We are moving in the Direction of DeFI slowly, because our financial system is Centralised and very few people holds so much power, Crypto is solving the problems in financial system, is there any difference in Social Media industry right now?
Today, social media is even more centralized than the financial industry was prior to the creation of Bitcoin. A handful of private companies effectively control public discourse, and earn monopoly profits off of content that they don't even create. Meanwhile, the creators who actually produce this content are underpaid, under-engaged, and under-monetized thanks to an outdated ads-driven business model. In addition to all of this, the ads-driven business model also forces social media companies to keep a walled garden around content created on their platforms, preventing external developers from innovating or building apps on top of it, and giving users and creators no choice but to continue using apps that solely they control
These problems stem from the fact that the data and content created by users today is privately owned by a handful of companies, rather than publicly accessible as an open utility. Because only a handful of companies have access to the content, only these companies can curate competitive feeds, only these companies can build competitive new features and apps, and only these companies can monetize this content-- content that isn't even created by these companies in the first place. We're stuck in a loop: Users have to use these companies' apps because they have a monopoly on the content, and because of this, creators are forced into continuing to give their content up to them in order to get reach, in a vicious cycle that continues to empower these companies at the expense of creators & society as a whole. These companies have managed to create a global network effect around a private pool of content that they solely monopolize. Moreover, this centralization of content seems unavoidable: There's value in combining all of the content into a single pool, since it allows for curation at a global scale, but whoever we put in charge of maintaining the pool is ultimately going to become a centralized gatekeeper like what we have today. A solution would arise if we had a way to shift the network effect to a public pool of content that no individual entity controls.
all of these problems can be solved by decentralizing social media in the same way Bitcoin and Ethereum are decentralizing the financial system. In particular, Bitcoin created a way to store transactions on a public ledger that no individual entity can monopolize, which has led to the disruption of the financial industry, and we believe this technology can now be extended, for the first time, to run a social network without needing to rely on a centralized gatekeeper. Bitcoin and Ethereum have shown that dominant platforms can be built around open code and open data, rather than around private companies that monopolize their data and benefit
What will you get if you follow a person on SM, and that person rises to stardom and all we can say, I have been a follower of 'X person' from early days,it would be surprise if the famous X person remember your name at all. But what if you get benefited as much as that famous person by speculating on their popularity ? It is possible with DESO (Decentralized Social) , A world which gives value to your social media presence
Everyone Has a Coin
Every profile on the DeSo gets its own coin that anybody can buy and sell. We call these coins “creator coins,” and you can have your own coin too simply by creating a profile. The price of each coin goes up when people buy and goes down when people sell.
Creator coins are a new type of asset class that is tied to the reputation of an individual, rather than to a company or commodity. They are truly the first tool we have as a society to trade “social clout” as an asset. If people understand this, then the value of someone’s coin should be correlated to that person’s popularity. For example, if Elon Musk succeeds in landing the first person on Mars, his coin price should theoretically go up. And if, in contrast, he makes a racial slur during a press conference, his coin price should theoretically go down. Thus, people who believe in someone’s potential can buy their coin and succeed with them financially when that person realizes their potential. And traders can make money buying and selling the ups and downs
You Can Buy Your Favorite Person’s Coin
To buy someone’s coin, you simply navigate to their profile on any DeSo app, such as bitclout.com, and hit “Buy.” You can find someone’s profile either by searching for it or by visiting the creator coin leaderboard
In short, You create a profile,your 'creator coins' will be minted, which would be of no to zero value at that time, but as the activity on your profile goes up, people buying your coin the price of your coins go up, making your social media presence more valuable. Users can also speculate the value of the famous people like Elon Musk, when they achieved something or get involved in some wrong doing. You can mint social NFTs of your content, and sell, reward to the holders holding most number of your creator coins. Like If joined ,Christiano Ronaldo offers to hold a dinner,or a coffee with his 10 followers holds most number of coins, and the money collected through the event goes to charity or any other personality holding an AMA event.
Another example :
A feed for every country and every language. Isn't it weird that people all over the world consume information curated predominantly by the US? How much does an engineer working in Silicon Valley really know about what people in other countries want to see, or what features they want? In the past, we were stuck with this model because US companies built a data network effect that entrenched them, even in non-US countries. But DeSo can break this status quo because all of its data is open and the barrier to entry to starting a competitive feed is virtually zero. For the first time, people who actually live in a country can curate a feed for their people, no matter how large or small their country is.
There are lot of other things which can be done on DESO, this is only an introductory post to know the views of Crypto community on this topic.
Tl:Dr- A decentralized social media world all the content is stored on public Blockchain,now you have a value of your social media presence which others can speculate on. Anyone can become a node, content creators are rewarded, Anyone can ran their own curated feed like political, sports, NSFW, speculate on the value of famous personalities.
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