Social media has played a huge role in the creation and adoption of new and innovative technologies. When studying the core infrastructure, social media has continued to reach new horizons over the last decade. The popular social media platforms are centralized, which means users are not in full control of their data. Decentralized protocols have continued to evolve in an era where internet users are witnessing the inefficiencies of centralized media.
Traditional social networks are centralized, meaning users have little control over their personal data. There have been different instances where major social media companies were accused of harvesting user data. This meant that everyday users were bewildered by the fact that personal data was used to drive company profits. People leverage social media to connect with friends and family. Why should it be a tool used by centralized entities to sell private data around the globe? Decentralized alternatives are gaining traction like never before.
Back in 2019, Social Technologies was founded to bridge the gap between social media and decentralized protocols. In a world where centralized media has control over privacy and data, Social Technologies are launching solutions to change this narrative. The company is working actively to launch a decentralized social network that will solve the challenges of traditional social networks. The blockchain-powered protocol is decentralized by default, giving users full control of their privacy and personal data.
The social.network platform allows for the creation of different types of content. The content will be in the form of non-fungible tokens (NFTs), and they will be created on the Polkadot blockchain. Furthermore, the users of the platform can create different DAO-based communities that allow them to raise funds.
There will be a key generation event, and accounts created during the event will be used to start the protocol. The platform will have a decentralized identity system that will allow users to be in total control of their assets/data.
The https://t.co/EtwQ7syr3h Goes Live With Inaugural Key Generation Event on Earth Day, April 22, 2021 at 12:01 AM EST. Visit https://t.co/ZbCEZabQu1 to join and follow @thesocialdao here and join the Telegram group @TheSocialDAO for updates!
— social.network (@TheSocialDAO) April 18, 2021
There will be social tokens to drive the community and add value to the network. In traditional platforms like Twitter and Facebook, users are not incentivized to stay. We saw the same story with Myspace, which started strong and died off as users flocked to other platforms. Social tokens are a great tool to manage engagement and retention. As the digital economy evolves, social tokens should be a great tool to take market share from centralized platforms.
Social.Network intends to take away the monopoly that is present in the system. This monopoly enriches the billionaires and ignores the everyday user. Social media platform users should be able to decide the monetary value of the data they share. Users should also be able to decide whether they want to share their data or not.
With social.network, a new way of economic, social, and governable systems will be created. The platform intends to use decentralized finance (DeFi), and other blockchain-based systems to provide the best-decentralized platform.
Do you remember the Cambridge Analytica issue some years ago where some social media companies were involved in data scandals? That is an example of what power these centralized social media platforms have.
Social Technologies CTO, Sukhveer Sanghera, recently said:
“The mass migration away from centralized social networks should have happened after Cambridge Analytica showed us the power these companies have over our global governance, economic, and social systems. I guess these companies got even better at distracting us, because we live in an exponentially crazier world now. Centralized social networks have a broken optimization function that is destroying society, for shareholder returns. We need a new social networking architecture that is sustainable for generations to come, and leads to better outcomes for humanity.”
The concept of decentralization seems to be exposing the flaws in centralized systems. Blockchain has a few tricks up its sleeve to solve the irregularities of centralized systems.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.