Currently, my outlook towards social media on the blockchain is quite doubtful. Not the issue is that it’s bad, but because you really won’ have any chance at success with it. The speed, infra, nothing makes sense there...
I mean in games you can put assets on-chain but game centralized? Here you can have payments decentralized so you get the gist too… but you won’t be able to make your social app used unless you are facebook or literally huge. It doesn’t go grassroots in that sector anymore.
It’s such a hard topic that there is really no way to do it. It’s like millions try and none work.
Social networks in our time should be centralized...
Blockchains are ill-suited for content availability, as Steem has definitively proven. Currently, you have to have a very, very centralized blockchain that will store all the content, and even then there are some hard limits on scalability. With a very, very centralized network, you're still jeopardizing the main advantage of blockchains for content. Moreover, it's a waste of space for the entire blockchain network, where every node has to store your useless shitty messages.
In the future, I anticipate that content will diversify from text to images, videos, and interactive real-time graphics. More than just censorship resistance, the most impressive feat that a blockchain-based social network could achieve is merging the financial world with social media. However, breaking users' reliance on established platforms such as Twitter, Facebook, and Instagram will be an enormous challenge and may seem impossible in our current era.
Here are my brief thoughts on decentralized social networks and why I have doubts about their potential success. I am uncertain if they can achieve their intended goals, as their business model raises concerns and the project's valuation of $100 million at the IDO launch seems somewhat exaggerated. There seems to be an excessive amount of promises surrounding the project... Show Less
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