Table of contents
- What Is a Web3 Social Media Platform?
- Decentralized Social Media Vs. Traditional Social Media Platforms
- Key Features of Web3 Social Media Platforms
- Top 3 Web3 Platforms in 2023
- Best Web3 Social Media Platforms Of 2023
- Final Thoughts
As we are all familiar with the most popular social media platforms, such as Facebook, Twitter, and Instagram, and being part of the Web2 ecosystem, we must delve into the emergence of a new disruptor internet that challenges the traditional web system.
Web3 comes to revolutionize the way we interact in the online space, and Web3 social media platforms will become the status quo in the near future. So, in this article, we will discuss the most popular Web3 social media channels.
What Is a Web3 Social Media Platform?
We know that classic social media platforms work in a centralized manner, meaning that a central authority governs the venue, rules the social bubble, and, most importantly, requires its users to disclose personal information, whereby many privacy and security concerns are raised.
Well, Web3 social platforms act pretty differently, giving power to users and empowering them to take greater control of their data due to their decentralized nature within the blockchain ecosystem.
These decentralized social media platforms use independent servers to enable users to form, sustain, and own communities by harnessing free speech, user-generated content, and data ownership.
As decentralized platforms challenge the classic social media platforms to step up their privacy game, social media users are increasingly becoming more aware of centralized platforms’ power play and downsides.
Decentralized Social Media Vs. Traditional Social Media Platforms
Now that we know what is a Web3 social media platform, it’s time to learn more about the differences between these 2 antithesis platforms. As such, we can pinpoint that a traditional social media platform acts from a centralized control stance, giving a voice to the masses yet compromising user data privacy, many resulting in breaches.
Additionally, centralized social media platforms owned by big tech players could use censorship policies that limit freedom of expression to gain user control.
In comparison, Web3 networks address some of these inquiries and aim to solve them by tackling the blockchain trilemma concept: decentralized, scalable, and secure.
Decentralization implies that the control is shifted from one central entity, company, or government and is split across smaller groups to govern something, in our case, the social media platforms.
The scalability of decentralized social media networks refers to how Web3 apps adapt to the growing demand for their services. As Web3 apps rely on blockchain’s distributed ledgers, solving scalability is essential for reaching a more comprehensive form of Web3 to create internet freedom in all its glory as a safer and more democratic space that empowers users and innovates without intermediaries.
Moreover, the security aspect of these decentralized platforms values and influences creators to take data ownership, especially when it’s not stored on a single server but spread across multiple blockchain nodes. Thus, users can have more control over how and when their data is shared.
Ultimately, the Web3 platform militates and brings a new way of perceiving our immersive digital world by interacting online securely and safely, whereby we gain access to our digital assets and change how we communicate online without being part of the database of many external entities.
Key Features of Web3 Social Media Platforms
This stance breaks down one of the most challenging aspects of the classic social platforms, leveraging blockchain technology and empowering users to interact and share content across various Web3 networks seamlessly.
An excellent example of this restrictive capacity of traditional social media platforms can be seen in the Vine vs. Facebook incident, where Mark Zuckerberg restricted the ability of Facebook to interoperate with the video competitor.
2. Ownership and User Privacy
Biased and censorship issues arose from the lack of data ownership, user control, and privacy breaches, and as a result, Web3 continues to revolutionize by implementing the decentralized governance model.
3. Tokenized Social Network
We need to get one thing straight: cryptocurrency, blockchain technology, and Web3 social platforms are interconnected concepts within the broader realm of decentralized technologies. Given all these, Web3 networks use crypto tokens to stimulate content creation and active engagement by rewarding users for their contributions.
These efforts result in a democratic and meritocratic ecosystem that enables users to earn social crypto tokens.
Benefits of Web3 Social Media
By embracing the Web3 social media revolution with good and bad and advocating for a cultural shift rather than a tech-only view, we can enjoy many benefits that are low-hanging fruits, such as:
1. User Ownership and Control
Web3, at its core, empowers people to get the hang of their data, thus reducing data breaches within the social platform.
2. Privacy and Security
Create your decentralized identity and decide to whom you give power over your data, digital assets, and digital footprint. Many decentralized social media platforms use blockchain technology to store user data using encryption techniques that ensure maximum protection and privacy for all active users.
3. Decentralized Governance
As mentioned, Web3 platforms act based on decentralized governance models, allowing users to have a say on the platform’s rules and policies. Forget about a single central governance entity and start enjoying your online presence in a decentralized manner by harnessing internet freedom at its full potential.
4. Tokenized Social Networks
What about being incentivized to contribute with user-generated content to a decentralized social media platform? Web3 social media channels can also do this.
5. Composability as Part of Open-Source Mechanisms
Since Web3 is open-source, start exploring what other projects have been built until now and help this growing ecosystem to reach even higher.
6. Collaboration through DAO Principles
By nature, DAO invites other users to collaborate, allowing an unlimited number of people to participate on multiple networks.
Challenges of Web3 Social Media Platforms
Web3 networks bring exciting and fun opportunities and new system mechanisms. However, looking at this with a critical and realistic view is crucial. As such, navigating the challenges in Web3 social media is the way to go, and one of the most important aspects is the regulatory uncertainty, as this impacts the blockchain tech and crypto landscape altogether.
Indeed, the crypto, blockchain, and Web3 regulators are a constant work in progress. However, navigating the legal aspect of the decentralized networks and token-based economies could ensure great success rather than jumping in the water without a lifeline.
