{"id":183591,"date":"2023-10-30T14:48:04","date_gmt":"2023-10-30T09:18:04","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=183591"},"modified":"2023-10-30T14:48:04","modified_gmt":"2023-10-30T09:18:04","slug":"web2-social-media-is-failing-its-users-web3-can-do-better-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/web2-social-media-is-failing-its-users-web3-can-do-better-crypto-news\/","title":{"rendered":"Web2 social media is failing its users. Web3 can do better &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>The plot for this summer\u2019s blockbuster, Oppenheimer, concerns the quest to split the atom and harness the ensuing chain reaction. Few forces are more powerful than the atomic bomb in irrevocably altering life on earth save for one: people power. When you upend society by wresting control from the 1% and handing it to the majority, unpredictable things happen.<\/p>\n<p>Sometimes beautiful, sometimes ugly, the will of the masses is a chaotic force that defies attempts to tame it. Hollywood knows only too well what can happen when the silent majority finds its voice: The recent Writers Guild of America strike has seen creatives more accustomed to putting pen to paper placing voice to megaphone, resulting in hostile confrontations on the picket line.<\/p>\n<p>Meanwhile, on social media, too, the creators are revolting against their overlords. Web users \u2014 the ones responsible for creating the memes, talking points, jokes and viral videos that fuel Silicon Valley startups\u2019 billion-dollar valuations \u2014 are the currency that makes digital networks, well, <em>work<\/em>. Even if there\u2019s no currency being returned to their pockets, no matter how many views they accrue or impressions they generate.<\/p>\n<h4 class=\"wp-block-heading\">Social media\u2019s Great Malaise<\/h4>\n<p>Anxiety about social media isn\u2019t new. Nor is it confined to monetization concerns. The worry runs deeper, encompassing everything from opaque data reselling practices to rampant censorship and de-platforming. This summer alone has seen Meta <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2023\/05\/22\/business\/meta-facebook-eu-privacy-fine.html\">fined US$1.3 billion<\/a> by the European Union for mishandling user data, followed by a Reddit moderator <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nbcnews.com\/tech\/tech-news\/reddit-protest-blackout-ceo-steve-huffman-moderators-rcna89544\">rebellion<\/a> over perceived lack of control and, just last week, another fiasco with Reddit moderators <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coindesk.com\/markets\/2023\/10\/23\/reddit-crypto-community-removes-moderators-accused-of-moon-insider-trading\/\">accused of insider trading<\/a> following the announcement of the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/what-caused-reddit-community-points-collapse\/\">end of its community token program<\/a>, not to mention a feeling of hopelessness about X, the platform formerly named Twitter, over new owner Elon Musk\u2019s capricious decision-making on the fly.<\/p>\n<p>On the one hand, X has been more receptive to free speech since Musk took over. On the other, its blue check verification system has been a mess \u2014 and don\u2019t get users started on the platform\u2019s rebrand and new name. When Musk is playing benevolent dictator, he appears happy to take feedback on board and promise to direct greater revenue towards top creators. The rest of the time, he\u2019s a bull in a china shop, careening from one screw-up to another.<\/p>\n<p>YouTube, meanwhile, has been ramping up its censorship, angering the likes of Jordan Peterson while Meta has infuriated tribute bands that got <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/entertainment-arts-66028976\">banned<\/a> from Facebook for \u201cpretending to be someone famous.\u201d If you think things are bad now, wait until you see what\u2019s in store for the next season of the Web2 social media clown show.<\/p>\n<h4 class=\"wp-block-heading\">A rebirth in Web3<\/h4>\n<p>While the Web2 social media giants have been engaged in a user-alienating race to the bottom, others have attempted to play them at their own game. If you don\u2019t like the rules, they reason, go create your own. For such imagineers, this generally involves setting up shop in Web3, that vast domain where censorship is the enemy and decentralized storage replaces centralized servers.<\/p>\n<p>As its advocates have found, Web3 is not a remedy for everything that\u2019s wrong with Web2. For one thing, creating network effects is hard for any emerging application, let alone one intent on taking a bite out of Facebook\u2019s breakfast. There\u2019s also a learning curve to Web3, over and above that which comes with mastering a new network, which is often too much for tech novices to face.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><\/figure>\n<p>For those bold enough to make the leap to Web3, however, its occasional unreliability can be forgiven for what it gives in return: revenue to the revenue drivers, data to the data owners, and a platform for the de-platformed. In many respects, this stuff isn\u2019t revolutionary. It\u2019s just sorely missing from social media as we currently know it.<\/p>\n<p>Giving creators the power to determine their own destiny on social media isn\u2019t just about letting them monetize their skills \u2014 it also empowers them to become stakeholders who can shape the network\u2019s future. It stands to reason that those with a vested interest in seeing a platform succeed are motivated to make decisions that will support the collective good.<\/p>\n<p>Founded on principles of libert\u00e9, \u00e9galit\u00e9 et fraternit\u00e9, Web3 may sound like a communist\u2019s dream, but it\u2019s actually more of a consumer\u2019s paradise. If you believe in getting paid for the work you do and retaining ownership of your intellectual property and identity, Web3\u2019s core values should resonate. It\u2019s built upon rewarding users for their content and involvement with the creator economy. The lack of incentives to post low-quality content, meanwhile, serves to reduce spam. You can still shitpost in Web3, but if there\u2019s no one listening, what\u2019s the point?\u00a0\u00a0<\/p>\n<p>These blockchain-based social networks help creators build their reputation and grow their following without fear of a risque joke or sudden policy change sending them to Siberia. Web3 doesn\u2019t let you be a dick and get away with it. Rather it lets you be human, failings and all, and not be blacklisted for it.<\/p>\n<h4 class=\"wp-block-heading\">Choose your destiny<\/h4>\n<p>Ultimately, Web3 is about freedom of choice. It\u2019s okay to opt into ads and be rewarded for watching them via the attention economy\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forkast.news\/tokens-nfts-tokenization\/\">tokenization<\/a> of time. It\u2019s also okay to shun the micro-rewards and opt out altogether. It\u2019s okay to monetize your data or to keep it under lock and key. And it\u2019s okay to maintain pseudonymity while forging bonds with like-minded strangers you\u2019d unwittingly walk past on the street but die for on the internet.<\/p>\n<p>It\u2019s not perfect, it\u2019s highly ambitious, and we don\u2019t even know yet if it will triumph over existing solutions. But make no mistake, Web3 is the great social experiment of our time. And that\u2019s what makes it so utterly compelling.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The plot for this summer\u2019s blockbuster, Oppenheimer, concerns the quest to split the atom and harness the ensuing chain reaction. Few forces are more powerful than the atomic bomb in irrevocably altering life on earth save for one: people power. When you upend society by wresting control from the 1% and handing it to the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":183592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-183591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=183591"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183591\/revisions"}],"predecessor-version":[{"id":183594,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/183591\/revisions\/183594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/183592"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=183591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=183591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=183591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}