What is DeSocial? DeSocial is an abbreviation for the phrase Decentralized Social, which roughly translates to Decentralized Social Network. Decentralized Social Networks solve outstanding and serious problems of currently popular centralized social networks such as Facebook, Twitter, Youtube,…
So whether DeSocial can become a trend in the market or not, let’s find out in the article below.
To understand more about DeSocial, please refer to some of the articles below:
- What is Lens Protocol? Lens Protocol Cryptocurrency Overview
- What is Cyber Connect (CYBER)? Cyber Connect Cryptocurrency Overview
- What is Farcaster? Farcaster Cryptocurrency Overview
- What is DeSo (DESO)? DeSo Cryptocurrency Overview
What is DeSocial?
Remaining problems with Centralized Social Networks
Today’s centralized social networks such as Facebook, Youtube, Twitter, Tik Tok,… have become daily dishes for 7 billion people around the world. Social networks have become so popular and important that you will become a caveman after just about 1 day of not interacting with social networks. Since its inception, social networks have had a huge influence on humanity, both positive and negative.
First of all, let’s go to the positive points that social networks have brought to humanity including:
- Connectivity from anywhere around the world.
- Bringing a flat world to help anyone anywhere in the world just need the internet to update information, knowledge,…
- Users are free to share status, photos, check in and receive interaction from people anywhere.
It can be said that the most important thing when social networking sites were born has changed the way people interact with each other. Before social networks were born, it was communication, gestures, actions directly or through phone calls and messages, now it is like, heart, indignation, haha, wow buttons. , share,…
In the early days when everything was new, everyone was excited and loved it, but in essence, everything gradually turned from good to bad when social networks became too popular, things happened. There are issues like virtual living, toxicity,… however these issues are not mentioned within the framework of this article.
The main factor I want to mention is the increasingly obvious limitations of centralized social networks such as:
- Your account can be banned at any time and you may never get it back.
- Your data can easily be stolen or sold by the parent company. We often talked about wanting to buy a PS5, but that night all of our FB pages were ads for the PS5. It can be said that with centralized social networks, our privacy is easily violated.
- The division of profits between the company and pharmaceutical innovators is considered unfair. For example, if you send a gift on Tik Tok to your Idol Dat Villa, Dat Villa actually only receives 30% while Tik Tok receives up to 70%.
- Annoyed by advertising information. Do you feel annoyed when you hear: “I promise not to treat all diseases,…” or promotional videos you have to watch?
Overview of DeSocial & its benefits
DeSocial is a combination of Decentralized and Social, roughly translated as Decentralized Social Network. Decentralized Social Networks are social networks built on blockchain technology. Thanks to blockchain, social networks inherit the decentralization of blockchain and become Decentralized Social Networks.
Some of the benefits that DeSocial brings to the community include:
- Ownership of personal data belongs to each individual, no one, individual or organization has the right to infringe or use that data.
- No one or organization has the right to ban your account. That can only happen if there is a DAO through.
- Freedom of speech, freedom to post your favorite content.
- Profit distribution between the protocol and creators will become more fair and transparent.
Besides the benefits that decentralized social networks bring, there are still some relatively painful issues such as:
- If speech and posting are free, how will dirty content be dealt with?
- How will counterfeit issues be handled?
Why Believe DeSocial Could Become An Upcoming Trend
Attention of Large & Long-Term Investment Funds
Through the investment funds of the projects, we can see how DeSocial projects are being paid attention and invested in by funds.
- Farcaster: A16Z, Coinbase Ventures, Multicoin Capital, Ribbit Capital, Standard Crypto, Elad Gil, 1confirmation, Scalar Capital, First Round Capital, Volt Capital, A Capital,…
- Cyber Connect: Animoca Brands, SKy9 Capital, IOSG Ventures, Delphi Digital, Polygon Studios, Spartan Group, Tribe Capital,…
- DeSo: Social Capital, Variant, Winklevoss Capital, Polychain, Parafi Capital, Pantera Capital,…
It is clear that large investment funds have a certain interest in Social projects, but the amount of investment in DeSocial platforms is not as much as the Layer 1 and Layer 2 platforms, along with the valuation. project.
Binance’s special attention
Recently, after a long period of silence due to extremely bad market situations, Binance Launchpad has returned with 3 projects and especially all of the above projects are in one of the related fields. directly to DeSocial, not only that, all 3 projects are Binance Launchpad platform, we have:
- SpaceID: Platform for selling domain names like .bnb or .arb
- Hooked Protocol: Hooked Protocol aims to build the On-Ramp layer for widespread adoption of Web3 to form the ecosystem of community-owned economies in the future.
- Open Campus: Open Campus is a platform built with the goal of bringing decentralization, transparency and fairness in the field of education.
There are a few notable small points that I will write more deeply in the next articles such as:
- All three of these platforms, in the tokenomics section of Core Team & VCs, will begin to gradually open from mid-2024 around the time of the Bitcoin Halving event.
- Before leading the Play to Earn or Move to Earn trends, both Axie Infinity and StepN were deployed on Binance Launchpad.
Some Current DeSocial Platforms
Up to now, there have been many decentralized social networking platforms built towards many different segments of the market. We temporarily classify DeSocials into two types: DeSocial with direct access to the market and DeSocial with infrastructure.
DeSocial in terms of infrastructure, we have a few prominent names such as:
- Lens Protocol: Lens Protocol is a decentralized social network with a Web3 vision built on Polygon’s blockchain by AAVE’s development team.
- Deso: Is a Blockchain platform dedicated to decentralized social applications.
- Farcaster: The newly built DeSocial platform has successfully raised $30M from A16Z, Coinbase Ventures,…
DeSocial takes a direct approach to the market, we have some prominent names such as:
- Audius: Audius is a music streaming platform built on Solana’s blockchain.
- Hooked Protocol: Is a product in the Learn to Earn segment.
- Open Campus: Is an educational platform that allows Content Creators to create courses and profit from their brainpower. To be fair, the platform decided to move from Web2 to Web3.
- Readon: The Read to Earn platform is being built and developed on Solana’s ecosystem.
In the next article, I will share more details about how the popular DeSocial platforms work today.
