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Table of Contents
Why Web3?
Web2.0 – Losing authority
What is SocialFi?
SocialFi- A New Beginning
Data Authority & Sovereignty
Benefit distribution
Monetization – Right to equality
Freedom of speech
Improved Reward System
Web3 & SocialFi Characteristics
Origin of Web3
Web3, known as the next-generation internet, is genuinely a decentralized internet based on blockchain technology. Web3 Development is emerging as a new era of technology that is featured with decentralized Finance (DeFi) components and fading the lines between Web2 and crypto along with MetaFi, GameFi & SocialFi.
- Why Web3?
In the early days of the internet, from 1994 to 2004, whatever content one could see on most websites was one way. A content creator or programmer creates a website and can read data as a user. In another way, in Web 1.0, one can only read and can’t write.
Soon we entered web 2.0, where one can’t just read the content but can write as well. Web2.0 revolutionized with platforms like Facebook, Whatsapp, Instagram, Youtube, etc., and has the liberty to push its content. Most of these platforms are free and used for different purposes; some people broadcast themselves, and others do it to earn. Now, Web3 Social Media Platform has become the latest craze. - Web2.0 – Losing authority
Now the concern is when you say most of these platforms are free, that’s where the trouble starts. Nothing is free in this world; Facebook says you are using this website for free, connecting with your friends, and exploring the world and their information on Wikipedia. Likewise, Twitter, Youtube, and Google services are all free, but the hard fact is they are using your data.“If you’re not paying for the product, you are the product,” said Mr. Steve Jobs (Founder of Apple Inc).Some might not question and are okay with using their data in return for the free services, but the primary concern is you need to figure out how they are using your data. Nowadays, Web3 Development has helped the users to set their privacy. They can choose you can view their posts, and who can comment on them. Furthermore, the conversation done through the social media messengers are end-to-end encrypted.
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What is SocialFi?
Pondering about decentralized social operations might sound crazy at first. Still, when you learn about their counter accusations and stoner benefits, you’re more likely to get agitated about their actuality.
SocialFi is web3’s answer to the following generation of social media.
Online users are transitioning from a web2 to a web3 social media platform-driven world.
The existence of SocialFi will bring a motley of networking and finance to make decentralized social networks. SocialFi, a blend of social
media and Web3 development, is here to live beside MetaFi, GameFi, and DeFi. It refers to social media on a blockchain with a subcaste of finance.
The notion integrates the principles of decentralized finance( DeFi) and Web3 Social Media Platform development techniques that allows the users to create, drive, and own content the social platforms. It has already attracted hundreds of projects with millions of active users.
SocialFi- A New Beginning
SocialFi has the attributes of decentralization, susceptibility, and user control. Web2.0 era functions on the central servers, and social media operators maintain the users’ data to make earnings with slight benefit to the users. The primary concerns with conventional social media that SocialFi aspires to unravel:
- Data Authority & SovereigntySocial media platforms gather and save users’ data as lawfully as possible all over their network and from third parties further belong to them.
SocialFi desires to leverage Web3 and blockchain technology to make user data collection transparent and non-tampered.
- Benefit distribution
With Web3 Social Media Platform development the platform owner can help busineses to make huge profits by publishing advertisements based on user traffic. They benefit from more significant engagement and traffic, generating billions of ad income, whereas the users benefit from solely using the platform. - Monetization – Right to equality
Numerous SocialFi projects notice these benefits as unequal distribution and seek ways to allow users to monetize their social influence and use. - Security and PrivacyIn conventional social media networking, each account signup needs the user’s data, such as mobile number, email address, etc., stored in the operator’s database and is highly vulnerable to leakage.
Blockchain-based SocialFi is a Web3 social media platform development technology where users’ identity information is anonymous and helps protect security and privacy.
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How Web3 Development will disrupt social media networking soon, and what kind of challenges it will encounter.
Freedom of speech
SocialFi is a presentation of personal value conveyed visually through the capital. Beginners or celebs having their influence will expand their cartel on content creation. In contrast, late entrants or less effective general users’ content often needs to be discovered more.
Improved Reward System
SocialFi presently has two primary forms for users to earn remuneration.
Firstly, create content and wait for rewards from followers.
Secondly, the form of Write-to-Earn, similar to the concept of Play-to-Earn, means writers can earn rewards through writing.
Web3 & SocialFi Characteristics
Web3 and SocialFi development enhance the internet as we know it today with a few other added characteristics:
- Everything is verifiable
- No need to trust
- Sense of ownership
- No permission needed
- Decentralized and robust
- Monetization – equal rights
Conclusion
SocialFi is the next-gen innovation in which social media platforms and DeFi are tied together to create a unique technological product. A seasoned Web3 Social Media Platform development company can help startups and well established companies to leverage the potential of the offsprings of social media and DeFi platforms.
Undoubtedly, Web3 Development and SocialFi is here to stay and make the world a finer place by ensuring that online users should get reimbursed for allowing notifications, announcements, etc. The content creators; generators should get a fair quantum of profit, and wisdom should spread willingly regardless of the need for big technology.
Like the rise of DeFi during the summer of 2020, we may witness a smash for SocialFi and Web3-backed social media in 2023. The relinquishment rate might have revved due to a recent surge of creative networks. However, if successful, numerous displeased people will delight in the option to leave Facebook and Twitter.
What’s the solution?
Antier, a blockchain specialist with futuritic approach can help produce a Web3 Social Media Platform for you. Believe it, you could be the next big name like Mark zukerberg and Jack Dorsey.
