The Revolution of Social Media in Web3

Transcript

[Music] all right yeah thank you for um everyone coming here uh it's going to be a very nice presentation i feel very good and hope you all as well today we're going to talk about social media and web3 and there is some background story on this narrative i think some of you all know that ave has been building uh decentralized finance more or less financial protocols but the thing is that you know webtree is more about than finance and at ave we always see ourselves kind of like a

website builders than only like finance builders and one of the challenges we wanted to take upon is is to build and contribute into social media in web3 because essentially uh web 3 is not just only about and blockchain is not only about storing financial value it's also storing moments for example everyone that is claiming uh co-op for attending this conference that is a moment that's value for you and for the community any social interaction can be value and all these interactions and values and relationships can be captured uh on the uh on chain um

yeah the reason why i would say that it's right time for trying to actually build uh decentralized social media or more more or less social graph is is because i think we are reached in the state where we have seen that decentralization and community-owned value networks have proven to be uh very impactful in the sense that now decentralized finance has been peaking at uh 100 billion value locked in in such a short period of time so if you go two years back in time

some of these protocols uh early protocols had five to 30 million worth of value and the growth has been exponential and everything has been built on a network that is um very secure and and we're talking about ethereum here and there's still kind of like a cost associated to the security and we still have a lot of consumption and usage and adoption at the moment but still we're a small community and now that decentralized finance as a financial system has proven uh to work there's a lot of things you can build in dfi i'm not saying that you should stop working on your project what i'm saying is that there's more opportunities beyond dfi and essentially defy

social media nfds and everything that is built on the same network are composable so you just like open new opportunities and when it comes to actually value networks and community owned networks when we look at social media today we see that many of the platforms are owned by big corporates and these corporates are pretty much dictating how the platforms should evolve based on their strategies uh their goals uh their culture and and and also the mechanisms of uh creating value to the shareholders so pretty much how uh the system looks uh these days

is this so when you are using facebook you are using twitter uh any kind of social media that has some sort of uh advertising component there what you're essentially doing is you're providing your data to that platform and essentially that platform is using your data and collecting the data with different kinds of algorithms and and ensuring that they know exactly what you want and then um using advertisers to add sell products back to you so essentially you are the one who is creating all of the content into these web 2 social networks and you will be you are consuming uh those products that

have sold you based on the data you provide and essentially when you post content into social media you are actually giving out your content the moment you tweet the moment you uh post a picture in instagram in that particular moment you are actually giving the ownership and and the value from you to to the social network and it's fine because essentially they provide you a service they provide you a service to grow your audience uh they provide you with experience and a way to connect you with your friends the thing is also

when you don't like the social media but you have grown your audience you usually can't take that audience elsewhere so your audience isn't portable in in in that way way and good example today posting content is memes so for example you see a lot of nfts are a lot of names are tokenized as nfts and retroactively sold for example we had the nyan cat meme the dodge meme and all of these memes have been created uh years ago and then later the creators of these memes pretty much monetize them by selling that meme

the the the actual content as an ft now this is interesting kind of like a uh movement because it shows that actually the content itself and signature from that creator has value but in in the current way how social media is built you cannot capture that value as a creator you can you can propagate some audience uh in any social media but essentially you are not able to monetize that content and once you create that content uh within the social medias you pretty much

look into that format so for example if you are tweeting and you are creating narrative there uh you create a profile for yourself and when you can't port that profile you basically are a bit of stuck in that particular social media and we see in kind of like from years to years different social media networks have different kinds of audiences of course but also they tend to capture more value depending on on where a lot of narrative is happening and i'm sure that many of the audience are using twitter and and especially crypto twitter and kind of like building different kind of narrative in in form of your community elsewhere will be very difficult because everything is locked

into that uh platform and you are kind of like forced to bring your content uh into twitter and and publish it there and and there isn't kind of like a competitive mechanism where you know someone else could create a more better user experience more humane user experience for example where uh maybe some things like health is taking into consideration mental health where you know you shouldn't spend that much of a time in in in social media and all of this kind of like variations on on the front end level uh it's very difficult to build today because if you have a developer here that comes from another part of the world and wants to

build a better user experience in social media and a better application that's very difficult to do at the moment because you are stuck into a network and it's very difficult to support audience and and of course as you contribute more more data to these social medias you actually don't know what's happening with the data because you are contributing everything into databases and you don't know how those databases are controlled but also there's lack of competition in terms of how your data is is used and

what we learned from d5 is that you know transparency is amazing uh concept because you see what's happening in the markets you see what kind of interactions are happening you see the human behavior the financial behavior which is amazing for open markets and this openness has a lot of value but also at the same time you can build privacy on top of the the open systems and at the same time when you have a base layer a common social graph the next thing what you can actually build is ways to store more private data but also compete on that level you can build applications that are actually competing the way they

handle your data and what data they they collect if you have two different choices you have one application and the another application and the other application that actually provides you the same accessibility and features the same social open social graph that takes less data from you you can choose that provider so it's more about like decentralization on the kind of like a long run and and building open protocols is about giving choices to the users that you can choose privacy you can choose to give more data because maybe you get value from that data back to yourself or you can choose basically features and platforms that are giving services and respecting

