Exploring the Potential of Web3 Social Media and Evaluating the Security of Friend.tech

The Web3 industry is continuing its efforts to disrupt the World Wide Web, and one of its main targets is social media. In the latest 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 begins by explaining the reasoning behind creating social media platforms that run on blockchain. He emphasizes that Web3 social media platforms provide content creators with the confidence that they won’t be abandoned as the platform grows or shifts its focus to ad revenue, which is not the case with traditional platforms. This unique feature is made possible through the use of a decentralized financial system, and the speculative nature of the space makes a strong case for SocialFi, as explained in this beginner’s guide.

Li also discusses recent updates in the decentralized social media sector that have generated excitement. CyberConnect’s addition of account abstraction and new gamified ways to increase engagement on SocialFi platforms have garnered attention and contributed to the buzz surrounding this emerging field.

One decentralized social media platform that has been making waves lately is Friend.tech. Within just two months, the platform has become the most used decentralized application on Coinbase’s Base network, earning 10,663 Ether (ETH) in revenue and locking in over 30,000 ETH. However, despite its success, the platform has faced criticism. Li shares an interesting perspective, describing it as a security:

“However, when you say if it’s a security, I would kind of say it might be because the price of a key, even though it’s trading against a battling curve, it’s not trading with another person.“

In addition to discussing decentralized social media, Owusu Akyaw and Li delve into the impact of recent changes at major platforms like Meta and X (formerly Twitter) on adoption. Li suggests that X’s new monetization strategy and Meta’s unsuccessful experiment with Threads could accelerate the adoption of Web3 social media. According to Li, users are likely to switch platforms due to a single feature they love and then stay because of the overall infrastructure and experience they find.

To listen to the full episode of “Hashing It Out” with Ryan Li, co-founder of CyberConnect, you can visit Spotify, Apple Podcasts, Google Podcasts, or TuneIn. Cointelegraph also offers a wide range of informative podcasts on its Podcasts page.

It is important to note that this article is for general information purposes only and should not be interpreted as legal or investment advice. The opinions expressed here belong solely to the author and do not necessarily reflect the views of Cointelegraph or its affiliates.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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