Buidler DAO: Web3 talent and project incubator
https://link3.to/buidlerdao
Business cooperation WeChat: MiaoFrank1229
Article: @Buidler DAO
Author: @av
EDIT: @0xWindy34
Typesetting: @Coucou @ Satisfied my
Note: The article only represents personal views and does not constitute any investment advice
Article quick overview 👀:
01/ Web3 social logic
02/ Current practice and exploration
02 01/ Public chain layer
02 02/ storage layer
02 03/ protocol layer
02 04/ Application layer
03/ Summary and Outlook
The Logic of Web3 Social
Social networking is undoubtedly one of the core and most important businesses in the Web2.0 era. Social applications not only have a huge number of users, but the value generated is also self-evident. Driven by big capital, more and more user data are obtained through social applications, so as to provide personalized advertisement recommendations, content recommendations and services. Hundreds of billions, trillions of dollars in revenue. But there are several problems in Web2.0 social networking:
Data sovereignty and data silos
Users do not have the full right to use their own data, and the data generated by users is not controlled by users but by the platform. Information flow recommendations are determined by platform algorithms, and message notifications can also depend on platform policies. At the same time, once users have established their social relationship in one platform, the cost for them to switch to another platform is very high.
closed ecosystem
The major Web2 platforms all benefited from a vibrant developer ecosystem in their early days, but once they gained enough traction, they shut down the ecosystem to prevent others from stealing their data and users. Twitter's developer API was shut down a long time ago because of concerns about data sharing.
Unreasonable and opaque profit sharing
On many social media platforms, content creators cannot get the due income or the income is low, resulting in a lack of incentives for content creators and limited rights and interests. If the platform itself does not have absolute technical barriers or moats, creators will not want to stay on the platform up, causing the platform to go downhill. At the same time, because there is no transparent benefit distribution mechanism, once the utilization rate of users and creators of the platform reaches a strong network effect, the interests will tend to tilt to the platform side, and network participants will become victims of the platform's growth. Users are the main group of content creators on social media, but the value they create is not rewarded. By controlling distribution algorithms and attention flow, platforms are able to monetize user-generated content without sharing it with users.
The emergence of Web3 broke the monopoly of the platform, established a new global digital economic model, and provided a foundation for SocialFi. In the era of Web3, everyone should control their digital identity, assets and data. Compared with Web2, the core of Web3 social is to provide three main changes:
User data sovereignty : Data ownership is the main feature that distinguishes Web3 from Web2, and data ownership no longer belongs to the platform.
Open data and identity : The beauty of blockchain technology lies in its openness, transparency, open sharing, and the data and credentials accumulated on the chain are shared throughout the ecosystem. We are not trapped in the data islands of the traditional Web2 world, but an open Shared composable data world. In addition, for users, unified identities and data eliminate the so-called migration costs, and the reputation and credentials accumulated by user entities on the chain are openly shared in the entire ecosystem.
Composable ecosystem : modularization, fat protocol, pluggable, etc. The layered design in this open digital world determines its composability, whether it is the computing layer, data layer, protocol layer or even the Dapp layer , are ecosystems that allow developers to combine in any way without permission.
We have seen the exploration and innovation of blockchain decentralized technology in DeFi, and people are also trying to carry out a Web3 social transformation through blockchain technology. Although there is still a distance from the rise of Web3 social networking, we have found that , more and more teams have invested in the early exploration of Web3 social networking. Like the Web2 platform, the open Web3 ecological construction includes three parts: infrastructure layer (public chain, decentralized storage), protocol layer, application layer, and of course the construction of ecological tools derived from each layer. We have seen that there are many projects named after -Network, -Protocol in the Web3 social field this year, just like various Zk-xxx projects after Zero-knowledge Proof became popular, buidlers have invested in the social infrastructure of Web3 one after another, working hard Complete the entire social stack.
Let's talk about the current situation and development of the Web3 social field this year from these three aspects, as well as the author's thinking.
