Wednesday, 19 June 2024
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A case for Web3 social media, and is Friend.tech a security?

A case for Web3 social media, and is Friend.tech a security?


The Web3 industry continues its mission to disrupt the World Wide Web, and social media is one of its primary targets. In the 34th episode of Cointelegraph’s Hashing It Out, host Elisha Owusu Akyaw interviews Ryan Li, co-founder of CyberConnect, about the concept of decentralized social media. 

Li kicks off the episode by explaining the rationale behind creating social media platforms running on blockchain. Li points out that Web3 social media platforms give content creators the confidence that they won’t be abandoned when the platform gets bigger or shifts its focus to ad revenue, unlike traditional platforms. This feature is built on top of a decentralized financial system, and the speculative nature of the space creates a strong case for SocialFi.

Li also highlights updates in recent years that have shone a spotlight on decentralized social media applications. Developments like the addition of account abstraction by CyberConnect and new gamified ways to increase engagements on SocialFi platforms have created some buzz around the sector.