Social media is finally breaking free from the shackles of Big Tech | Opinion

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As a seasoned researcher with over two decades of experience in the digital world, I’ve witnessed the evolution of social media from a novel concept to an integral part of our daily lives. The transformation has been both fascinating and concerning, as we’ve moved from simple status updates to a complex web of data points that shape our decisions, routines, and even political landscapes.

In my personal journey, I’ve grappled with the implications of centralized platforms like Facebook, Instagram, TikTok, and others, which have undeniably enriched our lives but also raised significant privacy concerns. The power to filter content, censor voices, and monetize user data has made me question the true value exchange in these interactions.

However, my recent exploration into the world of decentralized social media platforms like Lens Protocol has filled me with a renewed sense of hope. As a researcher, I’ve always advocated for transparency, fairness, and user control in digital spaces. Decentralization offers a promising solution to these concerns by providing users with ownership over their content and data, eliminating the middleman, and ensuring that no single entity has control over the information we share.

The shift towards SocialFi represents a paradigm change, one that could reshape the digital landscape in favor of users. It’s exciting to see platforms like Lens Protocol gaining traction, with backing from reputable investors, and I eagerly anticipate its mainnet launch next year.

As for a lighter note, it’s amusing to think about the irony of centralized social media giants spending millions on ads to influence our decisions while also censoring content – all in an effort to make us believe they value our opinions! With decentralization, we might finally have a platform that truly does.

As a crypto investor, I often find myself in the latter category; the moment my eyes flutter open, I instinctively reach for my phone to check my social media accounts and crypto portfolio updates. It’s as if I’m starting my day with a digital inventory before fully waking up from the virtual world into reality.

Today, people are discovering innovative methods to interact with social media platforms, going beyond their conventional purposes. For instance, some individuals are opting for social media instead of typical search engines like Google, using these platforms to accomplish their daily chores. The emergence of influencers has led to a continuous flood of information, product suggestions, and sponsored content that significantly impact users’ choices and habits.

Companies now collect a wide range of information about users, including their likes, dislikes, online activities, and locations, which they use for tracking, studying, and making profit. During Kamala Harris’ presidential campaign, her team invested over $11 million in advertising on Instagram and Facebook to reach out to younger demographics.

Large technology companies hold considerable power to control the content that users access. For instance, in July, Facebook and Google faced criticism for suppressing President Trump’s post about an assassination attempt. They can eliminate content using algorithms or external influence, often without users knowing the specific guidelines applied to decide which posts get deleted and which are highlighted.

Decentralization is the key

As these hidden problems persist, an increasing number of people are moving towards decentralized options which inherently shield against censorship and unnecessary control.

Through removing intermediaries, decentralized social networks empower users to retain full control over their posted content. Furthermore, as these networks are not governed by a singular entity, data isn’t concentrated in a central, easily-targeted storage location prone to hacking or monitoring. Moreover, the absence of a centralized authority prevents any form of content censorship by users.

Combining social media concepts with blockchain technology paves the way for a web3 methodology in designing, operating, and engaging with digital social platforms.

For example, the Lens Protocol functions as a decentralized, layer-2 infrastructure specifically tailored for expansive digital communities. This setup empowers users by enabling them to retain control over their content and connections. On the other hand, conventional web2 platforms such as X, Facebook, TikTok, and Instagram operate on centralized social networks, where they exercise control over user interactions through data management. In stark contrast, Lens Protocol seeks to dismantle this centralized structure, transferring ownership of data and content to individual users.

The Lens Protocol empowers users to generate, exchange, and engage within a decentralized environment, eliminating the need for central control. This is achieved by enabling users to possess their personal profiles, giving them the liberty to transfer their data seamlessly between different systems.

In a recent development, the team behind Avara, creators of Lens, Aave, and Family, has concluded a $31 million investment round. This significant round was spearheaded by Lightspeed Faction, with additional contributions from Alchemy, Avail, Circle, ConsenSys, DFG, Superscrypt, Re7, and Wintermute Ventures. The funds raised will be utilized to strengthen the network infrastructure ahead of its mainnet launch, scheduled for next year.

Although we’re not quite ready to bid farewell to traditional web2 social media, the concept of SocialFi offers a fresh outlook on how decentralization can offer a more rewarding user experience. This transition paves the way for a future where users are rewarded for their time, creativity, and impact, and their data remains under their ownership rather than being controlled by centralized corporations. SocialFi champions for a fairer platform where value is distributed more evenly among contributors.

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2025-01-04 17:08