Exploring The Benefits Of Web3 In Social Media

November 16, 2022
exploring the benefits of web3 in social media

Web3 has become a lingo in today’s world and is considered the future of the internet. Complete control is provided to the users due to the decentralized blockchain platform. This makes the system peer-to-peer, transparent, and open. The biggest advantage is that no permission is given to private user data. Web3 is an umbrella that covers blockchain and the metaverse. It enables the network members to have complete control of the data. This feature aids in security, thereby lowering the possibility of hacking.

What is The Web3 Social Media App?

Web3 Social Media app is a decentralized networking platform developed using blockchain protocols. As they are decentralized, they don’t come under any central authority. The data gets stored across servers among various nodes. Such platforms support social networking, and content sharing by enabling end-to-end encryptions.

Contact an experienced team of experts that will guide you through the entire web3 social media app development process.

Web3 social media apps have much to offer to users; some of its perks are mentioned below:

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Benefits of Web3 in Social Media

Benefits of Web3 in Social Media

  • Removes The Stigma Of Defining Users As The Product

The current social media platforms are not meant for connecting and entertaining purposes. They are known for misusing the user’s information/data. The data is taken when the user registers on the platform and then sells it to third-party advertisers for huge profits.

Web3 eliminates this concept of treating the users as the product. It focuses more on the users’ privacy by removing the central monitoring body and replacing it with decentralized nodes and distributed data storage networks.

  • More Focus On Generating Good Quality Content

YouTube remains the most loved social media app by content creators and influencers. The reason is that it rewards the influencers based on their content’s interaction. Facebook, Snapchat, and TikTok follow this list. While some social networks, such as Instagram, pay their influencers, their model differs from YouTube. Additionally, conventional social networks have a limit on monetization options for influencers.

In a web3-enabled social media platform, user-generated content is preferred over getting followers. The followers of influencers on social media platforms in the current internet era are not considered genuine because many people use bot accounts to boost their followers. In the web3 social media platform, users’ interactions are recorded using blockchain ledgers which offer accurate metrics for equitable compensation.

  • Better Control Of The Content

The owners of traditional social media platforms manage the social graphs created by their respective platforms. They look up every user’s comments, likes, or friends list, the groups they follow, and even their status in some instances. The information is then included in their personal social graphs to create a personalized user experience, ensuring that they can remain connected to the site and return more frequently.

Web3 allows the ability to manage their data and content to the users and not to the platform owners. Only the creator can control the data and own the social graph.

  • In-App Payments

In-app payments are one of the greatest ways to improve user experience. Most social media platforms, such as Facebook, Instagram, and WhatsApp, have added this attribute to allow users to make payments online for shopping, ordering food, or sending money to loved ones. These apps promise to offer security to the users by providing PINs but still, all sorts of data breaches and security exist.

Web3 will work towards designing such in-app payment methods that allow cryptocurrency transactions. Web3 is a social network that seamlessly promotes in-app payments with advanced security and user-friendliness. This is because of the execution of smart contracts that allow peer-to-peer transactions without requiring any third party.

  • Verifying The Legitimacy Of Content

Massive content on the web cannot be verified whether it is right or wrong. There is much fake news disguised as truth on social media feeds.  As per data collected by Center Statistics Office (CSO), nearly 62% of internet content is unreliable, and the same applies to social media apps. This means that if half of the information on the internet is false, then it definitely questions the integrity of the content.

Web3 provides beneficial solutions that will help in preventing the unnecessary dissemination of unverified content. The Web3 platforms use algorithms based on blockchain to verify the authenticity of user content. It has already started working towards prohibiting the growth of fake and fraudulent content.

  • Verify Your Identity Online

Today bots and fake accounts dominate social media more than real users. The majority of fake stories, scams, indecent content and illegal actions are carried out under the guise of legitimate to fool innocent users. Influencers often pay for accounts controlled by bots to boost the number of followers, likes, comments, and shares. The situation has reached a point where even platform owners can’t identify genuine fake accounts run by bots. While most social media platforms are making efforts to tackle the issue, only so many satisfactory solutions are available at the moment.

Web3 in social networks can solve this issue. It employs identity authentication to prevent the use of fake accounts and bots. With web3, one can input the information into an encrypted blockchain. From there, any web3-based services and social media websites you connect to can cross-check the data to ensure the authenticity of the user profile.

Blockchain technology

  • Improved  Security

As we know, conventional social media platforms collect the social graphs of each user, which results in privacy issues. The information from the social media app, like friend lists, liked posts, and joining groups, are recorded to create an individual feed specifically for the user. This data is stored in centralized storage that is vulnerable to security risk. Cybercriminals can hack through the security system, steal data and sell it to third-party advertisers.

For example, the Cambridge Analytics Scandal is one of the most notorious data breaches in which hundreds of millions of Facebook customers’ personal details were used to promote elections. There are also allegations of monitoring and recording of messages.

Therefore, the introduction of web3 can provide excellent protection from cyber-attacks and data security breaches. Numerous solutions are being developed on the web3 platform to combat vulnerabilities in data. Any service backed by blockchain technology provides security because the information it stores is indestructible and can’t be manipulated. Also, protecting information through data encryption makes it extremely difficult for unauthorized parties to access the server.

Conclusion

Web3 promotes a secure ecosystem and plays an important part in rewarding users. The ultimate objective of the web3-enabled social networks is to provide power back to the creators. There is an equal opportunity for everyone as a completely ad-free and censor-proof ecosystem is available. The issues like trust, privacy, uniform access, copyright, ownership, security, etc., are readily solved by web3 technology. The primary aspect of this internet is to bring artificial intelligence, blockchain technology, machine learning, and much more to build a transparent platform.

We know that users have an essential role in adding solid value to social media networking sites. In web 2.0, the users do not possess any form of ownership and don’t have any control over the content. Whereas web3.0 is extremely helpful in developing a strong and stable social media platform without the interference of centralized entities.

To build a secure social media platform, get in touch with a top-notch web3 social media website development company.