What they're up against what people are expecting and what kind of solutions I believe are needed to see them actually take off and become a better option for those looking for it if you're interested in learning more don't go anywhere and covering it all Music, okay, so Right off the bat I want to go over the problems facing decentralized social medias, DSM's, you're, probably gon na see that acronym in you know Publishing's here on out, because I think this is going to be a growing popular topic and more people are going to be Talking about it, so if you see D SMS that that's, what they're talking about so one thing, that's pretty obvious, is the fact that decentralized, social media networks have a hard time acquiring new users and keeping them permanently. Also in that bag is acquiring developers that will help improve the platform and the user experience now. The thing about social media platforms is that they can, although they can benefit from this network effect, and that effect can be strong for the positive for that platform. When you're, something like say steam it or minds or mastodons or uptrend or so me doubt social, there are a lot of decentralized social medias trying to compete here and trying to provide a solution, but when they are competing against platforms like Facebook, Twitter, YouTube Instagram. hefyd, you know they have to fight against that platform's already well established network effect. Facebook has integrated itself and its usability into a whole host of different types of ways when I'm.
Trying to say here is that you can use your Facebook credentials to log on to a host of different sites and makes it really easy. It also makes you all the more attached and reliant on Facebook, so although network effects can work incredibly for the positive at the same time, it is an uphill battle at the beginning, because they are fighting against the network effect of their centralized, huge giant competition and That can be an awfully hard tie to break for someone, especially if you want you know you don't want to really join a social media network if you don't know anyone else who uses it. There is certainly an argument here for those who want to use decentralized, social media platforms for their ideology sake for what they represent, trying to support innovation in that direction for social media, even though that awareness is probably much higher than it has been in the past. This community of people who want to pursue an alternative is still pretty small and, unfortunately, I think it's gon na take a lot more people to get burned to have bad experiences with things like Facebook YouTube Twitter, you name it Instagram even to want to pursue something. Like this now what we saw with YouTube back in Christmas time, I know it got a lot of attention from the cryptocurrency sphere rightfully, so we are a vocal group and we do care about things like censorship, so for them to affect the category of cryptocurrency and All of the contributors to that category on YouTube.
It shouldn't have been too much of a surprise to have that kind of a backlash from that community, but I think it's often overshadowed the fact that YouTube was also doing these kind of bans and quick strikes on old videos across the board. For many different types of categories of content, creators on YouTube and that my friends is exactly the thing that we're going to need to have to drive people outside of cryptocurrency onto these decentralized social media platforms, and that is also essentially how we are going to grow. This ecosystem and make it more copacetic, more organic, less of an echo chamber for decentralized social media platforms to be more than just about cryptocurrency. Yes, it is a great thing to talk about, but for it to be a true social media network and to have those network effects. You'Re gon na have to spread your wings a little bit and expand your horizons and expand your audience and user base now there's. Another thing about DSM's that is a huge hurdle for themselves and also it's a huge indicator for this whole entire cryptocurrency space, and that is the use of public key cryptography. If you've ever tried to explain to someone what their public key is and what their private key is most likely, the first time you're telling them their eyes have glazed over and they have no idea what you're talking about and it's, all very new and overwhelming and Difficult most, the time for them to comprehend, not to mention the fact of the importance of that private key and your public key and proper methods for securing it, letting you know why you shouldn't be sharing it, and you know how to secure it.
For yourself and understanding the fact that if you lose that you lose your access to everything and often these decentralized social media networks are trying to flip the script, to flip the business model of these social media platforms and trying to give the monetization back to the User base, rather than just the advertisers or the hosts of that centralized social media and with that comes cryptocurrency, is that is often how they choose to pay. These people and people do enjoy getting paid for things, especially if it's as simple as creating a post but again learning the importance of public key and private key cryptography is definitely not exactly user friendly. Still at this point and that's a huge hurdle for decentralized social medias to get over, there is another issue with DSM s, maybe not the biggest issue, but it is the issue of content curation. Really, how do you determine what content is Botts? What content is spam? What is worthy of proliferating through the network? Who decides that? What kind of algorithms you use? Who is in control of that? What you're trying to promote these are some really interesting issues to and unfortunately, for us, we have been accustomed to things like Facebook, really just promoting anything that would be good for advertisers. That means anything that gains a lot of attention quickly. This means clickbait titles and entertainment, really shallow entertainment, rather than you know, quality information and educational content. Felly, unfortunately, a lot of people are getting dumbed down from their use of social media, also having to do with curation and maybe with monetization and trying to deal with spam.