Current practice and exploration
Public chain layer
Deso
The full name of Deso is Decentralized Social. This is an L1 blockchain specially designed for social media applications. Through a custom POS consensus mechanism, it can achieve more than 1,000 TPS (transactions per second) and accommodate up to about 30 million users. At the same time, through the built-in NFT and social token functions, users can easily create token-based communities and realize monetization. At the same time, compared with the general-purpose L1 that is "finite state" and only stores account balances, it is designed as an "unlimited state" blockchain with a huge storage capacity, allowing Deso to cheaply store information in all social networks on the chain.
As of December 2022, there are 2 million wallets and more than 200 Dapp running on Deso, the most active of which is the Twitter-like application Diamond.
At present, there are only about 5,000 active wallets per day on Deso, and there is no real social relationship in the entire ecology. Most players may pursue mining. There are a large number of Dapp but few users, which makes it difficult to form the most important network effect of social networks.
Cross Bell
CrossBell is a product created by the Natural Selection Labs team to solve user data ownership. It is an EVM-compatible Ethereum sidechain. Taking a different approach than Deso, it focuses on providing a shared content storage platform that aims to change the way social platforms control and capitalize data. All user behavior on CrossBell will be stored in the "account" in a capitalized manner, just like "own your social activities!" stated on the official website, CrossBell emphasizes the ownership of user social activity data.
SubSocial
Subsocial is a social media-focused protocol and parachain built on the Kusama blockchain based on the Substrate framework and using the IPFS protocol for decentralized file storage. Applications on the platform will have an integrated token approach while users retain ownership of their content and data. As founder and CEO Alexander Siman commented, “We call Subsocial Polkadot’s “Social Finance (SoFi)” protocol. This means that users can create their own communities based on Polkadot and IPFS, with built-in content and community monetization features".
Whether it is Deso, which is specially designed for social media applications, or CrossBell and SubSocial, which emphasize the ownership of social data, they are all based on the consideration of social performance requirements. We will not discuss the correctness of building a new social public chain. We need to think about What is interesting is that although the construction of the L1 public chain itself can achieve fast transactions and low-cost storage, it is to solve the problems we will face after the success of Web3 social verification (how to Solve the Web3 social network that carries hundreds of millions of users?) instead of solving the social needs of Web3 residents. On the other hand, the launch and application of a L1 public chain in a specific field has user acceptance costs and ecological migration costs. At the same time, We have also seen the merger of ETH2.0, the rise of the L2 public chain, the discussion of modular blockchains, and the exploration of Starknet in the dedicated L3. The author believes that the performance requirements of Web social networking can always find outlets in these places in the future. So instead of making an L1 public chain for social networking from the very beginning, perhaps, based on existing public chains such as Polygon , it is more appropriate to do Web3 social practice to solve native social needs?
storage layer
Ipfs, Arweare have far-reaching influence in the field of decentralized storage, of course there are Stoj, Sia, Swarm, but they are more to solve cold data immutable data scenarios such as NFTFi, not designed for SocialFi, so It does not consider the real-time changeability and data query requirements of social data, and is not suitable for the distribution of large data streams; they are more like traditional Ceph-like file storage systems, but for decentralized social variable and combinable heat Data scenarios need to be driven by a data storage infrastructure more like our traditional Mysql.
Ceramic
Ceramic Network is a decentralized data network that provides computation, state transition and consensus for all types of data structures stored on the decentralized network, aiming to build an on-chain dynamic file storage system. Ceramic uses data stream objects to track dynamic document changes through immutable streamIDs, thereby realizing automatic version control. Ceramic also provides very convenient DID-like authentication and access control, which is effective in Cross-chain data sharing. At the same time, Ceramic is based on IPNS. By providing the IPFS data layer to manage state transitions and track state transitions, associate the data with the data structure and store the data for users, making it easy for developers to build decentralized data. Although there are still problems that developers need self-operated nodes and there is no perfect economic model, it is still the core leader in the data modularization market.
There are already many DID and Web3.0 social platform projects developed on Ceramic. Those worthy of attention include Social Graph Middleware platform CyberConnect, Web3.0 Twitter's Orbis, instant messaging platform The Convo Space and so on.
