The failure of the social media model is becoming increasingly apparent. Following a series of incidents, it's clear that social media companies prioritise shareholder profits and commercial interests over customer safety and security. If you were to do this in banking, you’d likely face a prison sentence or, at the very least, a hefty fine and regulatory censure. The spotlight is on decentralised social media, but what needs to happen in order for it to get the traction it needs to be able to compete with the size and scope of centralised social behemoths?
We saw how Facebook sold our data to Cambridge Analytica to sway voters, how it allowed Myanmar's army to spread misinformation and hate on its platform, resulting in the killing of Rohingya Muslims, and how it did nothing to fact-check fake news propagated by numerous political parties around the world. We also watched how Twitter's suspension of Trump's account sparked an outrage over the platform's "free speech" policy. While some may argue that it was warranted in light of rising anti-government sentiment, it nevertheless raises some major ethical questions regarding social media's power, such as whether moderation and take-down decisions should be left to a few influential individuals in Silicon Valley or not.
While big tech legislation is still catching up, technology provides the following solution to this problem: decentralisation of social media (and Twitter is also in on it). Blockchain or open-source technology platforms have risen, and the role of decentralised social networks in addressing the numerous problems that big tech is currently facing, is becoming increasingly important.
A decentralised social network has various characteristics that allow it to be distinguished from traditional social media platforms. The first major distinction is that it isn't a single website that you can visit; rather, it’s a network of hundreds of communities, each of which owns a copy of the code. Second, you can make your instance as public or private as you want it to be – you may connect with users from other instances, even cross-platform ones.
Blockchain has the ability to create a system that monetizes content creation and use while simultaneously shielding consumers from government control. In such an environment, users' data would be safe and secure, and the content shared would be authentic. A decentralised social media platform’s goal should be to employ an open and decentralised social network in order to bring people's interests together and facilitate economic transactions. Furthermore, the initiative intends to add value to any creative product by allowing users to improve their talents while simultaneously creating a direct, decentralised link between the public and content providers.
What Makes Decentralised Social Networks the Future of Web 3.0?
Users of popular social networking sites are inundated with advertisements that have an impact on their personal life. Their navigation patterns are meticulously recorded and monetised without their awareness. This is where companies like Viblos provide value to the users by creating a tokenized social media network that compensates social media users for their participation.
The best thing about platforms like this is that they enable creators to monetize their work by allowing them to earn tokens that are equivalent to major cryptocurrencies. A decentralised social media platform allows users to share and monetize their works in a transparent, secure, and proven manner.
According to MarketingDive, 40 percent of users are distrustful of advertising in traditional social networks. These concerns can be addressed and marketers can benefit from social media marketing by using a decentralised and disintermediated social network. Thanks to its algorithmic transparency and tokenization model, there are platforms that allow marketers and entrepreneurs to communicate and engage with organic communities.