Social media platforms are some of the most revolutionary forms of communication in the modern era. They offer us a channel for socializing and a place for connection. However, like any human-made technological advancement, social media can be flawed, especially in terms of privacy and misinformation.
This is why decentralization can help navigate such issues since there’s no single point of control or failure. At the same time, the use of customer data from current social media platforms is nothing but worrying, especially when users don’t fully understand this exchange or don’t even consent to it.
Decentralized social media can be different in a good way, especially with technologies like blockchain and cryptocurrency involved. Telegram, for example, leverages the price of Toncoin to allow users to pay for subscriptions, create decentralized games, and contribute to a massive audience on its decentralized market, making it a successful collaboration between crypto and the real world.
So, let’s examine decentralized social media apps and how they can solve the problems of traditional platforms.
Social media is based on centralized governance, meaning the teams in positions of power can be prone to making wrong decisions, such as censoring the platform. At the same time, a lack of trust and stability exposes the platform to third-party attacks and server outages, which will cost the brand money and reputation.
One of the most recent issues with social media is the never-ending ads, which target users based on their activity and preferences, creating an isolated experience and benefiting certain parties. On the other hand, users can avoid ads only by paying a monthly subscription, which can be quite costly, considering the average person uses up to seven apps on a daily basis.
In decentralized networks, the power belongs to all the people contributing to its safety. Nodes, validators, stalkers, and miners are important in maintaining the platform’s integrity, and they’re incentivized for their participation.
Global distribution is also possible with tools like smart contracts, through which all agreements are automatically signed when both parties reach their settlement. Due to open-source features, this also allows the network to be censorship-resistant.
Information anonymity and privacy enhance privacy, and decentralized storage is superior to centralized databases.
Decentralization is still a new technology, although it’s been used in blockchains and networks for some years now. The learning curve for learning how decentralization works is still steep due to numerous variations of control distribution and worldwide participants as nodes.
At the same time, scaling decentralized networks is difficult, as we’ve seen with prominent blockchains like Ethereum. As the ledger grew in popularity, maintaining the same low transaction costs and fast operations became impossible, leading to network congestion and an increase in cheaper alternatives.
Finally, the biggest challenge to decentralized applications is the lack of regulatory compliance. Neither cryptocurrency nor blockchain has received a set of rules for companies to access, although the US and EU are making progress in this direction.
Decentralized social media networks aren’t that different from traditional ones. Indeed, the team behind them uses complex coding technologies, such as smart contracts and languages like Solidity for Ethereum.
Let’s look at Peepeth, an Ethereum platform similar to X. Through IPFS (Interplanetary File System), people can share their ideas on the app without compromising the safety of their data. Instead of a like, the platform uses Ensō, which cannot be taken back. Posts can also not be deleted, so everything written on the blockchain stays on the blockchain.
Pixefield is an Instagram alternative that allows users to explore and share photos without ads. What’s special about it is that users can also create their own servers for communities that love art or live in a certain country.
A replacement for Facebook is MINDS, a privacy-focused platform based on the ERC-20 token. The open-source network allows users to crowdfund posts and boost their own through cryptocurrency governance.
Traditional Platforms Also Integrate Decentralization
While using a fully decentralized platform might be ideal for safeguarding customer data and ensuring the network’s integrity, traditional social media platforms have already approached the technology as a test and trial project.
Reddit, for example, works on Community Points through the ERC-20 token to incentivize users who contribute to subreddits through valuable content. The token would allow people to gain these rewards and use them for perks on the platform.
On the other hand, X experiments with the potentially best cryptocurrency for in-app use. Bitcoin and Dogecoin are the leading options, and this could increase adoption and create a new market.
The all-in-one platform might revolutionize the adoption of blockchain and cryptocurrency.
Instagram has also experimented with NFTs from Ethereum and Polygon, allowing users to post theirs to the platform through their Ethereum wallets. By offering a safe space for posting, Instagram aims to support digital creators and collectors.
Unfortunately, the lack of guidelines and legal framework for blockchains and cryptocurrencies is making it difficult for creators, developers, and programmers to distinguish themselves from the competition. However, they can experiment with new technologies and find ways for these new applications to work ethically and safely for customers.
Considering how regions like the EU are creating new guidelines for brands like Meta, decentralized applications must navigate the government’s concerns and create apps that go beyond the means of profit.
Centralized social media applications like Facebook and Instagram established themselves as massive companies with close-to-impossible competition. However, with so many worldwide users, the applications often fail to prove maximum user safety and protect them from harmful content. That’s why we might give decentralized apps a chance, where there’s no single point of control, meaning fewer chances of censorship. At the same time, security is provided by worldwide nodes and incentivized users who contribute to the integrity of the network.
