Will blockchain-based social media oust the industry giants?
Blockchain has an amazing ability to transform the things we are used to into something innovative. One example is blockchain-based social networks, which will be discussed.
This Monday, real estate tycoon Frank McCourt announced a 100 million investment to create a "democratic" counterpart to popular social media intimidating censorship. The name was chosen to match the idea Project Liberty.
But can decentralized social media sites like Project Liberty become a bulwark of freedom, or will they only add more fragmentation to society?
Among the fundamental principles of any decentralized social network are:
- Open source everyone has the opportunity to make sure of the reliability of the code and understand the algorithms that it uses
- Decentralized control no company, regardless of its size, has an impact on the social network
- Democratic decision decisions about the structure and future development of the project are made democratically, although it is most likely that sooner or later a split will occur, as in the case of Bitcoin and Ethereum
- Accessible artificial intelligence users not only know that artificial intelligence is involved in the system but also understand what this or that decision is connected with since they are reasoned
Technologies to implement all of the above aspects are already available. But they are all still at different stages of development and readiness.
AI as a “brain” of the social network
The main task of decentralized social networks of the future should be the ability of its participants to independently control data on their use of this very social network. The AI algorithms that will be used to model this data must also obey users so that they understand exactly how the AI evaluates it and why it offers ads for specific things, personalities, events, media, and more.
This strongly correlates with what we have in social networks today, recommending this or that content with the sole purpose of getting even more money from you, keeping attention on what the creators of the social network and advertisers need, and not the user himself.
Social networks with a decentralized infrastructure can completely eradicate the problem of banning a particular person or topic. Transparently managed, yet secure, AI-powered social media will be able to rank and rate content in such a way that no one is forced to find something offensive to themselves since they will simply never see it in their “news feed”.
At the same time, if you are ready to face a new topic for yourself, the AI will not shield you, but it will be able to make acquaintance with it less "traumatic".
The problem of people is in themselves
Unfortunately, even global decentralization cannot cure human vices. Therefore, such social networks, due to greater freedom, will attract the attention of marginal segments of society. Including criminals, as it was previously with cryptocurrencies.
However, deception attempts are everywhere and attackers have never limited themselves to the Internet. But after all, robberies in broad daylight did not affect the desire of people to go out.
Do not forget that in addition to scammers, every minute a lot of brilliant ideas are born on social networks. Most of whose authors find it difficult to find “their” audience in the context of a modern centralized network information structure that offers not the more interesting one, but the more popular one.
The biggest challenge for blockchain social media enthusiasts will be taking the technology out of the blockchain ghetto and trying to mainstream the idea.
Competition with mastodons like Facebook, Twitter, YouTube, TikTok, and others promises to be difficult, but looking at the possible future of decentralized social networks with AI, you begin to realize that it is worth fighting for.