Social media is changing significantly as a result of the internet’s evolution. Traditional social media platforms are known for infringing on users’ privacy, using suspicious data techniques, and imposing severe censorship. Web3 social media networks want to change every one of those things.
This article will explain how Web 3.0 social networking platforms operate and which ones are currently the best available.
How Do Web3 Social Media Platforms Work?
To offer a more transparent experience, a Web 3.0 social media platform blends cutting-edge technology with user control, privacy, and fairness principles. The social networking site uses a network of computers called nodes to run its operations rather than one company in charge of everything on a centralized server. Additionally, users now have more authority over their online identities and data.
Each of these sites has a native cryptocurrency or token. Users can earn these valuable tokens through their contributions. The community can also utilize them to express gratitude to the creators they like.
Furthermore, decentralized governance approaches are frequently adopted by Web3 platforms. Decision-making procedures involve user input, and platform updates and modifications are decided upon collectively.
Benefits of a Web3 Social Media Network
Web3 social media platform has various advantages:
Gives users’ control over their data and online identity a priority
Because users have more control and ownership over their interactions, content, and personal information, there is less chance that centralized platforms will exploit or manipulate such data.
Increased security and privacy
To secure user data, decentralized social media networks frequently incorporate privacy-enhancing technology like encryption and zero-knowledge proofs. Because users are more assured of their privacy, there is less chance of data breaches or unwanted access.
Exciting rewards
Users who contribute in ways like content creation, high-quality content curation, or governance decision-making are rewarded in tokenized ecosystems. Users can profit monetarily from this incentivization model, which also promotes active participation.
Data portability and interoperability
Because a Web3 social media network is interoperable, it may be easily integrated with other decentralized platforms and apps (DApps). When users have the freedom to manage and transfer their data between various services, data portability is encouraged and vendor lock-in is decreased.
List of the Top 5 Web3 Social Media Platforms
To try right now, these are the best Web3 social media apps:
1. Diamond App
Diamond App, a decentralized social media network powered by DeSo blockchain technology which aims to give people authority over their social identities and the ability to earn money from their influence and content.
Diamond App gives each social network user their own token, known as creator coin. The user’s influence and reputation throughout the network are represented by these creator coins. To support artists they support, users have the option to purchase, trade, and keep creator coins from a variety of accounts, including their own.
Its network grew to over 130,000 active members in November 2022. It features a social feed with posts from creators you follow as well as the most popular ones, just like traditional social media platforms. You are able to post your bio and make a profile.
Unlike Web 2.0 social networks, Diamond App likes can be exchanged for real money. Users of the Diamond App can send cryptocurrency to their preferred creators using the tipping system (diamonds). This enables creators to get paid real money for the “likes” that fans provide. In order to make their postings into digital treasures, creators can also mint them as NFTs.
2. Minds
Minds is an open-source Web3 social media platform that provides users with a decentralized, privacy-focused substitute for popular social networks. By promoting content, helping other users, and subscribing to a premium membership, users can earn Minds tokens, a cryptocurrency. Because these tokens are kept on the Ethereum blockchain, token transactions are transparent and accountable.
Users can use Minds Tokens to increase the visibility of their content and trade tokens for fiat money or other cryptocurrencies. As a result, users can profit from their contributions and possibly earn money from using the social network.
Minds has 2.5 million registered users by 2020. Users of the Web3 social media platform can communicate with each other using a number of functions, such as posting content, contacting other users directly, following other users, and being a part of a community. By responding to, commenting on, and sharing posts, users can communicate and create relationships and conversations.
Minds facilitates networking communities with a range of interests and promotes free expression. These communities have talks on politics, social issues, art, cryptocurrency, and activism. The social media site doesn’t employ advertising, however boosted posts are available in the free version and can be disabled when upgrading to a paid membership.
3. Audius
Designed for musicians and music enthusiasts, Audius is a decentralized social media platform of the future. This decentralized music streaming service provides a distinctive, artist-focused user experience.
Through the social networking platform, musicians can directly upload, share, and make money off of their music. This gives them control over their work and the chance to make money through tips, streaming royalties, and fan interaction. Royalty payments are managed by smart contracts, which ensure that artists receive a fair share of money based on predetermined guidelines.
The number of users on the platform reached 7.5 million last year. Through the building of playlists, reposting, following artists, and favoriting songs, Audius promotes user interaction. By offering chatting, networking, and remixing functions, it promotes community involvement and cooperation. Through the social networking platform, users can create a feeling of community, give feedback, and interact directly with artists.
The platform presents “Audio” ($AUDIO), a native cryptocurrency that rewards artists, allows staking and platform governance involvement, and streamlines platform operations.
4. Chingari
In 2018, Chingari, a decentralized social media network for sharing videos, was introduced in India. It was introduced as a TikTok substitute after the app’s national ban. Despite being an Indian-native networking software, it has a community of over 175 million members worldwide and supports more than 20 languages due to a rebranding and community supported by cryptocurrency.
In order to compensate users and authors for posting and interacting with content on the social media network, Chingari employs the GARI token. By signing onto the app, uploading and viewing videos, getting likes and comments, sharing videos, getting followers, and following other users, you can earn the token.
Major exchanges allow you to swap the GARI token for fiat money or other cryptocurrency tokens. You can also let them accumulate value in your account. Opportunities to interact with creators they admire are provided by this create-and-engage-to-earn structure, which also fairly compensates creators for their work.
More than 50 million people use Chingari’s networking app, and the company has over 1.6 billion views on its videos. Additionally, they have been recognized as India’s top social networking app.
5. Mastodon
Mastodon is one of the greatest decentralized social media networks, which gives users an option to popular centralized networks. Over ten million people have registered on it. It functions using a federated model, in which a network is made up of several separate servers, or instances.
Since each instance is run separately, users can select the one that best suits their preferences and the rules of the community. This encourages independence, diversity, and toughness in the social media network.
Mastodon offers a variety of ways for users to engage with one another, such as direct messaging, mentions, boosts (reblogs), replies, and toots (brief messages). These tools make it easier to share content, have conversations, and create communities. Users have the ability to tailor their timelines by following accounts that interest them.
Although Mastodon lacks a built-in user reward system or cryptocurrency of its own, certain instances may include outside resources for tipping or user rewards. But Mastodon is more concerned with decentralized social media than it is with implementing blockchain technology.
Conclusion
Web3 social network is a welcome substitute for traditional social channels. Users can take advantage of enhanced transparency and community governance using Web3 channels. Try signing up for one of the services listed above to see for yourself what a Web3 social network is all about.
