It Started with BitcoinThe launch of bitcoin in 2009 sought to change the way we view and use money. Satoshi outlined the vision of a decentralized, censorship-resistance internet-based money. Bitcoin has acted as a currency and medium of exchange, enabling borderless mechanisms to store and exchange value. The idea is to reduce centralized control and the single point of failure, which can be prone to manipulation and locks out many, especially those in countries with failing monetary regimes and a lack of ways to transfer value cheaply across national borders. This aspect of decentralized networks has caught on and is now being extended beyond money to other areas. Ethereum later came in 2015, introducing the idea of a platform to build and launch decentralized applications. Hundreds of use cases have evolved from here: fundraising (ICOs), prediction markets, data storage, etc. Social media is one of the use cases. As outlined above, some of the major challenges of existing social networks can be solved by decentralized networks if they work as envisioned.
- Reduce powerful corporations controlling huge chunks of data;
- Deal with problems of bots and fake accounts;
- Incentivize good behavior through tokens—this could reduce spamming/trolling;
- Enable contributors to earn based on the content they share;
- A payment system.