We know that in the social field, most data are hot data, such as user identity information (files, social graphs, reputation, etc.) or user-generated content (posts, blog posts, etc.) We can directly store some core data on the chain, but for most of the data, we need a dynamic data network like Ceramic to store and manage it effectively. The emergence of Ceramic has greatly empowered the construction of Web3. In addition to Ceramic, there is also TableLand, a decentralized structured relational data protocol, and ipfs' continuous exploration of FVM, as well as TheGraph, Covalant, and Dune in terms of data indexing and availability. Wait, their appearance has greatly empowered the construction of Web 3.0. Storage middleware is the most important for traditional platforms, and it is the same in Web3. There is still a long way to go for the storage track and blockchain technology. We are looking forward to more infrastructures like Ceramic that can be applied to Web3 Layers bring new possibilities. On the other hand, for the storage layer, the cost and data chaining strategy will also become the technical moat of this track. As crypto users become more sensitive to public data, privacy will become another problem that needs to be solved in the storage field .
protocol layer
Functional abstraction is very common in Web2, such as relationship chain service, account service, feed flow service, notification service, IM system, etc. They are necessary modules of social platforms, but in Web3 social ecology, they are based on protocol It exists in the form of (including identity protocol, social protocol, communication protocol, etc.), which is different from the traditional island stack. This is a completely new and open form, a bit like the XaaS that has been envisioned before but has not been well implemented. (General function service provision), only by precipitating a standard, effective and combinable open protocol, building a solid protocol layer, and building an application ecology on top of this, can we have a richer social stack and a larger social Lego. At the same time The attention of the Dapp project side moves up and focuses on the application level, which is more conducive to innovative attempts.
Social Protocol & Graph
CyberConnect
CyberConnect is the first decentralized social graph protocol serving Web3 and Metaverse. Its mission is to return the ownership and utility of social graph data to users, while providing an infrastructure for all Web3 developers. CyberConnect is currently built on Ethereum and Solana. In terms of social graph storage, CyberConnect mainly uses IPFS and Ceramic. CyberConnect Gateway provides a common data layer for Dapp to allow its Dapp users to insert social elements.
The CyberConnect protocol has changed from V1 to V2, making it no longer just a social graph, but a social data network and interest graph engine, which builds user-specific data by integrating all off-chain, on-chain, and decentralized storage protocols. The social relationship network enables Web3 developers to focus on building better services and content without having to worry about building user networks.
Lens Protocol
Lens Protocol is a decentralized social media protocol built on Polygon by Stani Kulechov, founder of DeFi giant AAVE . Lens makes full use of the ERC-721 non-homogeneous token standard to build a truly decentralized ecosystem. The user's social graph on Lens is built around the personal homepage NFT, so the establishment of social relationships is completely from scratch, so the construction is more difficult. Nevertheless, the author believes that Lens Protocol has completely subverted the existing social graph design system. It is an extensible social architecture built around NFT as the core. Personal homepages, following users, and collections will be the main body of information and value bearing and recorded in the wallet in the form of NFT. Creators can set time or amount thresholds to capture user attention and collect value. The openness, refinement, and capitalization of social data records are the value of formal social protocols.
The Lens Protocol contract code has a lot to learn from in terms of Hub, NFT design, and custom scalability. At present, dozens of Dapp have been built on the protocol
Relation
Different from CyberConnect, which uses Ceramic data services, Relation , a Multichain social protocol developed based on Dfinity, has independently written a set of databases——Relation Graph, and completed Web3.0 social graph data through its independently developed product Relation One. Indexing and building. Relation not only includes Relation Graph visual map data and Relation One user homepage, but also Relation Club & Relation link chat tools, and even Relation will provide higher-level data services in the future.
5 Degrees
5Degrees is a Web3 social network protocol incubated by TokenPocket Wallet, which aims to build a user relationship graph and make all Dapp social. It is an open source protocol based on the ERC-1155 standard. Compared with Lens, which has social interactions such as posting, favorites, and comments, 5Degrees only supports two parts: Profile and on-chain social relations. From the results, it is far less influential than Lens and CyberConnect in the Web3 social protocol. The author believes that one possible reason is the inaccurate positioning of the protocol and insufficient implementation.
letter of agreement
XMTP
XMTP (Extensible Messaging Transport Protocol) is an open protocol, network and standard for secure, private Web3 messaging. XMTP is built on top of Waku v2 version of the peer-to-peer messaging protocol for messaging via XMTP nodes (all nodes currently hosted by XMTP Labs). Through it, end-to-end encrypted communication (encryption and decryption of information between participants) between Web3 entities (wallet account and wallet account, Dapp and wallet account, creator and community) can be realized. It is worth mentioning that this year In November, XMTP provided a secure and private private message service between Profiles for the entire Lens ecosystem, and currently allows users to send private messages to each other in Lenster.
