Decentralized Social Media applications are an important bridge to the Web3 world. New generation Twitter, Instagram etc. It appeals to a large target audience that spends time in its applications. Although it tries to achieve this with the advantages it offers, its usage area by the general masses is quite low. It has a user portfolio consisting of people who are generally interested in cryptocurrencies.
It offers very good opportunities among its audience. Our data on this platform is recorded on Blockchain and we can control this data as we wish. For example, messages sent in a decentralized messaging application are recorded on the Blockchain never to be deleted again. Or, on the platform, which provides very nice tools specifically for crypto communities, community meeting events such as award-winning AMA events can be organized. Reward distribution can be provided entirely within that platform.
In most of them, we can find features that we are accustomed to from traditional social media applications. Sharing a photo or text post, liking, commenting, private messages, etc. We can perform many operations. At this point, the feature of Web3 Dapps (Decentralized Applications) that attracts people the most, the ability to earn Tokens (cryptocurrency) by making transactions within the application, comes into play. Therefore, traditional social media applications do not do any of these, instead, they only earn the income of the platform by showing free advertisements. Web3 social media applications provide incentives to their users by sharing revenue.
This model can provide satisfactory profits to its users. In some of them, you can earn a certain amount of Tokens for free by using the platforms. This rate provides lower amounts of earnings compared to reward systems accessed through NFT or Management Token. However, the fact that it is free naturally attracts people's attention. Reward mechanisms are increasing the number of users of these platforms day by day. Recently, we have started to witness more and more Web3 social media projects being listed on elite stock exchanges.
In general, there are many differences between traditional social media platforms. As stated above; We retain ownership of our personal data and can manage it as we wish. At the same time, it also brings data privacy since our data is encrypted on the Blockchain. Or, it should not be ignored that it has a structure that offers very equal opportunities for countries where democracy is not implemented or not accepted at all.
In extreme situations, people may be exposed to many forms of data manipulation or freedom restrictions, such as social media censorship, intentional full or partial restrictions by governments, and the use of personal information against the person without permission.
At the same time, most Web3 social media applications use the DAO management type, which is a decentralized form of management. In this way, all decisions to be made about the project are made by communities with special entry permits. Generally, DAO management can be accessed through the project's Management Token or NFT. Every DAO member can vote on amendments or motions.
The superior decisions are approved and implemented. In this way, the people who set up the project can easily get an idea from external individuals. Of course, it is difficult for most DAOs to say that there is a completely fair distribution of voting power. Because, for example, for those who are required to hold Tokens, the more Tokens you own, the more the effect of your vote increases, and vice versa, it decreases when you hold fewer Tokens.
Even this is a very fair system, because traditional social media platforms are managed by small groups or mostly by a single person. Stay tuned for more informative articles!