Blockchain technology provides a strong impetus for the future development of decentralized social media

Social media platforms remain very popular, but users are increasingly dissatisfied with large tech companies' control over their online social lives, whether it be content moderation or personal data collection. Recently launched alternative applications reflect this dissatisfaction. A newly released introductory guide discusses the potential of cryptocurrency and Blockchain to empower decentralized social media, which is an innovative social networking model that embodies the web3 vision of a user-led internet. Although still in its early stages, "DeSoc" has already spawned numerous decentralized applications and attracted millions of users to its on-chain social network vision.

Traditional web2 social media sites have changed the way people communicate by connecting users globally. Over half of the world's population uses social media, and the most popular platforms generate huge revenues. However, these platforms also bring typical "web2" issues: large tech companies ultimately own user-generated content, content moderation teams can expel users from the platform, delete years of accumulated content, and immediately sever the connection between creators and fans. Companies also profit by tracking and selling user data, while closed systems hinder innovation from third-party developers.

The DeSoc network has the potential to utilize Blockchain technology and other web3 features (such as tokens, pseudonyms, and Decentralization governance) to address these issues. In short, DeSoc's goal is to ensure that users "establish direct connections with the audience and with each other." Users can create accounts without providing personal information such as real names or email addresses. They can join specific platforms that align with their interests while still using their decentralized accounts to freely communicate with users on multiple different websites. Users can autonomously decide on content moderation policies. Users wishing to leave the platform can easily migrate their account data (including usernames, posts, and follower lists) to other websites.

Specifically, the DeSoc application offers several advantages that can protect privacy, support creators, and promote innovation, including:

• Freedom of speech and privacy protection. Many DeSoc networks allow users to post using pseudonyms that cannot be associated with their real identity. Users are also less likely to suffer from content removal and platform bans, as there is no central entity to exercise such control. Since records on the Blockchain are immutable, DeSoc networks provide built-in tools for users who wish to verify their real identity across multiple platforms.

• Content ownership and monetization. Many DeSoc applications do not rely on advertisements or data tracking, but instead issue native tokens to raise funds. Subsequently, they reward user participation by distributing additional tokens for posting or engaging in discussions.

• Innovation Driven. Most decentralized applications are built using open source code, which means developers can freely access, modify, and develop based on existing code. This mechanism encourages collaboration and accelerates innovation.

A certain social media giant recently launched its own Weibo application, attempting to draw on some of the advantages mentioned above. Although the application's appearance and functionality are similar to traditional social media websites, it claims to be compatible with ActivityPub, a decentralized social networking protocol that allows accounts to be hosted on independent servers. This decentralized structure enables users to have better control over their data and allows them to easily interact with other networks using the same protocol.

The DeSoc network faces specific challenges related to usability and content moderation. For example, its distributed nature can make it difficult for users to find specific friends and content. With numerous websites, searching and navigating can be confusing. Sometimes, a site-by-site moderation approach can lead to de facto content moderation across the entire network. Given these reasons, it is crucial for policymakers to understand the DeSoc network and the regulatory areas involved. Specifically, DeSoc applications raise concerns about the potential spread of misinformation and propaganda, as well as the responsibility issues regarding decentralized protocols for illegal or harassing speech (if any). They also lack clear regulatory guidance on the application of data protection and consumer disclosure requirements, as well as the tax implications of token transactions.

Like all decentralized applications built on Blockchain, DeSoc has the potential to enhance freedom and opportunity worldwide by empowering creators with more ownership and control over their content and networks. Blockchain is a groundbreaking technology that enables direct information sharing between individuals and has led to a variety of applications that benefit from Blockchain's efficiency, transparency, and accessibility. In the on-chain world, transparency and trust are built into the decentralized protocols themselves, and these protective mechanisms will only strengthen as technology advances. Therefore, lawmakers and regulators focused on social media should concentrate their efforts on centralized participants that require additional transparency and information disclosure.