There have been a lot of popular stories on social media lately. All eyes are on social media when it comes to crypto news and discussion. Community building for projects, whether they are DeFi, NFTs, or something else, often happens on social channels like Discord or Telegram, and other platforms often use crypto protocols to communicate with projects.
With social media in the spotlight, there may be a lot of space for a new player to come in. In fact, with the exception of TikTok, no social media platform has really made a splash in recent years. Some of those who have tried have been successful. are the most recent decentralized social media protocols to appear.
Twitter is a good place to start talking about social media because it has become a cultural center for crypto, a source of first-hand news, and a place where the biggest names in the space go to talk about current events. has been one of Some people have a main point. Sam Bankman-Fried and Changpeng “CZ” Zhao, the CEO of Binance, have had a heated back-and-forth on stage. It is easy to say that Twitter is the de facto center of the cryptocurrency community.
But under Elon Musk’s short watch, Twitter has recently been the subject of debate and mixed reviews. This has huge and far-reaching effects on Twitter. Yes, people have different ideas about what this means for Dogecoin as well. Beyond Twitter, people have different ideas about how much social media is a “public square” and how it goes against the ideals of public, or even privately owned, platforms.
In the past, we have experimented with blockchain-related projects on Facebook with limited success. Reddit is another social media platform that is often mentioned as having crypto roots. Reddit is now using Polygon for white-labeled NFT avatars. In the past, Ethereum was used to send reward points to the r/cryptocurrency sub-Reddit.
Decentralized Players joins the Mix
The talk about how social media is used today has made it possible for many “decentralized social media platforms” to join the mix. This includes Mastodon, Console, and a lot of other early-adopter social media sites that have helped bring in the “new wave” of social media.
Mastodon has become one of the most-mentioned players, but reviews have been mixed, with most complaints about the platform’s user interface and user experience. Mastodon is unique in this way because it is decentralized but doesn’t have a blockchain. Instead, it has a self-hosted network made up of nodes that run independently.
Minds is a platform that has been around for a few years and is often mentioned in conversations about blockchain. It has an ERC-20 rewards token and more than 6 million users, so it is probably the most well-known blockchain-based decentralized social media platform. But it looks like Mastodon has gained most of the new users while Twitter has been going through a rough patch. The number of users has increased by nearly 10x in the past 90 days.
The above console is a new decentralized social media channel made by Triller co-founder and ex-CEO David Lieberman and Columbia Web3 professor Chris Castig. The console recently put out a beta version of the platform, which used to be all about “group chat.” A mobile app is expected to come out in early 2023.
But when it comes to decentralized social in general, not everyone is pleased with where things could go. Three members of the MIT Media Lab wrote an opinion piece for Wired in 2017 in which they said that decentralization in social media would face huge problems and “will never work.” Some of the arguments were more general, like high barriers to entry because of network effects. Other arguments were more specific.
We’re still learning what works and what doesn’t when it comes to all things social, so there’s no getting around the fact that we’re still in the middle of a social experiment.
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