coinsights #4: decentralized social part 1
coinsights #4: decentralized social part 1
Decentralized Social Media
The popular blockchains today like Solana and Avalanche optimize for transactions per second. TPS is a reasonable metric to optimize for in the DeFi world, but such speed comes with a downside: transaction sizes are small and can’t contain larger data types such as images. In fact, many NFTs today are actually stored off chain, and what’s actually on chain is just a link to the image!
Enter DeSo: the first blockchain custom built for social applications. But first, let’s back up. Why do social applications even need to be built on the blockchain? Well, it comes down to personal data and who owns it. “Because only a handful of companies have access to the [data], only these companies can curate competitive feeds, build competitive new features, and monetize content – content that isn't even created by these companies in the first place.”
DeSo’s goal is to turn the traditional social media company playbook upside down. All data is stored publicly accessible on the blockchain, so that anyone can build a competitive social app without “building a billion-user data moat first.” Don’t like how an app on DeSo makes their feed alphabetical instead of chronological? You can create a better version and release it to the world! For the individual user, the benefit of using DeSo products is the shared social profile. In practice, this means when you check out a new app, you’re no longer starting from zero. Instead, your friends list, profile picture, and tokens are instantly available, ultimately transferring the power of choice back to the users.
Apps like Facebook and Twitter have stagnated over the past couple years, but why should they feel pressure to innovate? Their data moats are impenetrable, and we still open them everyday anyway. DeSo’s goal is to kickstart social innovation by supporting “a new generation of applications that the entire world can build collaboratively.” That’s not all DeSo is trying to do: check out the article tomorrow to learn about how each user can become their own stock market!
Read more about DeSo: https://docs.deso.org/
Personal Tokens
This Twitter user is selling a personal token, which (supposedly) grants holders “access to future work” among other things. It’s important to note that there is no legally binding agreement here: 0xjenil could just take the proceeds from the NFT sale and disappear. The only thing binding 0xjenil to the people that buy the tokens is social credibility! It’s vaguely worded yet grandiose sounding posts like these that make people skeptical of the hype around web3.
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