Social networks of Web 3.0. The next big change in the crypto sector?

Although the arrival of Web 3.0 has long been expected, its attempts to construct a decentralized network in practice are quite blurred. Large IT companies are investing billions of dollars in the development of meta-universes, while Elon Musk claims that the meta-universe and Web 3.0 are just buzzwords. What does Web 3.0 mean in the context of social networks of the future?

First of all, without the engagement of users who interact, cooperate, and exchange content through social networks, the power of Web 3.0 would be severely constrained. Many individuals are unaware that existing applications have paved the way for future interactions in the Web 3.0 realm. Myspace, Facebook, and Flickr are examples of social networking services that will be built on more advanced technology by future web developers. Today, social networks are private for-profit corporations that collect user data and sell advertising on it. However, in this article, we’ll focus on prospects when the community manages the data.

How Web 3.0 affects social networks

According to some, in the future, all financial apps, social networks, and even trade platforms like Amazon will be built on cryptocurrencies blockchains. Although the dependability of today’s storage technologies is uncertain. We can trace it back to social networks, exhibiting the concept of corrupt incentive systems that encourage platforms to prioritize profits over the well-being of their members or even society as a whole. From one point, decentralized social media networks could solve this problem. Decentralized hosting removes power from the chosen administration and spreads ownership and accountability to the community. As a result, the incorporation of cryptocurrencies allows content creators to profit directly, eliminating reliance on advertising as a content driver.

People in a Web 3.0 environment manage their data and use a single customized account to travel from social media to email and commerce, producing a public record in blockchain about all of these actions. Of course, platforms are now attempting to make this a reality by bridging the gap between Web 2.0 and 3.0 and allowing the community to grow via users. The near future of social media is a far more disaggregated, decentralized network of micro-communities based on blockchain.

Some people, on the other hand, do not believe in the vision of a modernized Internet. Web 3.0, according to former Twitter CEO Jack Dorsey, is a decentralized version of the virtual world composed of publicly available blockchain systems that enable the efficient functioning of DeFi and meta- universes technologies. Venture capitalists, however, are increasingly investing in Web 3.0 ventures that compete with decentralized alternatives.

However, decentralized technologies are estimated to spur Web 3.0 social networks. Such blockchain-based platforms can run without centralized administration by rewarding users for their engagement through incentive systems.

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Valentyna Bereza, Team bit4you.