Building Communities in the Web3 Space: The Evolution of Social Networks

In today’s world, it’s hard to picture life without social media. We’ve grown so dependent on them, for better or worse. These platforms make the world feel smaller, letting us stay in touch with loved ones across the continents. Currently, the market is dominated by giants like Facebook, Instagram, WhatsApp, and YouTube.

When users think about social media, companies like Facebook and X are top of mind for good reason. They’ve defined the landscape, offering a boundless source of information and a springboard for startups and social causes. But what if I told you there are other options? Though less renowned, they promise greater transparency, autonomy, and empowerment. As we discussed in our post on Blockchain-powered gaming, exploring new avenues is always worth the journey.

The topic at hand today is quite close to me. It’s one of the first areas I delved into when I began researching Blockchain several years ago… It’s time to dive into Web3 social networks and how they change the game. Unlike traditional social media platforms, where one company holds all the cards, Web3 embraces decentralization. This shift mitigates issues like censorship and uneven value distribution, putting power back into users’ hands rather than a single entity making all decisions.

Web3 social networks

Steemit: introduced in 2016 by developer Dan Larimer and American entrepreneur Ned Scott, it’s a social media platform that uses Blockchain to encourage content creation and continuous engagement. Users are rewarded with cryptocurrencies known as Steem and Steem Power (SP): the former is a floating cryptocurrency, and the latter is a stablecoin tied to the USD dollar. Its Blockchain operates using the Proof of Stake (PoS) consensus algorithm.

Steem (STEEM) is the platform’s native crypto, rewarding users for crafting good content, while Steem Power (SP) represents the user’s influence within the ecosystem. People can stake Steem to acquire SP, giving them greater decision-making power. It’s worth noting that SP cannot be converted back to Steem for around 13 weeks.

Minds: founded by John Ottman, Mark Harding, and Bill Ottman, it emerged in 2015 as an alternative to the big social networking platforms. Here, users can earn Minds tokens by posting content and receiving tips from others. What’s more, Minds operates on open-source software, granting users the freedom to develop their social networks. Much like Facebook, people can chat with friends, form groups, and share photos and videos.

“I always considered it necessary and inevitable for an open-source, free social network to emerge and compete with tech giants. Global communication platforms must respect community freedom; otherwise, we end up where we are now: with surveillance and algorithmic manipulation. We knew we couldn’t be a sustainable network without building an independent social engine from scratch, entirely separate from big tech’s APIs”.

-Bill Ottman, Minds CEO.

Hive: born from a Steem Blockchain fork in March 2020, swiftly transitioned into a decentralized space driven by the Delegated Proof of Stake (DPoS) algorithm. Hive emerged from a community of users disenchanted with Steem’s direction, after driving many debates about platform governance. Here, people can share content, interact with others, and earn rewards in Hive tokens.

The Hive website touts the project as Fast (transactions confirmed in milliseconds), Scalable (optimized for long-term sustainability), and Powerful (tools like PeakD and 3Speak were built on the platform); moreover, Hive has its native stablecoin: HBD (Hive Dollar).

“Hive is one of the most decentralized blockchains. There is no single entity or organization that controlls the network. Everything is run by the community members. The initiative behind the creation of Hive was decentralization. The community came together to create something that cannot be overtaken by the centralized entities”.

Web3 social networks strive to offer increased security and reliability, empowering the community to play a more active role in decision-making and governance. These platforms present a prime opportunity to reconsider how we connect today and truly grasp decentralization’s value. Alternatives like Steemit, Minds, and Hive not only financially reward users for their engagement but also combat censorship. Freedom of expression is sacrosanct.

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