Exploring The Future Of Web3 Social Media Platform Development

The concept of web3 is expanding, and looking at the current scenario and the benefits it will offer to the future world is unexplainable.Web3 represents the upcoming era of technology that is surrounded by futuristic technologies. Artificial intelligence, Machine Learning, the Internet of Things, Blockchain, and Metaverse are the contemporary technologies implemented in making web3-enabled apps and platforms. Looking at the phenomenal structure and framework of web3, various businesses are anticipating great outcomes across industry verticals.

On the other hand, social media platforms have garnered huge attention since their inception. The reason behind this is its connection to getting in touch with loved ones. In the same way, we talk about social networking mediums, which enable individuals to give their opinions on social aspects. Social media integration in web3 has resulted in uncensored content due to the utilization of blockchain technology.

Web3 Social Media Platform Development Guide

Here, the content stored is immutable and is under extensive protection.

Web3 Social Media Platform

The web3 enabled social media is different from traditional ones because of the data ownership it offers. In conventional social networking sites, one could scroll down the feed, check out the images, read blogs/articles, watch videos, etc. It just serves the information to the users whereas, on the other hand, the web3 social media platform provides financial support while accessing the online content. This acts as a reward system for users globally.

Working Of Web3 Social Media Platform

Web3 is a decentralized network that is essentially a distributed ledger that offers transparency at every level. It would not be wrong to state that they belong to the group of decentralized apps. Smart contracts form a major part of web3 development and exist on the P2P network comprising numerous nodes.

This shows the non-dependency attribute, like if some of the nodes breakdowns, then also there is no effect on the whole network. The functionality will not get interrupted at any cost. The perks, in this case, are enjoyed by everyone, whether developers or users. The users are provided with the facility to get hold of the exclusive features that are possible because of the token purchase.

Advantages Of Web3 Social Media Platform

Enhanced Security

The infrastructure of conventional social media platforms is not that robust. Due to this, the data related to the user is always vulnerable. The data comprises sensitive user details like contact no, and email-id taken at the sign-up time. The other information, like posts (pictures, videos), friend lists, etc., are recorded in the centralized system. The situation created is vulnerable to security risks. It allows hackers to enter the system anytime, steal data, and send them to third parties. There have been numerous cases of data theft, the most recent one, Cambridge Analytica, where the data was breached during the US elections. This data was from FB users, and after that, Facebook came under heavy scrutiny.

Time and again, we hear of phone tapping, social media profiles getting hacked, and leaked messages. To stop all this, web3-enabled systems are beneficial that protect against cyber attacks. The web3 solutions are implemented to handle the problems related to data vulnerability. Blockchain technology provides end-to-end data encryption at every level. Thus, the cybercriminals / unauthorized visitors will eventually find it difficult to acquire access to the decentralized network.

Top Content Management

The non- web3 social media platforms are equipped with some important features, one of which is the social graph. This graph analyzes the user’s moments on their social media profiles. Whatever the person likes, posts, comments on, their friend list, everything is under the radar. This feature is deliberately added to the platform by the platform owners. Claiming such big things about managing your content does not exist in reality.

But web3 allows better content management with the help of a robust privacy policy and service agreement. These platforms will not show the related advertisements of the products viewed by the users. People will have entire control over their content. The social graph will be there, but no one can access it, not even the platform owner. The access can be granted by taking permission. Otherwise, this graph is solely going to provide benefits to the users.

Validating The Content Authenticity

Social media has connected people across the globe. Distance does not matter as the interaction can be developed in different parts of the world. Provided this bigger benefit, it has become a bigger source of the fake news. Daily there is bogus news that starts trending on the feed. This information is truly deceitful and needs to be curbed.

Web3 has a solution to this problem. The blockchain-based algorithms are strong enough to prevent the spread of unlawful content. That may be in the form of images, videos, etc., which results in the effective validation of the content available on the web. Publishing any content online in web3 will undergo extreme scrutiny, and verification will be performed through every stage.

In-App Payments

The social media apps like WhatsApp and FB have introduced the concept of performing transactions within the app. The concept behind introducing this feature was to entice more customers and make their payment journey easy. Also, the vision behind such companies was to make their users not depend on any other app related to payments. For this, they integrated several industries like food delivery, shopping, and paying money to others. They claim that every transaction is tightly secured, but looking back at history, we can’t be assured.

The web3 social media platforms perform transactions in cryptocurrencies. The smart integration of blockchain technology aids in secure payments with top security attributes. The transactions take place swiftly, and the in-app payments take place without the need for the third-party intermediaries.

Valid Recognition To The Content Creators

The web2-based platforms do not provide deserving recognition to content creators. Almost every app like FB and Instagram does not offer remuneration to the influencers except for youtube. Youtube is the only platform that gives the desired due to the creators, but somehow that is also not complete.

Web3 is going to offer rewards to the influencers and will be able to generate remuneration for their work. It is going to be such a great step for the creators. The followers on these social media platforms are real, not just bots. The interaction among the users is completely genuine and is discovered by the blockchain ledgers in the form of powerful metrics. The added benefit of the smart contracts helps in performing automatic payments for the influencers depending upon these standards.

Freedom Of Speech

Lastly, the existing social platforms do not promote complete freedom of speech. So, whenever there are statements or videos made against a particular section, it is termed as sensitive content. Moreover, the person who posts such content is banned from the specific platform. Recently, it has been seen in the case of Twitter, where the profile of the ex-US President -Donald Trump, was forbidden. Web 3 will provide free speech to its users. They will be able to share their opinions without any fear. This facility is available for both the common man and celebrities.

SocialFi- The Best Way For Content Monetization

Integrating social media and DeFi has given rise to the term “SocialFi.” It also means social finance, where the users can generate content and monetize it. It depends upon the decided standards incorporating the number of followers and the engagement they build with their users. It has already garnered massive attention and acquired major projects holding magnificent active users.

Top-level transparency is provided on SocialFi platforms and eliminates the chances of data tampering. Furthermore, the platform owner can benefit by allowing the businesses to make an enormous profit by publishing ads and generating billions of money. This platform stands for equality by providing the right to monetization equality. Even the user information that is taken at the time of the signup is kept safe. There is no vulnerability surrounding data leakage. Additionally, the identity of the user is concealed completely to avoid data infringement.

There are amazing SocialFi projects for music streaming, micro-messaging apps, decentralized social media apps, professional networking apps, etc. Here, the social tokens (digital currency) are allowed to lock the content beyond the token-assisted paywalls to provide rewards. The other perks they offer are accurate tracking and analyzing customer loyalty. On the whole, it can be stated that the control is taken from the big tech giants and given to the content creators directly.

Conclusion

Web3 social media platforms can provide direct access of content to the users. It has opened the doorway to the decentralized world by implementing and promoting advanced marketing strategies. Every right is served to the user; especially in web3, the users are not treated just as the product. They can manage the data on their own without any restrictions.Web3 has opened a plethora of opportunities for the users, thereby diversifying the extent of social media.