Push Protocol
Push Protocol (formerly EPNS Ethereum Message Push Service) is an address-based Web3 message push protocol, similar to the Apple Push Notification Service (APNS) in Web2, which aims to create relatively crypto native messages controlled by users independently The subscription and push mechanism was officially renamed Push Protocol in September in order not to be bound to ETH , so as to create a Cross-chain ecology. It provides three notification modes: broadcast, directional, and subset, allowing users to send different types of notifications to channel subscribers; at the same time, it provides standard plug-ins and sdk, so that any Dapp or service can easily subscribe to receive messages.
other
Web3 Domain Name System
We have seen a phenomenon. Since ENS appeared in the public eye due to the hype of digital domain names at the beginning of the year, this year can be described as a year in which the Web3 domain name system blooms. From "ETH" to "BNB", ".nft", ".apt" and so on, there has been a hype of domain name NFT, but with the integration of the ecology to ENS , people began to feel this readability The importance and significance of a strong alias system, people no longer need to record cumbersome address strings, they only need a name with a characteristic meaning similar to Web2 to transfer money, and even richer on-chain interactions. This is undoubtedly a progress that cannot be underestimated in linking wallet addresses with natural persons.
RSS3 Content Distribution Protocol
RSS (abbreviation for Really Simple Syndication) is a content aggregation protocol in the Web 1.0 era. It has formulated a network aggregation format and standard, and is a network transmission protocol. Early developers developed the RSS protocol in order to track website information and grab content, so that information can be stored in RSS files in a structured manner, and content distribution can be realized at the same time.
RSS3 integrates blockchain technology and RSS protocol, and aims to change the data control and capitalization methods of social platforms, build a transparent, open, and scalable decentralized information distribution protocol, and return content ownership to users.
When the user uses the Dapp , the front end submits the request for information flow aggregation to the entire RSS3 network, the global indexer (GI) composed of the relay node (RN) processes the data request, and then the service node (SN) sends the stored content Distribute and send back to users. The information transmission between nodes is through RPC, and the information transmission between nodes and users is accessed through REST API/GraphQL
The technological iteration of the blockchain is very fast. We have seen a lot of innovations and explorations in the protocol of Web3 social networking. In addition to the above-mentioned ones, there is also the identity protocol IDX Protocol based on the Web3 infrastructure Ceramic, and privacy-related ones through the use of ZK The Sismo Protocol, a proof-of-concept protocol for decentralized authentication, and the Lit Protocol, an access control and encryption solution, both play key roles in the construction of social networks.
application layer
I spent a lot of space to summarize the progress of the protocol layer in the Web3 social field, but there are too many application layers built on top of the protocol. Some of them hold high the banner of user autonomy, and in the end most of them are just gimmicks and hype, rather than truly adhering to Web3. Spirit to do encryption-native innovation. But there are always some Web3 applications that make us feel novel or have a high degree of fit between the product and the market. Next, I will talk to you about the related projects of the Web3 social application layer around social relationships, social identities, and content creation.
media
Twitter's drama over the past year has prompted a massive flock of users to Twitter alternatives. Among them are the fully decentralized manston mammoth and farascar, as well as the fully decentralized Lens Protocol mentioned above. Although the three are also protocols or social network architectures, I prefer to put them on the application layer. Comparison and introduction.
First of all, Lens Protocol, which is a completely decentralized and scalable social protocol built around NFT as the core, the emergence of Lens is exciting, because before that, people were on the sidelines about whether social protocols should be completely decentralized, whether it is Manston , Farascar or Blusky, have chosen to achieve a fully decentralized social network rather than complete decentralization. Building social media applications based on the Lens Protocol is particularly simple and straightforward. We have seen dozens of Dapp built on Lens so far, the most representative of which is the "decentralized Twitter" Lenster, " Lenstube for Decentralized YouTube, orb for Decentralized LinkedIn. In December 2022, the total number of Lens users is nearly 100,000, with approximately 35,000 monthly active users. A total of 7.9 million relayed transactions have been relayed through Lens' gas-free API since June, and since not all Lens apps use this API, the true number of all Lens transactions is higher.
