that, Facebook was heavily scrutinize.
We hear about phone tapping, hacked social media profiles, and leaked messages. To prevent all this, Web3-enabled systems are beneficial and protect against cyber attacks. Web3 solutions are implemented to handle problems related to data vulnerability. Blockchain technology provides end-to-end data encryption at every level. Thus, cybercriminals and unauthorized visitors will eventually find it difficult to acquire access to the decentralized network.
Top Content Management
The non-web3 social media platforms have important features, including the social graph. This graph analyzes the user’s moments on their social media profiles. Whatever the person likes, posts, comments, or their friend list, everything is under the radar. The owners of the platform purposefully added this feature to it. Claiming such big things about managing your content does not exist in reality.
However, Web3 allows better content management with the help of a robust privacy policy and service agreement. These platforms will not show related advertisements for the products viewed by the users. People will have complete control over their content. The social graph will be there, but no one can access it, not even the platform owner. Obtaining permission is necessary to grant access. Otherwise, this graph will solely provide benefits to users.
Validating The Content Authenticity
Social media has connected people across the globe. Distance does not matter, as interaction can be develop in different parts of the world. With this bigger benefit, it has become a bigger source of fake news. Daily, bogus news starts trending in the feed. This information is truly deceitful and needs to be curbed.
Web3 has a solution to this problem. The blockchain-based algorithms are strong enough to prevent the spread of unlawful content. That may be in the form of images, videos, etc., which results in the effective validation of the content available on the web. Publishing content online on Web3 will undergo extreme scrutiny, and verification will be performing at every stage.
In-App Payments
Social media apps like WhatsApp and Facebook have introduced the concept of performing transactions within the app. The concept behind introducing this feature was to entice more customers and make their payment journey easier. Also, the vision behind such companies was to make their users not depend on any other payment-related app. They integrated several industries like food delivery, shopping, and paying money to others for this. They claim that every transaction is tightly secured, but looking back at history, we can’t be assured.
The Web3 social media platforms perform transactions in cryptocurrencies. The smart integration of blockchain technology aids in secure payments with top security attributes. The transactions take place swiftly, and the in-app payments take place without the need for third-party intermediaries.
Valid Recognition of the Content Creators
Web-based platforms do not deservingly recognize content creators. Almost every app, like Facebook and Instagram, does not offer remuneration to influencers, except for YouTube. YouTube is the only platform that gives the desired recognition to creators, but somehow, that is also incomplete.
Web3 is going to offer rewards to the influencers and will be able to generate remuneration for their work. It is going to be such a great step for the creators. The followers on these social media platforms are real, not just bots. The blockchain ledgers discover the users’ genuine interaction through potent metrics. The added benefit of smart contracts is that they help perform automatic payments for influencers depending upon these standards.
Freedom Of Speech
Lastly, the existing social platforms do not promote complete freedom of speech. So, whenever there are statements or videos made against a particular section, it is termed as sensitive content. Moreover, the person who posts such content is banned from the specific platform. Recently, it has been seen in the case of Twitter, where the ex-US President Donald Trump’s profile was forbidden. Web 3 will provide free speech to its users. They will be able to share their opinions without fear. This facility is available for both the common man and celebrities.
SocialFi: The Best Way For Content Monetization
Integrating social media and DeFi has given rise to the term “SocialFi.” It also means social finance, where users can generate and monetize content. Depends on the decided standards, which incorporate the number of followers and the engagement they build with their users. It has garnered massive attention and acquired major projects with magnificently active users.
Social media platforms provide top-level transparency and eliminate the chances of data tampering. Furthermore, the platform owner can benefit by allowing businesses to profit enormously by publishing ads and generating billions of dollars. This platform stands for equality by providing the right to monetization equality. Even the user information taken during the signup is kept safe. There is no vulnerability surrounding data leakage. Additionally, the user’s identity is concealed completely to avoid data infringement.
There are amazing SocialFi projects for music streaming, micro-messaging apps, decentralized social media apps, professional networking apps, etc. Social tokens (digital currency) can lock the content beyond the token-assisted paywalls to provide rewards. The other perks they offer are accurate tracking and analyzing customer loyalty. Overall, it can be stated that the control is taken from the big tech giants and given to the content creators directly.
Conclusion
Web3 social media platforms can provide users with direct access to content. Implementing and promoting advanced marketing strategies has opened the doorway to a decentralized world. Every right is served to the user. Especially in Web3, the users are not treat just as the product. They can manage the data on their own without any restrictions. Web3 has opened many opportunities for users, thereby diversifying the extent of social media.
