What are the Advantages of a Decentralized Social Media Platform?
Since decentralization has gotten massive traction, the Web3 audience assumes to be on the Decentralized Social Media Platform. But there is a buzz in the market where the audience is still waiting for clarification. Is decentralization the key to every internet problem? Well, it's dicey to answer. If you are a Web3 enthusiast and admiring to own a social media platform with Web3 features, you need to know these things. Let's read.
What is a Decentralized Social Media Platform?
A decentralized social media platform is the same as other social media platforms fused with Web3 features. There are a variety of social media platforms using blockchain technology to create a secure, immutable, and easy-to-use ecosystem for audiences to be part of global conversations.
Continuously, the existing platforms are charging higher because every text has to get minted on the blockchain. The only big player in this league until now is Polygon, and most entrepreneurs are choosing it because of its lower rates.
Advantages of Decentralized Social Media Platforms
When speaking in favour, you can see several advantages if you create or sign up on a social media platform empowered by Web3 features. The list of features includes:
Trustlessness
The social media app is only accessible if you have an account on a decentralized wallet the app supports. With this, you can build the trust of the social media app developers, and you do not need to share any personal information such as your email address or phone number. For account verification, you sign the contract every time you log in to the app.
Security
The decentralized applications (dApps) are way more secure than the apps we use. Recently, you heard that Meta faced another data breach, leading to the exploitation of users' personal information. But that's not the case with dApps. The dApps get built using the highest security protocols allowing users to trust the application.
Lower or No Minting Price
When will create a profile on a social media platform, there can be two scenarios. Firstly, you need to pay a few cents for creating your profile on the blockchain and a dedicated amount for posting any update. Secondly, if the service provider has its archival networks, it might not ask to pay for every post, but you can subscribe to their service on the blockchain.
Monetization
The blockchain model-based decentralized social media platforms have monetization features for users and creators. It depends on the business model of the dApp and how they wish to proceed. There are few applications which aim at giving the native token (crypto) of the dApp on the basis of the time they spend on their app. On the contrary, there are a few dApps which invest in users as they participate in the community discussions and surveys conducted.
You need to understand that developing a decentralized social media network is not easy. You must need to have a better understanding of the protocols and the consensus mechanism you will use for creating a native token of the dApp. The native token should be backed by a physical asset, such as currency (USDT) or any other including NFT.
You also need to get regulatory approvals from the local government, if not, you need to look for a country where you can easily run an Initial Coin Offering (ICO) program or any marketing campaign that uses the word "crypto". You can take the help of a blockchain development company, such as Zelta Tech for developing your dream project. The same company will guide you through other processes that can help you launch the project swiftly.
Conclusion
To get more details on how you can develop a decentralized social media platform, you must speak with experts. The vision of creating a social network dApp is a revolutionary idea, in a decade we will be seeing Instagram converting itself completely to a decentralized model. If you are willing to connect the dots with experts, you can reach us here.
FAQ
What is a decentralized social media platform?
A decentralized social media platform is the same as Web2 social media platform. The main difference is that the decentralized social media platform are maintained and governed by a decentralized network of users instead of a single centralized entity.
Is a decentralized social media platform safe?
Yes, a decentralized media platform is safe when compared to Web2 social media platforms. As decentralized social media platforms are maintained and governed by the decentralized network, it commences a sense of trustlessness as our identities are secured and cannot be used for any marketing purposes.