Web3 has become a hot topic in the Internet circle in the past two years, and has been dubbed the title of "Next Generation Internet". The Web3 social track is booming and has begun to impact the centralized Web2 social platform.
Web2's major social platforms monopolize user data and benefit from it. The Web3 social products based on blockchain technology will return the data to the user and the user will authorize a third party to use it. At the same time, the economic benefits of the data will also belong to the user.
Fundamentally speaking, Web3 products have naturally become "challengers" to Internet social giants such as Meta (Facebbok) and Twitter. Web3 is an inevitable trend driven by technological development. The torrent of the times is rolling forward, and the Web2 giants cannot stifle the vigorous development of Web3 social networking.
In this issue, we will take stock of the mainstream Web3 social products currently on the market. It should be noted that there is currently no clear division standard for the Web3 social track, and this article only takes stock of representative projects.
BBS Network: Decentralized version of Reddit
BBS Network is a Reddit-like decentralized social network where users can create forums to post, comment and share ideas while generating revenue from the content. Any user can create a BBS on the platform, and each BBS can run on its own unique domain, while still linking to all other BBS, where creators, curators and stakeholders gain access in an automatic and transparent manner The project's native token rewards.
Every post published on the BBS is actually an NFT, and users can buy, sell, and even rent it, while collecting advertising revenue generated by any post they own. On a BBS, the influence of a post is determined by actual market forces, and the value it creates is shared among the post's creator, current owner, and moderator, which incentivizes everyone to try to make the BBS as engaging and profitable as possible relevant person.
Each BBS owner can set moderation rules and content policies for their own community, and users can freely choose which boards to visit and participate in to meet their needs. The BBS can be customized and enhanced with plug-in modules, promoting user choice and variety.
The problem that BBS Network may face is: the value verification of NFT needs to rely on data such as page views, comments, etc., but how can a post that has been fully exposed generate corresponding value for advertisers? More people seeing a post means a higher price point in the minds of potential buyers, but it also means fewer people can be reached by the ad, which can create a mismatch between investors and advertisers. In addition, how can the ad reach users who have browsed the NFT without causing user annoyance?
Torum: Decentralizing Twitter
Torum is a BSC-based social platform specially designed for Web3, aiming to build a complete encryption ecosystem for users, supporting DeFi, NFT and social functions.
Social is the core and foundation of Torum. Its social interface is similar to twitter. Users can post and share, browse subscriptions and popular posts, and post comments. Torum aggregates crypto user activity into social boards. In the "companies" section, you can see the business dynamics of the settled companies. In the "clans" section, you can join various groups with different themes. The "airdrop" section provides airdrop information and participation opportunities. The "news" section is an aggregator. Push news, the to-be-launched "torumgram" section allows users to use telegram on torum, and the "lounge" section provides voice chat services.
The most obvious problem with Torum is that its vision is too grand and has many functions, but it is difficult to generate synergies between various sectors, and it is easy to be top-heavy, which may eventually lead to many functions gradually becoming tasteless. The current situation is that the data of other sectors other than social are not ideal. In addition, the development, operation and maintenance of these functions will also increase the burden on the project itself.
Mem Protocol: Decentralized version of "Zhihu"
Mem Protocol aims to create a Web 3.0 version of "Zhihu", allowing users to earn money by sharing knowledge. Through smart contracts, Mem users can verify their identity on the blockchain and build their own verifiable reputation system. The protocol also builds an interface to browse the on-chain data of on-chain wallets, and designs an open protocol to record the interactions and relationships between wallets and token generation.
Mem stores information about network participants — including social media history, on-chain activity, and professional experience — in encrypted vaults. This data is owned and controlled by the user and, when the user allows it, can serve as a "social credit score" or "social graph".
By using a reputation system and smart contracts, Mem users can use their identities to perform those real-world actions on the blockchain, such as asking questions, raising funds for bounties, and building their own verifiable, scenario-specific reputations system.
Mem hopes to use social tokens and smart contracts to facilitate the establishment of applications and communities based on the protocol, such as product reviews, social media and job hunting.
The problem with Mem Protocol is that its competitors are all over the Web2 network, including Knowledge Planet, Get, Fen Answer, etc., and do not have a special advantage. Whether data certificates on the chain can become the core competitiveness in knowledge payment is still unknown.
CyberLink: Decentralized version of "WeChat"
CyberLink was built by the entrepreneurial team of CyberGames from Singapore. CyberGames received capital injection from CyberHash and investor Alex Zhu. It is a Web3 social application developed based on BSC. The DID identity that users can create is used as a personal identification, and the limited release of Cyberrabbit NFT can also participate in rich SocialFi activities. It should be pointed out that CyberLink is only the beginning, and the CyberGames team aims to build the metaverse platform CyberWorld and build a future-oriented virtual world.
CyberLink adopts point-to-point encryption technology to solve privacy issues, and provides users with basic functions such as chat, topics, transactions, and clubs. In addition, DeFi and CyberDAO will also be used as the main directions of exploration. Currently, the CyberGames team has launched the Cyber Space Protocol and is developing the CyberUP Protocol. Its long-term mission is to build a user's social graph, integrate with different protocols, and become a one-stop solution for Web3 social infrastructure.
The question for CyberLink is how to differentiate itself from the dominance of the Web2 social giants. CyberLink needs to provide the user interface/user experience equivalent to the UI/UX that users are used to in Web2 before it can reveal its new advantages such as community ownership, decentralization, composability and permissionless building.
Summary: Web3 social networking has become the next outlet
Web3 social platform is ushering in a new era. The tide is rolling forward, and the traditional giants have come to an end.
Giants such as Meta, TWitter, and Google have all found startups that want to replace them, and are actively embracing Web3. Under the strong sense of crisis, the Internet giants gave birth to an equally strong sense of innovation. Giants such as Google and Apple have invested huge funds in research on future technologies; Twitter announced the launch of a new feature to display the avatars of users with NFTs as hexagons; Meta, Youtube, Reddit, and Google have all announced attempts to launch NFT products. Join in the research and development of Web3 products.
Although the native Web3 products in the current encryption market have a certain first-mover advantage, there is still a lot of room for improvement. When the giants flood in, the living space left for the former is bound to become smaller and smaller. When we meet on a narrow road, the brave wins, and this good show has just begun.