Web3 is a new version of the internet built on blockchain infrastructure, providing decentralized usage rights.
Recently, leading media platforms like Facebook, Youtube and Reddit have announced many Web3 related news and initiatives. For example, YouTube posted a director position for “Youtube Web3” that requires 15 years of experience and understanding of cryptocurrency, blockchain, consensus mechanisms, NFT, and other Web3 technologies.
Social media will be decentralized
Recent months have seen the rise of Web3 social platforms, as Web2 internet giants and many executives from tech moguls embrace Web3.
Julien Gaillard, head of data science at Twitter Spaces, Ryan Wyatt, head of gaming on YouTube, and Jack Dorsey, co-founder of Twitter, have all left big tech companies to join the world of Web3.
Meanwhile, the Web3 social platforms are particularly prominent.
On February 8, DeFi lending giant Aave launched its Web3 Lens Protocol social media platform. On the same day, Web3 social platform SO-COL (Social Collectables) announced the closure of a seed round worth $1.75 million.
On February 15, Chingari, an Indian social platform with 100 million users, integrated native tokens to develop the Web3 social network.
User data and voice will be protected.
The spirit of Web3 is decentralization. Specifically, users control their own data.
Traditional social platforms require user information to create an account. These data banks are very vulnerable, creating data mining loopholes. For example, Facebook has had a number of scandalous data breaches. However in web 3.0 people use crypto wallets but not their real information.
In Web3, user data is stored on the blockchain so it is tamper-proof. The Polkadot network-based social protocol stores data on-chain, ensuring personal data is protected.
Another problem with Web2 is censorship. Tech giants can easily moderate content based on terms of service. Many Web3 proponents imagine a world in which this is not possible.
Twitter founder Jack Dorsey funded decentralized social media system Bluesky in December 2019, which aims to combat the spotlight economy by allowing people to choose their preferred recommendation algorithm. their own and therefore decide what the user sees for themselves.
On Bluesky, content can be kept for free forever. There is no central authority that can delete the content so it really makes the data the user’s own.
People will pay for JPEG
Web2 not only competes with new blockchain projects but with a huge user base, these legacy platforms can also play a big role in Web3.
Digital assets like NFT are at the heart of Web3. Twitter will launch the NFT Profile feature in 2022, allowing users to display their NFT in Twitter profiles. Twitter’s main competitor, Meta, is also working on allowing users to sell NFTs on Facebook and Instagram.
In 2021, when NFT explodes, the cumulative number of NFT transactions increases from less than 1.3 million to 65.4 million. Despite a 50-fold increase, there is still a long way to go compared to the number of users of social platforms.
Creators will have more control
On the Web2 platform, users are content producers, and web pages are generally user-generated. The platform also uses big data for accuracy marketing. This is in contrast to the decentralized, open and transparent vision of Web3. There, users can earn revenue for their creations, and blockchain technology largely reduces plagiarism, unclear ownership of content.
Social media Web3 Lens Protocol launched by Aave allows content creators to set conditions to follow them, e.g. payment. In addition, creators can also set content scope and conditions of use so that the content is actually owned by them.
The development of blockchain technology and the approaching Web3 era is becoming an increasingly obvious trend. The decentralized internet is a revolution, and the next Web3 era will likely reshape the way we live in every aspect of our finances, social interactions, and more.