The current market heat of the social track seems to be relatively quiet, but in the long run, the combination of social and web3 has great potential!
I have been following the current state of social track projects that have gone live and recommend some that are worth paying attention to! Next, I will discuss the reasons and one social project I am optimistic about.
#COS开启SocialFi新时代 $COS
Why are Web3 social networks crucial?
The importance of Web3 social networks stems from their unique characteristics and ability to solve key issues in the existing Web2 model. They provide users, developers, and communities with new ways to interact and value distribution systems, breaking the limitations of traditional social platforms.
Solving the core pain points of Web2 social networks
1. Data Privacy Issues
• Web2 platforms store user data on centralized servers, making data prone to abuse (such as unauthorized advertising, data breaches) and causing users to lose control over their own data.
• Web3 social networks achieve decentralization through blockchain technology, where data is controlled by users, and access and usage require authorization, enhancing privacy and security.
2. Platform Monopoly and Content Control
• Social giants in Web2 (such as Facebook, Twitter) have significant control over content. Platforms have the right to unilaterally delete, censor content, or even ban accounts, limiting users' voices.
• Web3, through smart contracts and decentralized governance, allows the community to jointly formulate rules, ensuring transparency and fair distribution of information.
3. Unfair Value Distribution
• In Web2 social platforms, the revenue from content and traffic generated by creators mainly goes to the platform, while creators receive only a small portion of compensation.
• Web3 social networks utilize a token economic model that allows creators to profit directly from their content while incentivizing users to earn rewards through interaction, sharing, and recommendations, forming true value co-creation and sharing.
Core features make it unique
1. Decentralization and User Sovereignty
• Blockchain technology ensures data storage is distributed and immutable, with users completely in control of their identity, content, assets, etc.
• Users do not need to rely on a single platform for identity verification or storage services, enhancing freedom.
2. Composability
• Web3 social networks can integrate with other decentralized applications (DeFi, NFT, DAO). For example, users can use their NFTs as avatars and directly deposit token rewards into profit accounts through DeFi platforms.
3. Globalization and Borderlessness
• Web3 supports seamless connections across multiple languages and communities through smart contracts, enabling social networks to break geographical limitations and form truly global social networks.
How does COS achieve a decentralized social network?
1. COS.TV
COS.TV is a decentralized video sharing platform built on the Contentos blockchain. Users can upload, watch, and share videos on the platform and earn revenue through advertisements, donations, and staking content.
2. Channel VIP
Channel VIP is a new product launched by Contentos in the fourth quarter of 2023, allowing content creators to establish exclusive channels to earn revenue and interact with fans. For example, creators can publish content release plans through Channel VIP, send exclusive messages to VIP users, engage in high-quality content discussions, and incentivize fans to participate through rewards.
To join Channel VIP, users need to purchase a pass (PASS), which is the ticket to join the creator's private group. Additionally, the development team plans to build the VIP Channel into a Web3 SocialFi trading platform and provide the following functionalities for content creators:
Issuing and selling BRC-20 tokens
Loans based on BRC-20 tokens
Create tasks for fans and airdrop NFTs
3. COS.SPACE
COS.SPACE is a metaverse product within the Contentos ecosystem, launched in 2022. It is a 3D virtual space platform that allows users to create, own, and experience diverse virtual products and services.
The main functions and services of COS.SPACE include:
Art Exhibitions: Users can organize and participate in virtual art exhibitions in COS.SPACE
Live Events: Users can participate in and organize virtual seminars, conferences, and concerts
Games: COS.SPACE offers 3D gaming features
Social Network: Users can interact with friends and communities in virtual spaces
The development prospects of Web3 social networks
Web3 social networks, as an emerging model, have vast development potential, supported by their technological foundation, economic system, and community co-building capabilities.
1. Technical Aspects
• Blockchain performance improvement: With upgrades to public chains like Ethereum 2.0, transaction costs and processing speeds will significantly improve, lowering the barriers to use.
• Decentralized storage and computing: Technologies like IPFS and decentralized cloud services ensure network stability and low-cost operations.
• AI Integration: By combining with artificial intelligence, Web3 social networks can offer smarter, more personalized recommendation services without sacrificing privacy.
2. Economic Aspects
• Token economic incentive model: The platform can incentivize creators and participants through token distribution, promoting the improvement of content quality and community activity.
• NFT and identity system integration: Users' identities, assets, and social records can be preserved in the form of NFTs and used across platforms.
• DAO model promotes autonomy: Through decentralized autonomous organizations (DAOs), users are not only participants in content but also decision-makers in platform rule-making and revenue distribution.
3. Social Aspects
• Promoting fairness and transparency: Web3 social networks provide marginalized groups with new spaces for expression, avoiding the censorship biases of centralized platforms.
• Knowledge sharing and collaboration: Global users can freely share knowledge and resources in a decentralized network, promoting new forms of cooperation and innovation.
Summary
The importance of Web3 social networks lies not only in their ability to solve pain points of traditional social networks but also in their unique decentralized model, providing a new direction for the future digital society. Its fair value distribution, global composability, and innovative technological and economic systems make it an important part of the next generation of the internet. In the future, Web3 social networks will not only be a platform for communication but also an ecosystem that gathers creators, users, and developers, providing infinite possibilities for collaboration, innovation, and value circulation in the digital age.
