The main components of these models are cryptography, blockchain accounting, tokens and DAOs (decentralized autonomous organizations). These technologies allow communities to collectively negotiate rules and incentives rather than relying on corporate bigwigs.
Centralized social networks have been criticized for data usage, algorithmic manipulation and centralized control. The transition to Web3 models has so far faced challenges with governance, incentives, and usability. However, the shift to web3 models is gaining momentum as users seek alternatives to centralized control and its associated inconsistencies.
Web3 models also aim to restore user autonomy through data portability and give them control over their profiles and data.
Although the transition to decentralized social media faces obstacles, it offers hope for a future where users have collective power and ownership, returning social technology to its original purpose of connecting people in a more user-centered and exploitation-free environment.
Source: Ferra
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
