Web3 social networks are a new generation of social networks developed on the basis of the blockchain and built on the principles of decentralization and open source.
They serve as an alternative to traditional Web2 platforms such as X (formerly Twitter), YouTube, or Facebook. The creation of such platforms involves such attributes as DAO, DeFi, sovereign identity, soulbound tokens, and decentralized data storage.
What problems do Web3 social networks solve?
The use of Web3 social networks goes beyond the usual Internet platforms, offering a new level of responsibility for personal data and creating a different user experience. Here are the main advantages of such platforms over Web2 alternatives:
Decentralization
Unlike traditional social networks that are controlled by central organizations (e.g., Facebook or Twitter), Web3 social networks are based on decentralized technologies such as blockchain. This means that they are not subject to the control of a single company or organization, which can reduce censorship and provide greater transparency.
Monetization
One of the main features in the design of decentralized social networks is the creation of specific ways to monetize content and data. The emergence of new business models has become possible thanks to solutions that include integration with DeFi, DAO, and tokenization of personal data and content. For example, the Friend.Tech project made it possible to monetize the influence and popularity of social network X accounts.
Censorship resistance
The decentralized nature of networks means that there is no single governing body for the platform. This provides access to any group of potential users from all jurisdictions without any restrictions.
Compatibility
Many Web3 social networks are designed to be compatible with other applications. For example, a profile or content created in one application can be used or monetized in another. This distinguishes them from Web2 networks, where it is often not possible to use the same data across different platforms.
Ownership of user data
In Web3 social networks, users have more control over their data. They can decide who has access to their information and how that information can be used.
Smart contracts and automation
The use of smart contracts allows for the automation of certain processes, such as revenue distribution or contract execution, without the need for intermediaries.
Interaction with other decentralized applications: Web3 social networks can easily integrate with other decentralized applications and services (DAPPs) to create a more connected and functional ecosystem.