And Farcaster, he is a license-free agreement, in which the data and API are proprietary. This means that any developer can query data from Farcaster and build different, custom applications on top of the Farcaster data layer in the same way Gmail, Apple Mail or Outlook are built on top of the SMTP email protocol. For a Web3 protocol trying to be "fully decentralized", storing every post, share, and favorite on-chain is expensive, and perhaps all we need on-chain are the most basic primitives, such as a person's Identity, and the ability to read and write data. The main difference between Farcaster and Lens is its minimalist approach to storing data on-chain, which its former Coinbase founders Dan Romero and Varun Srinivasan call "substantial decentralization." At the same time, Farcaster abandons the typical financial incentive layer in today's Web3, that is, node verifiers will receive token rewards for performing tasks. Instead, a peer-to-peer Hub network forms Farcaster's data layer, similar to Ethereum nodes, which store data, verify operations, and propagate data to peer nodes. As of December 2022, Farcaster has a total of 6,700 users and an average of 3,500 monthly active users.
Then there's Manston Mammoth, an old-school Twitter alternative that's closest, a social network based on the open-source ActivityPub protocol, allowing anyone to build third-party applications on top of the open-source Mastodon protocol. Mastodon's architecture is most similar to Farcaster's federation model, which belongs to "full decentralization". In Farcaster, thousands of privately operated and crowdfunded servers are called "instances" and choose to communicate with other instances ( or no communication), or remain completely private. Users have to choose which instance to join, similar to Discord or Reddit. Because an instance of Mastodon makes subjective decisions about what another instance sees, the Mastodon user experience tends to be fragmented rather than a public lobby like traditional social media platforms. The difference between Mastodon and Farcaster is that the latter hosts user identities on unchangeable smart contracts on Ethereum, while Mastodon's user accounts can be unilaterally reviewed or banned by any instance operator. As of November 2022, Mastodon has 1.02 million monthly active users.
identity
Identity is constructed by entities and related data of entities. Similarly, in Web3 social networking, decentralized identities are constructed by combining decentralized identities with on-chain and off-chain data. At the same time, the reputation and credentials surrounding identity in social relationships are particularly important, such as brightID, the identity entity identifier based on social relationships, ARCx Credit, a credit rating in the decentralized credit market, and credential platforms such as Galaxy, POAP, and RabbitHole. In May of this year, V God's paper "Decentralized Society, Finding the Soul of Web3" made the word SBT (soul-bound token) popular, and its significance for Web3 social networking is also particularly important. I believe that the future decentralization Social networking will also carry out identity casting, association matching and connection through SBT. Similarly, for privacy, zk-SBT will also be more widely adopted. On the other hand, smart wallet applications have undergone great changes this year, from Gnosis Safe at the beginning to Argent, Sequence, Unipaas, etc. At the same time, the introduction of EIP4337 account abstraction has also accelerated this process. I believe that in the future, identity authentication, authorization, management, privacy, reputation, and Cross-chain identity stacks will become more mature in function and experience, accelerating the development of Web3 social.
connect
In addition to the point-to-point social connection between users and users, the connection of Web3 entities also has community connections. Users are connected together through a certain medium or a certain token or other characteristics to form a community. DAO’s Rise is certainly the catalyst for this demand. We are lucky to see that applications like SEER-Space help community building and communication, and DeBox, a community management tool based on blockchain DID, does not rely on project parties to create group connections, but relies on specific NFTs Connected DAO governance framework; similar to debox, Atem, an NFT-based group social platform, connects users through NFT, explores NFT-based social networks, and enriches NFT assets and holders, as well as the relationship between holders relationship expression. It is worth mentioning that the link3 recently launched by CyberConnect effectively links social identities and on-chain behaviors, aggregates on-chain and off-chain data, and realizes a reliable network and effective network between users and organizations as an overall identity. meaningful connections. In addition, we have also seen the rise of some emerging projects in the industry, such as Nextme, a social project incubated by BuidlerDAO, which is a social portal and square dedicated to connecting and distributing social data and portrait value with decentralized protocols. They all have a characteristic, which is to build a connection system based on Web3 identity entities, and then interact with entities to mine value through data distribution.
