Can Web3 save social media?

November 5, 2022

The mission arm of cryptocurrency behemoth FTX is investment one thing dubbed Lens Protocol, a brand new blockchain device aimed toward social media that permits customers to endow an NFT with identity-related traits. The concept that is that by means of the use of the NFT, chances are you’ll deal with keep watch over over your privateness and knowledge whilst hopping between a number of Web3 social networking platforms with a unmarried identification.

This can be a well-liked idea on the earth of cryptocurrency and it is smart. There’s a commonplace belief that the present social media paradigm is mistaken; right-wing partisans scream that woke up tech overlords are censoring them, whilst left-wingers fear that social media is fueling a wave of hate and conspiracy theories. In the meantime, customers on all sides are typically uninterested in Twitter’s day by day dose of performative preening and dunks, in addition to how Fb has was a digital Walmart.

It is smart that cryptocurrency billionaires like Sam Bankman-Fried of FTX and Chris Dixon of a16z are positive about Web3’s attainable to reinvent social media for a brand new technology. Dixon has staked an important sum of money in this idea, maximum particularly by means of backing a $200 million funding within the DeSo challenge, which goals to create a decentralized blockchain-based social platform.

It’s tricky to not strengthen such endeavors. Who wouldn’t need to ditch Fb and Twitter in want of a equivalent website online with out the data-gathering and algorithmic manipulation? The problem is that whilst Web3 social media is an intriguing idea, its viability in actual use is a ways from positive. One reason why is that simplest crypto fanatics would even strive a Web3 social community—after which temporarily surprise, “What’s the purpose?,” if none in their family and friends also are the use of it. Web3’s person interface continues to be horrible.

Nonetheless a ways into the longer term?

Web3 supporters will probably be fast to guarantee you that the design problems will probably be resolved sooner or later, however as of presently, a mainstream product looks like it’s going to be to be had in no less than 5 years. The least tricky job, alternatively, may well be person design. Moreover, there’s the problem of content material moderation, which crypto zealots will try to push aside as extra woke censorship, however which is able to inevitably develop into a urgent factor as decentralized social networks devoted to disseminating content material appearing circumstances of kid sexual abuse or genocide emerge. Moreover, as a result of blockchain networks are interconnected with monetary networks, know-your-customer laws will unavoidably be demanded by means of government.

Web3 sorts are fast to assert that new blockchain id answers will be capable to repair this drawback, however those answers will stay fanciful except they combine with the DMV or every other govt database.