DiamondApp, a Decentralized Web3 Version of Twitter, Uses the Decentralized Social Media Model
May 03, 2022 at 16:16
The DeSo Foundation, an organization focused on a new layer-1 blockchain built from the ground up to scale decentralized social media applications, wants to point out that an early example of a decentralized version of a social media app is DiamondApp. The DiamondApp is a Web3 version of Twitter where users get to earn diamonds instead of just likes. The DeSo Foundation wants to explain that the DeSo is the first and only blockchain that has been custom-build from the ground up to power up a new category of social media applications, which are decentralized and scaled up to one billion users.
It should be noted that the problem with social media is that it is even more centralized than the financial industry before the creation of the Bitcoin. This means that only a few private companies effectively control the public discussion, and get to earn huge monopoly profits off of content they’re not even the ones creating. In fact, the content creators are underpaid, under-monetized, and under-engaged because of the ads-driven business model being used. Furthermore, as a result of the ads-driven business model, social media companies had to prevent external developers from building apps or innovating on top of the content, giving creators and users alike no choice but to use apps solely controlled by the social media companies.
The above-mentioned problems of traditional social media is mainly due to the social media companies privately owning the data and content created by the users. The result is that only the social media companies who can build competitive apps and features for the content and it is only these companies who can monetize even if the content wasn’t even created by them. The promoters of DeSo believe that such problems can be solved by using decentralized social media in much the same way that Bitcoin and Ethereum decentralized the financial system, preventing one single entity to monopolize the control of financial transactions. This technology may now be extended into the realm of social networks, thus eliminating reliance on a centralized gatekeeper. Bitcoin and Ethereum have demonstrated that dominant platforms can be created around open code and open data, instead of around private companies that monopolize their data and benefit only the shareholders at the expense of everyone else, including the users and content creators.
The ultimate goal of the decentralized model for social media is that all of the data are kept in a public blockchain. This implies that anyone from any part of the world can run a node that exposes their own curated feed. At the present time, there are more than 100 other projects that are running nodes and creating apps on DeSo. Furthermore, because DeSo is completely open source, the different players can also customize their UI and construct their own custom algorithms for ranking the influencers and posts in such a way that is beneficial for the specific target customers. The result is a gradual move from a world where only a few giant companies control the dominant feeds to one in which consumers have thousands of feeds to choose from, each with its own particular focus.
To see how the above-mentioned concepts actually work in the real world, one can take a look at DiamondApp, which is a decentralized social version of Twitter. As promised by the DeSo model, DiamondApp users are given full ownership of their content and identity. Rather than likes, it is possible to send users real money with tips with the result that people who post on DiamondApp could earn as high as $1,000 for a post that goes viral. In addition, every profile has creator coins or social tokens that people can buy and invest in. And because of the DeSo blockchain technology, each user’s profile and social graph may be utilized across any DeSo app. It is also possible to establish a founders reward percentage to collect revenue whenever someone buys one’s social token. And finally, it is also possible to gift non-fungible tokens (NFTs) with an airdrop to one’s early adopters and loyal supporters.
Those interested in DeSo and the DiamondApp social network can check out their websites, or contact them on the phone or through email.
For more information about DeSo, contact the company here:
20 W 34th St, New York, NY 100001