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Blockchain Could Disrupt Facebook, Twitter, and Other Web2 Social Media Platforms

Blockchain Could Disrupt Facebook, Twitter, and Other Web2 Social Media Platforms

Blockchain, the technology behind popular cryptos such as Bitcoin (BTC) and Ethereum (ETH), has the potential to disrupt the existing social media model and empower its users and creators.

Facebook, Twitter and other Web2 companies dominate the social media landscape, generating billions in revenue while freely collecting data from billions of users and imposing their rules on users and content creators. Blockchain, the technology behind popular cryptos such as Bitcoin (BTC) and Ethereum (ETH), has the potential to disrupt the existing social media model and empower its users and creators.

“But in the near future, decentralized social media – or Web3 – will likely end this old model by empowering users again,” Cointelegraph wrote contributor Darius Moukhtarzadeh. Moukhtarzadeh is also a former researcher at Sygnum Bank, the world’s first digital asset bank based in Switzerland.

Moukhtarzadeh pointed out that users of popular social media platforms such as Facebook, Instagram and Twitter are at the mercy of business leaders because these platforms are centralized. Users who don’t follow the platform’s policies can lose content and the millions of subscribers they’ve taken years to build.

While people may debate former President Donald Trump’s views, Moukhtarzadeh said Trump’s Twitter ban illustrates the power of social media platforms over their users and content. “It showed how little control Web2 users have over Twitter’s decisions about their content, even though they are the ones creating value for the company,” he wrote.

“The beauty of Web3? Business owners will no longer be able to dictate who is allowed to use their platforms,” concluded Darius Moukhtarzadeh.

Several platforms, such as Team Aave’s Lens Protocol and Andreessen Horowitz-backed DeSo, have been designed to host decentralized social media applications. In fact, they already host live apps such as Iris (decentralized Twitter), LensTube (decentralized YouTube), Lenster, and Phaver.

Users can share a post and it is automatically shared on all the platforms they use. This practically means that they get the same number of followers on each platform as their followers are linked across platforms. If a new platform pops up, they don’t have to replenish their audience again.

Blockchain social media platforms will also allow users to monetize their work directly rather than generating revenue through advertising. Content creators can either set a fee to “collect” their posts or charge a fee to track them, which ensures that revenue goes directly to them and not to the platform.

Meanwhile, Torum founder Jayson Tan also predicts the decline of existing social media platforms. “While Facebook, Instagram, Twitter and YouTube are now synonymous with the word social media, that is likely to change soon,” Tan wrote in a post on Nasdaq. “Blockchain technology is giving birth to a new wave of social networks that could be bigger and better.”

He also envisions a new generation of social media platforms that will provide a better experience for their users. “These new networks take existing social models and give them superpowers. Data scams, uninformed algorithm changes, and censorship of unnecessary content could be a thing of the past. This is because these new social networks are owned and managed by the community,” he added.

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