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Without Economic Incentives, Decentralized Social Networks Will Be Unrealistic Utopiasby@bingventures
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Without Economic Incentives, Decentralized Social Networks Will Be Unrealistic Utopias

by Bing Ventures12mMarch 7th, 2023
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Three basic features of decentralized social networks include freedom from centralized control, decentralized data storage, and censorship resistance. The channel model is replacing the traditional square model as a new paradigm of social networking. The channel model is behavior-oriented where users broadcast their messages to the whole network without necessary direct interaction with other users and influence on the network converges without causing a monopoly. The ideal decentralized social networks should balance censorship and anticensorship and follow the principle of voluntarism and supermanism. Because of differences in their design, Nostr, Farcaster, and Subsocial have different strengths and disadvantages. Nostr is the most concise and censor-resistant protocol, easy to be used for large-scale apps. Farcaster leverages the network effect and security of Ethereum. And Subsocial benefits from the cross-chain capability of Polkadot and the decentralized storage technology of IPFS. Decentralized social networks with strong censorship resistance and high security are worth paying attention to, especially those built on the bitcoin blockchain or other privacy blockchains.

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Bing Ventures is a crypto VC fund supporting early-stage projects in the blockchain and cryptocurrency industry.

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Bing Ventures@bingventures
Bing Ventures is a crypto VC fund supporting early-stage projects in the blockchain and cryptocurrency industry.

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