uh your usage and and your values for example if you value more health maybe you need a application that creates your accessibility to the open social craft in a way that for example limits the amount of time you can spend or reminds you how much time you're spending on social media and doesn't actually want to get you into this vacuum of spending your time there and and training algorithms uh for these platforms and of course like there's data breaches if recently we had the 1.5 billion users reach on facebook and you know there's nothing you can do as a facebook user you can leave facebook but if all of your friends are there it doesn't make a big difference

and i think what what you can do with web3 you can actually rethink completely how social media could work today because essentially what you're doing is you're taking some parts of the social media and making it as a public good so you're taking the social graph underneath the relationships the ability to grow your audience the ability to post in a permission as fashion censorship resistant fashion at a protocol level to a wider audience and this way you make that part as a public good and you can create networks you can create user specific networks within that system

and that way it opens up the system to anyone to any developer any part of the world to create applications create better user experience compete on content moderation compete on building better user experience more humane user experience and just building very good social media experience where you can share content with your friends and i think the social media itself as a like a concept and networking and a tool to connect with your peers isn't even in a state where you know it's defined well like who decides that you have to have like five your goal is to have five million followers or like basically uh get as many followers as possible in your network

like these kind of things aren't like decided yet and i think what open social graph allows you to do is actually create more value into smaller networks maybe a network of 10 50 100 followers and and relationships is more valuable to you than a network of thousands of followers for you and depending on what kind of content you are broadcasting to your audience and what kind of um what kind of information you're sharing and essentially it's about bringing the power to the users

so the concept that we've seen in decentralized finance is that we build protocols that are financial protocols and we give these protocols the ownership of the users the users decide how the protocol is evolved in the future decide kind of like what risk parameters the protocols might have what kind of assets these protocols have how they work essentially and how they're governed and how the culture will be formed and in terms of social media these kind of patterns could be replicated as well the same way but going even further in the sense that not only you're part of a bigger community in terms of governing a social media protocol but

also you are governing yourself your own community and at the same time you can get your community and your following audience to help to govern uh elements that you might want to have follower participation and i guess one of the things which i think is more of like a side thing on the whole transformation is that it changes the way you actually own content and monetize content i would say the ownership of the content is very valuable in the sense that you can actually collect memories uh collect certain kind of discussions certain kind of

publishings it can be images text whatever is the content can be voiced it can be my dj gig last night at mempool that's a memory for example and that content is collectible as well in the same way we are now getting the power of nfts and being able to collect memories collect images from from creators we we like and and be part of those communities and essentially this behavior actually allows us to open doors for new kind of monetization but those who want to actually monetize as a user with from their community and together with their community and monetization means that it brings flexibility on a protocol level how you

can actually monetize the the content as as your followers can collect your content they can amplify your content to other uh audiences and at the same time taking back to that meme example where you don't have to go kind of like 10 years after and retroactively you know 7ft of a content you created what back in time and and getting that monetization maybe this opens a possibility where you can create content that maybe your peers value and essentially later larger audience will value that and and that content has been traded in between and and then becomes a iconic

piece of content in the future that could be governed by a community so nfts i think they play a big role because content is unique and nfts is something that you can use to actually then capture that content and and ensure that it's stored uh over the years and of course curation is interesting like why we have to always kind of like curate ourselves i know i'm not the best curator when it comes to you know anything you know music i know there's better music curators news there's better news creators than me they're different kind of

perspectives and being able to actually curate things not just collections of what you collect but also feeds news any content and being able to consume that curation is something that we still haven't empowered till today and of course the compassibility everyone here knows money legos and the power of you know compressibility and d5 you know there's one protocol there's another protocol someone builds some sort of uh yield aggregator and you know i've seen default there's like even seven layers of different composibility well wait when you see social media

composibility and social media legos when you know there's baseline protocol where you can build on top different kinds of modules different kinds of content moderation protocols on top where you have different kind of logics and any kind of uh alterations of that and i think building something like social media is for us not actually for especially for ave we're not trying to solve the whole social media aspect we want to build one simple way to broadcast relationships and distribute content and then let all the community members to figure out what how they could use this protocol and and actually build on top uh more and solve the rest of the parts

of of of the social media and freedom so essentially you know when you have community-owned protocols when you have ability uh to use things permission as fashion you have freedom freedom comes with responsibility i guess responsibility comes in the front end levels where you can build front ends that are using some sort of moderation tools it can be also a protocol that actually handles moderation it can be user based moderation where users are getting rewarded for handling moderation as well but freedom essentially means that all these public

goods are actually accessible to you and and without restriction and of course as community this pretty much means that when you have followers and and you have the relationships they can help you to make decisions they can help you to govern things and in a bigger community you can decide how things should be changed in the protocol in the future so instead of corporates deciding things it's you as users deciding how the network will look like our goal is simply to build something very simple something that gives the users ownership empowers them and

has such enormous amount of compassibility that allows you all to figure out uh everything that social media needs in a very decentralized community owned community empowered fashion and it come it comes relatively soon and we're super excited about this project this is something we have never done before we've been focused on uh d5 mostly so it's been very challenging for us but also at the same time uh very exciting for ave and there was a lot of nfts in the uh in the presentation and my team nikola kieran

managed to actually give credit to everyone who owns the nfts and they're actually owned by these addresses so whoever is owning them you know give all credit to you so don't sue me later thank you thank you [Applause]