Social Capital Ownership: Importance of the Web3 Social Layer
Web 3 social media is transforming the way we interact online by decentralizing the system and providing users with ownership of their cryptographic profiles. Blockchain-based social media can help authenticate identities, verify accounts, and build trust. In this article, we will explore the concept of Web 3 social media and its potential for growth in the coming years.
The need for a decentralized system
Web 3 proponents argue that the existing Web 2.0 social media platforms are centralized and have too much control over user data, leading to privacy concerns and other issues. Decentralization, as offered by Web 3, can provide greater control over personal data, privacy, and security. Blockchain-based social media platforms can create a shared, immutable digital record of transactions, enabling users to track where particular information originated and judge its credibility. This transparency can foster trust in the platform and the information shared.
Authenticating identities and verifying accounts
Web 3 social media platforms can also help authenticate identities and verify accounts. The use of blockchain technology ensures that profiles are genuine and verifiable, making it difficult for fake accounts to be created. Decentralized social media platforms such as Lens Protocol, created by Aave, allow users to own their cryptographic profiles, making it possible to transfer them between different platforms.
The creator economy and the growth of Web 3 social media
The creator economy is a growing industry, with an estimated value of $60 billion in 2023, expected to grow by 9% through 2024, when it should approach $75 billion. With the advent of Web 3 social media, content creators can now own and control their content and distribution channels. Decentralized social media platforms such as Lens Protocol give users the ability to create and collect publications, while ownership of content and control over the distribution channels remains with users.
Stani Kulechov, founder and CEO of the Aave Companies, sees Web 3 social media as a driver for blockchain adoption. Aave Companies are best known for creating the Aave Protocol, a decentralized, open-source, and non-custodial liquidity protocol that allows users to supply crypto-assets and borrow crypto-assets. In 2022, Aave Companies introduced Lens Protocol, the Web3 social layer that allows users to own their social profile and enables developers to build social media applications on top of Lens or integrate Lens features into existing blockchain applications.
Lens Protocol : importance of social capital ownership
Lens Protocol is a blockchain social layer that aims to enable users to own their social capital. Social capital refers to the digital version of the connections we make, our personal networks, the time we spend with our friends and in communities and groups or one-on-one, and the ideas we share and consume. On Lens, users create a universal profile, own their social profile, data, content, and followers, making it possible to transfer them between different platforms.
Web 3 social media platforms are transforming the way we interact online by providing users with ownership of their cryptographic profiles, authenticating identities, and verifying accounts. Decentralization, transparency, and trust are at the heart of Web 3 social media, making it a driver for blockchain adoption. With the growing creator economy, Web 3 social media is expected to continue its growth and expansion, with decentralized social media platforms like Lens Protocol leading the way.