content
I still remember that there was a discussion about content mining and creator economy last year, and then a large number of Dapp related to content creation, holding high the banner of Web3, actually spammed platform tokens with only short-term value. I vaguely remember that Monaco Planet was just released at the end of last year When it was launched, there were many discussions about Monaco’s going out of the circle, but due to the unclear definition of content mining and the issue of token distribution, no one brought it up again soon. However, in the field of content publishing, Mirror should be a platform recognized by everyone with a small number of digits. Mirror is invested by a16z, a well-known crypto venture capital. The overall function of Mirror is relatively simple, there are no comments, and it is also impossible to form a feed stream through subscription, but this does not affect that it has become the main outlet for the content creation of Web3 practitioners.
communication
We have seen that many Dapp will introduce the ability of instant communication when they develop to a certain stage, because this is an indispensable part of the connection between people. We have also introduced related communication protocols before. At the application layer, whether it is Based on standard protocols or self-developed protocols, there are many practices that can be seen. There is BlockscanChat, created by the team behind Etherscan, which enables users to message each other between wallets, Wallet Connect Chat, which allows users to communicate 1-1 directly with other wallet users in the WalletConnect network, or a one-stop DeBank Hi, a Web3-native communication application launched by the DeFi wallet DeBank, and Nansen Connect, which promotes more effective cryptocurrency-related conversations by using the data and tags generated by Nansen, and chat capabilities between profiles in lenster based on the XMTP protocol.
Token
socialFi = social + token + economic model, where token not only serves as a link between Web3 entities, but also serves as an anchor for assets or values of Web3 applications. Tokens in Web3 are mainly divided into three types: personal tokens, community tokens, and social tokens. Personal tokens have also become fan tokens, such as the fan token RAC launched by Grammy Award winner DJRAC (André Allen Anjos) based on Ethereum, and the token Whale issued by the well-known NFT collector WhaleShark based on the ROLL platform. The main user community management of community tokens is to fragment community assets into their own community tokens in a certain way. The most representative is PleasrDAO, which buys the NFT of tuple Dogecoin and fragments it into 169 100 million The Doge NFT (DOG) tokens. On the other hand, community tokens also play the role of integral governance in the management of DAO. Social tokens are generally platform tokens launched by social platforms, such as Chilliz, the native token of Socios, a sports entertainment fan incentive platform based on blockchain technology that focuses on the sports industry.
Summary and Outlook
Web3 social networking is a big proposition. It may take some time to go from the high-city islands of traditional platforms to a fully open and composable ecosystem. Through the above review of the current status of Web3 social development in 2022, we may have the following inspirations or thoughts.
Public chain first or protocol first? From the very beginning, the author saw the proposal of an L1 public chain like Deso, but I was puzzled, because I think we should first solve the demand and solve the problem of Web3 social innovation, instead of solving the problems we will face after the success of Web3 social (how to solve it? A Web3 social network with hundreds of millions of users?). Because an L1 chain must build an ecology from scratch, not to mention the cost of migration, it may lose its internal connection with the already successful public chain. It is undoubtedly difficult to develop Web3 social in such an environment. The Web3 user base itself is very small and has to be divided up by hundreds of Dapp , so it is difficult to form a network effect. In contrast to what lens-protocol and the AAVE team have done, from June to now, lens-protocol’s API calls accounted for 4% of Polygon ’s. Through social protocols to feed back the application layer, the social+fi ecosystem that the AAVE team is trying to build seems to have begun With a prototype. "Fat agreement" and agreement first may be a more appropriate direction at this stage. Because there is Liquidity, there are users, and only when there are users can a network effect be formed to generate value.