It’s only a matter of time before the internet sees this new revolution opportunity.
Top 3 Web3 Platforms in 2023
1. Brave Browser
Brave.com is a new and improved search engine developed by Brendan Eich, the co-founder and CEO of Mozilla, in response to the current state of the traditional platforms that are susceptible to biased politics, data breaches, and many more.
As a result, Brave, the blockchain-based system developed to support native Ethereum apps and web-based crypto wallets, seems a better choice for users interested in benefiting from Web3 apps securely, blocking privacy-invasive ads and trackers to ensure maximum protection.
Moreover, Brave rewards users with Basic Attention Tokens, also called BATs, for viewing ads within the Web3 browser. Be sure to check the Brave’s rewarding system for more details.
2. StepN – Fitness App
StepN is A Web3 lifestyle app that works just like any other fitness tracking app and is the first project with a functioning move-to-earn concept, finishing 4th out of 500+ projects at the Solana Ignition Hackathon 2021.
The StepN project aims to combat obesity and climate change by rewarding its users with crypto and other digital assets, thus promoting a healthier lifestyle. Their game token is GST, and the governance token is GMT.
Learning how to play, get moving, earn cryptos, and enjoy a healthier lifestyle seems to be the recipe for success, right?
3. Decentraland – Your New and Exciting Digital Realm
Apart from the fun and colorful graphics, Decentraland is a digital ecosystem that integrates a virtual game reality type show in a 3D format, whereby users are sharing the digital experience by playing games, earning and exchanging collectibles, real estate, wearables, and many more, with the sole mission of interacting with each other.
The platform has been developed in a user-owned and Ethereum-based platform, forming an open-world metaverse that uses multiple technologies like AR, VR, and, nonetheless, the power of good old internet access.
Let your creativity go wild within Decentraland, the dynamic and virtual social world!
Best Web3 Social Media Platforms Of 2023
More and more Web3 mediums are emerging within the apps, games, and social media platforms, and in the following chapters, we are uncovering all of these wonder Web3 platforms.
Launched in 2016, Steemit is an innovative blockchain-based social media platform that rewards users for content creation and active engagements. Moreover, Steemit rewards both voting and posting.
Designed as a dApp built on the Steem blockchain, this decentralized social media platform can offer significant value and influence creators to bring a new perspective to social interactions. The platform’s decentralized governance system also gives users a voice in decision-making, thus growing a democratic community-driven environment.
In 2022, a new Web3 social network was launched, and this time, it’s similar to the good old TikTok that we all have been accustomed to. However, this time, LifeToken, the social media platform, rewards and encourages active users with the native coin, LIFE, to spend time on the platform and contribute to the growing community.
Of course, Web3 needed to provide a decentralized Twitter alternative platform that promotes free speech within a transparent and censorship-resistant global network that enhances user privacy and user-owned content.
Minds online network rewards active users with MINDS tokens to boost their content, support other users, and upgrade towards the premium membership. Due to the governance politics, by 2020, Minds reached 2.5 million registered users, thus exposing its full potential.
Another excellent example of a decentralized social media platform that gives power to its users is Mastodon. Operating on decentralized principles and from an open-source stance, Mastodon offers users autonomy and lets them create their own version of the community, called instances.
What is striking is the fact that each instance operates independently, yet users still have access to the broader social network due to interoperability principles.
As a result, this decentralized Twitter alternative has been steadily increasing its user base, reaching 2.1 million active users, stated CEO Eugen Rochko in a post.
5. Lens Protocol
This Web3 decentralized application embodies a significant layer of security. It allows users to store and share personal data on multiple networks, as in centralized social media platforms, without needing an intermediary.
As such, Lens Protocol managed to grow its target audience and supports Web3 crypto wallets like MetaMask. This prevents users’ bounce rate to a minimum since the users do not need to lee over a Web2 payment service such as PayPal or other bank accounts.
6. Diamond App
Developed by Diamond Labs Inc., a subsidiary of Consensys Ventures LLC, a venture capital firm specializing in investing in blockchain projects, the app is an all-in-one social media network. Diamond enables users to private chat, group conversations, secure crypto payments, and many more, all from a single online instance.
DSCVR, or simply Discover, aims to be a creative mix of Reddit-based alternatives with a sparkly integration of Medium blog that integrates Internet Computer Protocol (ICP) to offer high web speed to all its active users.
Currently, DSCVR has approximately 200,000 active users who have access to the content and the platform, whose words are bricks to the foundation and evolution of such a venue.
Originating from India, Chingari Network is a popular short-video content creation platform launched in 2018. The platform’s success can be correlated to the 2020 Indian government ban on TikTok and other Chinese apps, and since then, Chingari gained a lot of traction.
Besides the user-owned content, the social platform also uses localized content and other regional languages, thus making it available for many users and growing Chingari’s user base to 2.2 million social media users in 2022. Additionally, the subscription revenue was $700,000 in January alone.
As we step into a new era of Web3 social media networks, we often find ourselves at the crossroads of innovation and transformation. As a result, the traditional venue landscape is being challenged to adopt new immersive technologies that solve the centralized control and privacy concerns many users run from.
We know that Web3 brings many benefits, yet it also presents some challenges, especially within the regulatory domain. However, as the Web3 revolution gains momentum, it’s clear that the Internet is evolving into a more democratic, secure, and user-driven space.