ETHCC Web3 Social Day Panel Discusses Future of Decentralized Social Networks

The
ETHCC
Web3
Social
Day
recently
hosted
a
panel
featuring
prominent
figures
in
the
decentralized
social
network
space.
The
discussion,
moderated
by
Suji
Yan
of
Mask
Network,
delved
into
the
contrasting
approaches
and
future
prospects
of
decentralized
social
networks
versus
Web3
social
platforms.

Panel
Highlights

The
panel
featured
a
diverse
group
of
experts,
including
Fiatjaf,
the
protocol
author
of
Nostr,
Wouter
Constant,
a
Nostr
researcher,
Limone.eth,
the
founder
of
ETHRome,
Eric
from
Codex,
and
Shane
Gaffney,
the
community
lead
at
sending.me.

The
conversation
began
with
Suji
Yan
highlighting
the
different
philosophies
of
the
panelists.
While
some
favor
complete
decentralization,
others,
like
Sending.me,
have
raised
significant
venture
capital
to
support
their
projects.
Suji
noted
that
Bitcoin,
now
16
years
old,
continues
to
influence
new
platforms
like
Nostr,
reminding
the
community
of
the
ongoing
need
for
innovation
and
discussion.

Understanding
Nostr

Wouter
Constant
provided
an
overview
of
Nostr,
explaining
its
reliance
on
asymmetric
cryptography,
standardized
data
formats,
and
a
simple
communication
protocol.
According
to
Constant,
these
elements
form
the
foundation
for
a
new,
decentralized
web.
Nostr
started
as
a
microblogging
platform
akin
to
Twitter
but
has
since
evolved
into
a
more
comprehensive
system
capable
of
transmitting
various
types
of
data.

Decentralization
vs.
Web3

Suji
Yan
posed
a
question
about
the
differences
between
the
various
projects
represented
on
the
panel.
Eric
from
Codex
emphasized
the
importance
of
censorship-resistant
data
storage,
a
critical
aspect
of
true
decentralization.
Limone.eth,
who
works
with
Farcaster,
discussed
the
different
approaches
within
the
Web3
social
media
space,
noting
that
these
protocols
aim
to
address
the
shortcomings
of
centralized
social
networks.

Shane
Gaffney
from
sending.me
shared
insights
into
the
motivations
behind
the
platform,
which
integrates
socializing,
private
messaging,
trading,
and
token-gated
communities.
Gaffney
explained
that
the
founder’s
experience
with
the
centralized
Dolphin
Browser
fueled
a
desire
to
create
a
platform
free
from
centralized
control.

Profit
vs.
Purpose

The
panel
also
touched
on
the
topic
of
funding
and
profit.
Suji
Yan
questioned
the
panelists
about
the
sustainability
of
their
projects
without
venture
capital
backing.
Wouter
Constant
highlighted
Nostr’s
organic
growth
and
support
from
Jack
Dorsey’s
OpenSats
Foundation,
emphasizing
the
focus
on
building
public
infrastructure
without
the
immediate
pressure
to
monetize.

Core
Challenges
and
Solutions

Eric
from
Codex
discussed
the
ongoing
challenges
of
decentralized,
censorship-resistant
data
storage.
He
pointed
out
that
while
some
aspects
of
the
current
internet
address
these
issues,
true
decentralization
requires
more
robust
solutions.
The
conversation
also
touched
on
the
role
of
governments
and
private
companies
in
data
censorship,
with
Gaffney
stressing
the
need
for
individuals
to
control
their
data.

Future
Prospects

The
panel
concluded
with
a
discussion
on
the
current
state
and
future
prospects
of
decentralized
social
networks.
While
the
consensus
was
that
the
industry
is
still
in
its
infancy,
the
panelists
expressed
optimism
about
the
potential
for
growth
and
innovation
in
the
coming
years.

The
ETHCC
Web3
Social
Day
panel
provided
valuable
insights
into
the
evolving
landscape
of
decentralized
social
networks
and
Web3,
highlighting
both
the
challenges
and
opportunities
that
lie
ahead.

Image
source:
Shutterstock