The Evolution of Social Media and Rise of SocialFi

We are in the 21st century and it is a time when technology is highly advanced and even social media is playing a vital role. Things are getting digitised, and countries are moving towards good digitization. After the pandemic, we have seen how things are moving towards a digital world and even our currency is going to be digital as countries are working on CBDC. It's like things are coming to the digital world where the manual and traditional methods are going away. Now we have the option to connect with people worldwide just through devices like phones or laptops and social media is such a fantastic medium that we have.

Social media is not new for us but undoubtedly this has grown a lot and revolutionised I can say. Now it is going to the next level, Web 3, and we can say this is the future of social media. We all use social media to share content and connect with our near and dear ones while companies also have a presence there to promote their products and services. This is good because it is a very big space where almost everyone is there, and we get more options to choose from for promoting various goods and services. Now calling someone is free because we can do this using various social media applications but there is a problem with this traditional social media. The problem is that we cannot control the content since there is a company managing that part and our data is also not.

SocialFi

Its called social finance where social media is not the same. It is the upgraded version of social media where we get the power to control the content account and there is no censorship. This is built on a decentralised platform based on the blockchain so any data which is published on this is immutable. There are no specific criteria to follow for monetization because it is given to all the users by default and this is one of the best parts about social finance. We have seen in the past how companies like Facebook or Google have been playing with your data and they have been accused many times. When we talk about Web 3 then it is not possible because users get control of the content and data and it cannot be used by any entity. Since we have the option to monetize the content, we can also manage it well without the involvement of any entity or intermediary.

Decentralization is the future

People like to invest in decentralised financing protocols, and they like it because they do not want any third party or the banking system to intervene. Similarly on social media people don't like the intervention of these tech companies because they can censor the content and they also have the power to delete or block the account. In Web 3 this does not happen and this is one of the best parts of the decentralised social media platform. We can choose what content we like to publish and nothing can be controlled by any entity which is true decentralisation where the power is given to the users and not to any entity managing the platform.

The current adoption for decent lies social media platforms is not much however it is getting better, and I anticipate that in the coming years, we are going to see more momentum in this space. The majority of people are still not aware of Web 3 but I believe that this situation will not be the same for a long time. Awareness is important and if we can aware more people about Web 3 and what are the benefits and characteristics it provides then we can bring more people on board. I'm happy that I am part of such a platform and not at all dependent on traditional or Web 2 social media platforms. There is nothing wrong with using such platforms, but we need to be careful with our data and I believe that we can use these traditional social media platforms to promote web three platforms like Hive and Leo. Undoubtedly these platforms have got a bigger audience, and we need to plan it well to get the benefit of such a messy user base.

Maybe as of now, many people are not aware of SocialFi but the future is bright, and we can expect more people to get onboarded in the next few years. The adoption rate is also going to grow significantly in the coming years and Hive is a pioneer in this segment.

We are in the era of artificial intelligence technology and blockchain etc. With social media adopting AI technology it is going to be even smarter and SocialFi will not be left alone. I anticipate a bright future which might take some time but it is going to happen shortly, and we should be happy that we are already part of such a platform. I can say that the future is bright for social finance because people are not happy with traditional social media, and they are looking for change where web 3 is the only way forward where they get complete freedom with no censorship at all.

Thank you

Posted Using InLeo Alpha