The user base of Web3 is still very small. At present, SocialFi still needs a long way to go to develop . It is difficult to form an economic effect. When SocialFi’s project token empowerment is poor and content mining is adopted to start a cold start, the consequence is that users start to create unlimited spam content and fall into a death spiral of mining, raising and selling. On the other hand, we look forward to more bridges like Mask Network to guide more Web2 users into the Web3 world.
We look forward to more native encryption innovations than simple social application replicas. From the end of last year to this year, we have seen that many so-called Web3 applications are nothing more than Web2 replicas + tokens. Basically, after the release of various gimmicks and out-of-the-box products, there are very few left. Web3 social networking must have unique encryption native innovation genes in it, otherwise users have no reason to migrate from Web2 to Web3.
Fat protocol thin application or fat protocol fat application? We have seen the development and innovation at the protocol layer this year, and we have also seen many thin applications built on the protocol. Many independent and simple applications on the protocol build the entire ecosystem together, but we will think about whether a single application It increases the cost for users to switch Dapp , what is the moat of the application itself? How high are the technical barriers? People are always looking for profits, and I think that eventually there will be several super apps (so-called fat apps) with comparable strength, instead of the small and beautiful apps like this one.
The financial nature of Fi in SocialFi has not yet been supported by a good social network effect. We are still in the very early stage of Web3 social networking, and it is more important to do a good job in social networking. Because early people did not have a deep understanding of the concept of DeFi, the value potential of SocialFi has not been tapped. However, with the continuous development of DeFi and blockchain technology, more and more market hotspots will be discovered, and users in the encryption industry will have a clearer and deeper understanding of Web 3.0 and the concept of decentralization. Because of the upgrading of the technical environment, we can look at the development direction of SocialFi from a richer perspective, and we can even build more imaginative protocols.
The identity system cannot be as close to the identity of a natural person as the mobile phone number and email address in Web2, which leads to the fact that the on-chain data generated by the Web3 entity cannot be well associated with the entity itself. However, we have seen the development of smart wallets, DID, SBT, and EIP4337. Only with identity first, can we better guide users from Web2 to Web3, and we can better do decentralized social networking.
The current Web3 social Dapp urgently needs to solve the experience problem, whether it is the optimization of the relationship graph index, the efficiency of end-to-end content encryption and message sending and receiving efficiency of instant messaging, or the availability of data on the chain. At the same time, most of the nodes in many protocol architectures are very few nodes or all nodes are managed by the official. This situation is bound to change. But this also depends on the construction of infrastructure. With the rise of decentralized dynamic storage, programmable storage public chain, modular blockchain or L2, L3, the experience of future SocialFi products will be improved. The author believes that future SocialFi products can make people forget that they are actually based on blockchain technology.
Data privacy is another issue we need to address. The beauty of the blockchain lies in its openness and transparency, but when the blockchain ecology slowly needs to be close to the identity of natural persons, this open data sharing mechanism is sometimes disturbing. To protect user privacy. We see that this year is the first year of ZK and L2. We believe that with the continuous iteration and exploration of ZK technology, it can be effectively applied to various scenarios of Web3 social networking, so that data can be verified.
The last thought, fully decentralized or fully decentralized? We see that Lens Protocol, Farcaster, Manston, and Blusky are all explorers for the realization of different degrees of decentralization of social networks in social protocols, but the author is currently inconclusive on this issue, and I believe that as time goes by clear. Blusky founder (and former Twitter founder Jack Dorsey) has been an outspoken critic of Web3, which he believes is basically a VC-funded scam. But things are not that simple. In turn, he proposed the concept of Web5, which is different from what people currently call Web3 because it does not emphasize ownership of the Internet like Web3, but the two are similar in that they are decentralized (decentralized) and permissionless. (permission-less) are interested. In his new book, "The Network State," former Coinbase CTO Balaji Srinivasan devotes a chapter to what he calls "decentralization to re-centralization." The process of "decentralization to recentralization". He argues that decentralization favors rebels, while centralization favors incumbents. Decentralization increases volatility while centralization provides stability. Throughout history, decentralization movements, such as the American Revolution and others around the world, have eventually led to centralized states. Therefore, the decentralization currently advocated by Web3 will eventually move toward centralization. The author believes that this layer of fog will be slowly cleared away, oh! A brand new and open world comes into view!
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