Unfortunately, a lot of decentralized social media platforms are going the way of requiring kyc information. I'M. Talking about the voice voice, not the voice of some TV show voice STATCOM by us, and also with my experience with so meta social. They definitely encourage you to provide kyc type information to improve your reputation on that platform with a voice. I think it's required right from the get go to try and you know prevent any kind of spam activity. Man, decentralized, social medias are supposed to be a solution and buy them requiring your kyc information. I did a video previously on what exchanges do how that process is with kyc how they're, not usually, unless you're cracking for exchanges. Usually the exchanges don't deal with your kyc information, it is allocated to a third party. You don't know that they don't tell you that very often it's not even usually very easy information to find. If they're using a third party kyc company, I will be very curious to see how that is with AOS, and there are ways to you know: prove your identity through cryptography. That doesn't require you to make vulnerable. Your very private personal, identifying information. I know digit bite has been working on a couple solutions for providing identity encryption and allowing you to share your information Without Really sharing the details of your information. hefyd, Civic has been doing something like that, or, as was the first one that I remember hearing about it and I think that's something that other decentralized social medias that are involved in crypto currencies like AOS should be pursuing something like that.
A way for people to encrypt their information and share it in a way that doesn't make their information vulnerable to third parties, because the second you give away your private information, you might as well just consider it compromised, because no one is going to respect your information. Like you, and if you give it away, I mean that's that's about all. You can do with this there's, not not a whole lot of control. You have once the cat is out of the bag. Okay, so those are the general issues being faced by anyone trying to build a decentralized social media network. Here are what I think some really key solutions, or you know what they need to figure out to really have a platform that will not only provide a solution for those looking for an alternative outside of the centralized social media networks that we have today. I'Ve said those names multiple times, we all know them, but also just to be generally a really good competitor for someone who isn't really searching for an ideological change in social media. They would just you know, naturally want to use it anyway and when that shift happens, that's when we're gon na see a whole lot more adoption into cryptocurrency in general, and into this whole mindset of the beauty of decentralization the kind of power you can have into Your life, if you adopt that – and I think it would just be really good for a lot of people to be exposed to it by their choice, not because they were, you know their their position was kind of forced that way because they were treated so badly.
With the centralized options so anyway, here the solutions I think, need to be presented first off, because many of these decentralized social media networks are based around their own coin or token. They really tend to be hyped up quite a bit in the beginning, and monetization is usually the main core reason that they are saying is the benefit of that platform, which I don't think is necessarily the right way to go about it. You know yes, flipping. The business model is amazing. Allowing people to earn a passive income through their activities on social media is a great idea, not discounting that at all. But I think that any social media platform at its core should allow people to want to share their life if they want to or educational information or stories or photos or videos whatever they want to share. They should want to do that organically on the platform and being paid for it should kind of be an added benefit. I would love for the flip really the flip to happen where you know right now: you're using Facebook. You know, hopefully, by now that other people are getting paid billions of dollars based on what you give attention to. You are not getting paid billions of dollars; you're, probably not gon na get paid billions of dollars. If you used essentially social media anyway, you're not getting paid anything to use a centralized social media Giants as it is, but for it to be really for crypto currencies really to be integrated into your everyday life.
You should have this mindset where you should be paid for your attention. If you choose to be, you know, exposed to things like advertisements, you should be rewarded for what you are contributing to that advertiser to have a more profitable. You know advertising technique and I think that the main mistake that I've seen in my own experience of dissention, a one in particular DSM, is the fact that, because monetization is the main benefit being promoted by the community, it skews the users experience. It can skew how you post what you're posting, because you want to get more money, not necessarily because you just want to you – know, partake in the social media network and connect make a connection with others. You'Re just posting, because you want to make money. And furthermore, what other kind of what kind of algorithm determines how money is distributed on that social media network? Whoever has the ability to control, that is by far something that is very important to be paying attention to. For anyone who is looking to join any decentralized social media network, that is a very important thing to pay attention to, because that is a very fine line between you know what they're trying to have a solution for flipping this business model. To you know, we're gon na make sure that they don't become the thing they were set out to disrupt another issue that DSM's need to provide a solution for is, and it certainly, I believe, an issue for current platforms is curation without censorship.
Now, especially if a platform is using some kind of a monetization model, you better believe people are going to be using BOTS to create content over and over and over again and spam, and it really turns into a weird situation when you're you know, you're communicating with Bots and it's, not real people and they're, just doing it to make money so a really interesting solution. What that will need to be provided if they want to provide real people outside of this cryptocurrency space with a lit legitimate competition to the centralized giants? Is they will need to provide content curation that allows people to explore different communities with equally curated relevant content? That also keeps the spam at bay, but also does not censor people. You know who are just trying to participate on the platform, so there is a lot of critiquing and a lot of ideas. Felly, in order to get a more realistic view of how these platforms are actually functioning, what you can expect to do on these platforms? I will be joining quite a few of them. I am already on a few, but these are the platforms I will be highlighting in the coming weeks. I'M. Thinking that I, when I go live, I will give a little update on whichever platform I've been using that week. My experiences get some feedback from you guys. If any of you are on those social media platforms, just so you see what's happening, maybe spread some ideas of how you can have a better experience on them, so anyway, that's going to wrap it up for today's video.
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