Decentralizing the Social Media Sphere: An Insightful Talk with CyberConnect Co-founder, Ryan Li
Summary:
The Web3 sector aims to transform social media through decentralized platforms, and CyberConnect co-founder, Ryan Li, explains the merits of this system on a Cointelegraph's podcast, Hashing It Out. Li highlights that decentralized platforms won't forsake content creators as their platforms grow and emphasizes the significant developments in decentralized social media, like new engagement methods and account abstraction. He discusses the success and critiques of Friend.tech as a prominent example in the field. The conversation also touched on how changes across platforms like Meta and X might influence the adoption shift towards Web3-based social media.
By altering the conventional internet, the Web3 sector aims to revolutionize the social media scene as part of their primary objectives. In the 34th airing of Hashing It Out, a podcast by Cointelegraph, host Elisha Owusu Akyaw engages in insightful dialogue with Ryan Li, the co-founder of CyberConnect, about the idea of decentralized social media. Li initiates the conversation by shedding light on the reasoning for the formation of social media platforms supported by blockchain technology. Li emphasizes that the security of the Web3 supported social media platforms provides assurance to content creators that they won't be left out when the platform expands or becomes more ad-centered, unlike conventional platforms. Besides, it offers a strong argument for SocialFi due to its decentralized financial infrastructure and speculative environment.
Li stresses on recent updates in the sector that have put decentralized social media platforms in the limelight. Innovations such as account abstraction implemented by CyberConnect and introducing gaming aspects to boost social participation on SocialFi, have generated interest in this field. A popular platform in the decentralized social media space recently has been Friend.tech. The platform rose to the top position as the most widely used decentralized application on Coinbase's Base network, noting revenues of 10,663 Ether (ETH), and a total value locked exceeding 30,000 ETH in under two months. Despite its substantial growth, criticisms have surfaced, and Li's view on the platform is intriguing as he likens it to a security.
Venturing beyond the realms of decentralized social media, the conversation between Owusu Akyaw and Li explored how recent modifications in influential platforms like Meta and X (known previously as Twitter) could potentially influence adoption. According to Li, strategies such as X's fresh financial model and Meta's possibly ineffective Threads experiment might provoke an increase in Web3 social media use. As per Li, the co-founder of CyberConnect, users might consider shifting platforms based on an appealing feature, but the infrastructure they discover keeps them on board. Tune into the newest session of Hashing It Out featuring Ryan Li on platforms such as Spotify, Apple Podcasts, Google Podcasts, or TuneIn. Alternatively, the complete selection of Cointelegraph's informative podcasts is accessible on the Cointelegraph Podcasts page.
This write-up serves to provide general knowledge and should neither be taken as legal nor investment advice. The opinions and perspectives expressed herein solely represent the author and don't necessarily convey or embody the views and opinions of Cointelegraph.
Published At
10/26/2023 12:20:00 PM
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