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What are decentralized social networks?

Published 02/06/2023, 10:52 AM
Updated 02/06/2023, 12:40 PM

Many of Web2’s major social media are already looking for a way out by making steps forward to Web3 and decentralization. For instance, Reddit touted community points, which are ERC-20 tokens that users can earn by posting quality content and contributing to online communities. To do so, Reddit is working with Arbitrum, a layer 2 protocol designed to scale Ether (ETH) transactions.

Twitter rolled out support for NFTs, allowing users to connect their wallets and display NFTs as profile pictures. Meta is also experimenting with nonfungible tokens on Instagram. Blockchain-based social media platforms continue to provide new functions and methods to interact with technology and one another.

Decentralized and transparent data storage

Smart contracts

Consensus mechanisms

Token economy

Decentralized applications (DApps)

Secure user authentication

Censorship resistance mechanisms

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