Blockchain has promised to decentralize many aspects of life including payments, lending, contract settlements, money transfers, and investing. One of the areas that has been a much talked about sector in need of decentralization has been social media – particularly in light of a seemingly unending series of scandals facing top-ranked social media platform Facebook (NASDAQ:FB).
However, it seems that at least one social media platform has publicly announced that it’s taking steps to make decentralized social media a reality in the near future. An engineer named “Rahul” recently posted the following tweet stating,
“I am joining Reddit’s crypto team. What is Reddit doing in crypto? 3 words - Dentralise [sic]. Social. Media.”
In a series of follow-up tweets Rahul stated Reddit will introduce crypto to its 500 million users, as individuals take control of social media, since individuals are the primary content creators and revenue generators for those platforms.
“Reddit has 500M monthly active users. When we all pull this off, we would onboard 500M web2 users into web3 and then there is no going back. Let me say that again - 500 million new crypto users. WAGMI [We are gonna make it],” Raul tweeted.
“It is time to take back control. Make the internet truly open and break free. Give each of us ownership of what we are using.”
On The Flipside
- Recent news reports and documentaries such as The Social Dilemma, show how big tech and social media are manipulating our behaviors and thinking through algorithms to entice us and sell to us.
- Even though social media purports to bring us together, recent whistleblower filings against Facebook show that it intentionally divides us for profit.
Why You Should Care?
We provide virtually all of the revenue-generating, sticky content that makes people want to visit social media sites. While on those websites our viewing habits are tracked and restricted to maximize our time online and exposure to their ads. Privacy rights don’t seem to matter.
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