Decentralised Social Media Networks To Take Over?

16 May, 2022 (Monday)

The introduction of Web 3 is prevailing over centralised social media platforms like Instagram and Facebook, and thus makes an appearance in the form of NFTs and other means that are marketed over it. However, the decentralised form of social media mediums is also expanding rapidly with Ethereum-based social networks majorly responsible for it. 

A shift in the user’s perspective and liking towards such decentralised platforms have been noticed as they provide better privacy, better discourse, policies for content moderation, monetization options and more. 

Blockchain-based social media platforms are solving the issues of lack of transparency, demonetization, security issues, shadow-banning and others. While there are numerous decentralised blockchain social media sites, the Ethereum social media environment has seen tremendous expansion with ERC-20 tokens, NFTs & decentralised finance sector.

Some of such social media networks include- 

Peepeth- 

This platform can also be viewed as a decentralised version of Twitter with additions of blockchain-enabled functions. The data stored over this platform is eternal as it cannot be erased from the memory, making the platform censorship-resistant. Since there is direct control over the postings by the account holder, there is complete control of only the user to decide the nature of their posts. 

Other benefits of Peepeth include- 

  • Advertisement-free
  • Spam Resistance 
  • Monetization 

Minds

This platform on the other hand is considered to be an alternative version of Facebook. Unlike other decentralised social media platforms, Minds is relatively more known among the general audience and has seen an impressive rise in its reach from 1 million users in 2018 to 5 million in 2021. Minds focus on user privacy and include a preferred feature called ‘MindsChat’ as a messaging tool. 

Such decentralised platforms hold a lot of potential in the coming years and are expected to see rapid growth while also using other blockchain networks.