The Rise of Decentralized Social Media Platforms
A recent report titled “Decentralized Social Media” by the EU Blockchain Observatory and Forum sheds light on the growing trend of users migrating from centralized to decentralized platforms, particularly in the social media sector. This shift is a result of the development of Web3 technologies that are reshaping the future of the internet. While traditional platforms like Facebook, Twitter, and Reddit remain centralized social media platforms of Web2, the report explores decentralized social media platforms of Web3.
Decentralized Social Media: Free Software vs. Blockchain
The report distinguishes between two types of technologies used in decentralized social media: those based on free software and those based on blockchain. Platforms based on free software prioritize principles of democratization and open digital spaces, while those integrating blockchain solutions prioritize user empowerment and the protection of digital rights.
The Power Dynamics in Decentralized Social Media
Although mass adoption has not yet been achieved, there has been a significant increase in awareness among users, leading them to prefer decentralized platforms over centralized ones. The report highlights that decentralization changes power dynamics but also warns about the emergence of new forms of power centralization within these ecosystems. Power can be concentrated in individual server operators or higher-level foundations, indicating that decentralized social media is still in its early stages of technological evolution.
Cardano’s First Social Media Application
In October, Cardano Spot launched the first blockchain-based social media app for Cardano. The platform aims to strengthen connections between Cardano enthusiasts and promote native Cardano projects and their communities. The app allows Web3 users to engage with the Cardano ecosystem on topics like DeFi and NFT. Currently available for iOS and Android devices, the platform has been developed based on community feedback and input.
Hot Take: The Growing Influence of Decentralized Social Media
The EU Blockchain Observatory and Forum’s report highlights the increasing popularity of decentralized social media platforms as alternatives to centralized ones. The migration of users to these platforms is driven by the principles of democratization, open digital spaces, user empowerment, and protection of digital rights. While power dynamics may shift with decentralization, there is a need to be cautious about new forms of power centralization that can emerge within these ecosystems. Nonetheless, the launch of Cardano’s blockchain-based social media app signifies the growing influence and potential of decentralized social media in connecting communities and promoting specific projects.
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