Bittime - Decentralized Social Media (DeSoc) also known as SocialFi. This article will discuss DeSoc in depth. Starting from understanding, the top 3 coins with the DeSoc narrative, to its presence which has the potential to revolutionize social media.
What is Decentralized Social Media (DeSoc)?
DeSoc is a social media protocol that leverages blockchain technology to store data and eliminate centralized control. This is different from the social media we use today.
This technology has no control over its users' data and content. Data is stored in a decentralized manner and DeSoc does not profit from monetizing personal data.
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The emergence of DeSoc was motivated by various controversies that occurred on social media platforms such as Twitter. Some of these are accusations of manipulation of opinions and topics, as well as practices of monetizing personal data that are considered excessive.
In addition, giant companies such as Google and Meta currently hold monopoly and centralized control in the social media sector. As a result, users have no control over their own content and accounts.
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Thus, it can be concluded that the two main problems with social media today are:
Monetization of Personal Data
Meta and Google as dominant companies have complete control over each user's data. After creating an account, users automatically lose control over their personal data.
Too Much Control
Users of social media platforms have very minimal control over their respective accounts. Meta and Google have unilateral authority to limit activity, close accounts, and regulate the content that appears on our social media.
Social media such as Twitter is often used as a political tool to censor certain political opinions. Content and user accounts may be suddenly terminated without notice by either company.
How Decentralized Social Media (DeSoc) Works
DeSoc has a fairly complex way of working because it combines traditional front-end and back-end blockchain elements. The development team also has to determine which elements will be stored on the blockchain because the costs can still be expensive.
Additionally, DeSoc needs to integrate web3 elements such as NFTs or crypto assets. In this context, DeSoc is also often called SocialFi because it combines social elements and financial incentives.
The following are the four key elements of Decentralized Social Media:
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Blockchain as a Data Storage Place
DeSoc uses blockchain as a data repository to create transparency and maintain personal data security. Sensitive data stored on the blockchain is safer than stored on a regular server.
In addition, using private keys or other Web3 methods can prevent hacking and data theft that often occur on social media.
However, if DeSoc stores all data on the blockchain, scalability will be reduced because the costs incurred will be very large. On the other hand, if data is stored on a server, the security of the protocol automatically decreases.
Therefore, the development team had to find a middle ground, such as using a cheaper blockchain other than Ethereum and Bitcoin.
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Smart Contracts
DeSoc, like other DApps, must be created using smart contracts. All user interactions will also be connected to smart contracts on the blockchain. Therefore, smart contracts are an important element that determines the success of the protocol.
Hacking through security holes in smart contracts is very common in the world of DeFi. Therefore, auditing, verifying, and opening smart contracts to the public is very useful to prevent hacking.
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Private Key and Public Key
Ideally, DeSoc uses crypto asset security technology such as private key-public key or NFT as another Web3 login method. This is again to ensure better security to prevent account theft.
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Incentive and Token Mechanisms
DeSoc applications generally integrate incentive elements through crypto assets. Apart from attracting users, this is also done to provide ownership of the account and content created by each user.
For example, creators on Lens Protocol can limit access to content to only owners of certain tokens or NFTs.
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Tokens as an incentive mechanism have proven to be very effective in attracting users. Friend.tech has a points system that will be given in airdrops every week. This points system has succeeded in attracting thousands of users to their platform.
However, like DeFi or DEX applications, the use of incentive mechanisms adds complexity to the application and developers need to create a sustainable system.
3 Promising Coins with a DeSoc Narrative
DeSoc's narrative is not only interesting for application developers, but also crypto investors. Here are 3 crypto coins that have bright prospects in the DeSoc narrative.
1. Lens Protocol (LENS)
- Network: Polygon
- Current Price: $5.2783
- Market Cap: $619.41 million
Lens Protocol is one of the largest DeSoc applications built on the Polygon network. More than just an application, Lens is an ecosystem that has various software frameworks so that development teams can build various applications on top of Lens.
One of Lens' unique features is that you can immediately use the profiles you create across all applications in the Lens Protocol ecosystem. This creates consistent social media profiles across all Lens apps.
Lens Protocol currently has 125,000 profiles and is still in the testing phase. Users who want to use Lens must be queued before they can create a profile.
Some of the apps you can use on Lens are Hey (a Twitter-like social media platform), Riff (a music platform), Dumpling (a streaming platform), Tape (a video platform), Buttrfly (an image-based social media platform), and Orb (a media platform social media like Twitter/Reddit).
