What decentralization can offer Web 3.0 & social media: the potential and pitfalls of decentralized social media

More than 2,000 people from around the world descended on Lisbon recently for the first major global conference for the world’s fourth-largest blockchain by market cap, Solana. “Breakpoint Conference 2021” was host to dozens of events. One particular announcement arguably stole the show: a US$100 million investment to help build decentralized social media applications on Solana. Seven Seven Six, the venture capital arm of Alexis Ohanian, co-founder of social media giant Reddit, partnered with Solana Ventures on what Ohanian called a “pivotal inflection point” in these early days of Web 3.0.

The predecessor of this concept — Web 2.0, what we are living with now — was born of the advent of social media and the growth of e-commerce, allowing peer-to-peer communication of information in ways unheard of before. Now, as cryptocurrency becomes increasingly integrated within more digital platforms, some speculate the nature of the internet is shifting to the communication of value — Web 3.0. And as the main point of contact with the internet for most of us, social media is no different.

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