2. Friend.tech (FRIEND)
- Network: L2 Base
- Current Price: $1.18
- Market Cap: $112,577 million
Friend.tech or FT is a DeSoc application on L2 Base with a very strong financial incentive aspect. FT is one of the newest iterations of the SocialFi application that combines messaging, social media and trading applications.
At Friend.tech, you can purchase a “key” for each user to gain access to the messaging room with that person. FT is often referred to as “the market for your friends” because you are essentially speculating by trading other people's accounts.
Friend.tech has monetized the social value of each user. Many well-known crypto asset influencers reached very high prices on the FT.
Friend.tech has a total of around 831,000 users.
3. Stars Arena (STARZ)
- Network: Avalanche
- Current Price: $0.052606
- Market Cap: $26.09 million
Stars Arena is a DeSoc application on Avalanche that integrates several financial elements. SA capitalizes on the momentum of the SocialFi trend started by Friend.tech.
Unlike FT, Stars Arena has an appearance and function that is very similar to many social media such as X (Twitter) and Facebook.
In SA, you can directly interact with other people without having to buy "keys" like in FT. The appearance of Stars Arena is very similar to Twitter in that you can follow other people, reply to what they write, and also write your own content.
Then, like FT, you can buy "locks" (Stars Arena calls them "shares") and enter a private group with the account you bought and other people who also bought it.
Stars Arena experienced a $3 million dollar hack in its first week of launch. Since then, SA has undergone 2 smart contract audits and now has a new, more experienced team.
You can directly access and participate in Stars Arena by connecting your X account to SA. If you are just curious, you do not need to buy "shares" in StarsArena and can interact with other users.
The Future of Decentralized Social Media
DeSoc is a sector that has great potential to attract many new users. With a huge number of social media users (around 4.9 billion in the world), the web3 world also needs its own social media.
Currently, there are efforts to create DeSoc with features such as financial incentives via tokens, permanent ownership on-chain, and a decentralized protocol.
Lens Protocol, Friend.tech, and Stars Arena are three different ways of developing DeSoc applications. All three have their own advantages and disadvantages and target different types of users.
Protocols like Lens and Farcaster want to create their own ecosystems like Meta and Google, while SA and FT are applications that want to interact directly with users.
However, the DeSoc application has not succeeded in attracting significant users. Friend.tech has the most users, but various metrics show that this number continues to decline.
Stars Arena and Lens also faced their own problems, such as hacking and infrastructure that was not ready to accept many users.
Although the DeSoc application is currently in its early stages and has some obstacles, its future is promising. Here are some reasons:
The Need for User Control and Ownership
Traditional social media users are increasingly aware of the value of their data and want greater control over their content and accounts. DeSoc offers this solution through decentralization and on-chain ownership.
New Monetization Potential
DeSoc opens up new monetization opportunities for users and content creators. Users can earn rewards for their contributions, and creators can have complete control over how they monetize their content.
Integration with Web3
DeSoc naturally integrates with the rapidly growing Web3 ecosystem, including NFTs, DeFi, and the Metaverse. This opens up new possibilities for interaction and collaboration.
Innovation and Community
The DeSoc community is still relatively small but growing rapidly. This community consists of developers, entrepreneurs, and users passionate about building a more open and democratic social media future.
DeSoc Challenge
Of course, DeSoc also has some challenges to overcome:
User Adoption
Attracting mainstream users to the DeSoc platform remains a challenge. The platform needs to be easier to use and understand for lay users.
Scalability
Current blockchain solutions still have scalability limitations that may hinder DeSoc's growth. A better scalability solution is needed to accommodate a large user base.
Regulations
The crypto industry is still in the early stages of regulation, and DeSoc is no exception. Regulatory uncertainty can hinder investment and innovation.
Despite the challenges, the future looks bright. With the potential to provide users with greater control and ownership, unlock new monetization opportunities, and integrate with the rapidly growing Web3 ecosystem, DeSoc has the opportunity to revolutionize the way we interact and communicate in the digital world.
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Conclusion
DeSoc offers innovative solutions to problems facing traditional social media. By combining blockchain technology and a collaborative spirit, DeSoc has the potential to bring a brighter future to the world of social media.
Although still in its early stages, DeSoc has shown great potential. With a thriving community and dedicated developers, DeSoc has the opportunity to change the way we interact and communicate in the digital world.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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