How Decentralized Social Media Platform Development Is A Great Business Opportunity?

Key Takeaways

• Learn about what a decentralized social media platform is and its working principle.
• Get a complete guide for developing your own decentralized social network with marketing strategies.
• Check out the most popular decentralized social media platforms and look out for their future.

The use of social media platforms in the modern days has changed the way of communication and made it easier for every individual. Over 4.9 billion people use their favorite social media applications every day. These traditional social media platforms have been good for many users, but they are far from perfect. Decentralized social media platforms have evolved to enhance data privacy and content moderation, addressing the growing need for better protection and control over user information.. In the present world, everything is becoming decentralized, and social media platforms are additionally profiting from decentralization.

In this article, we will explore the universe of decentralized online entertainment stages and dive into the most common way of building your own special decentralized stage. Get your notes till the end with us.

What is a Decentralized Social Media Platform, and How Does It Work?

The decentralized social media platform model has transformed the communication line by dispersing user data, content, and governance. Unlike conventional centralized platforms governed by a single entity, decentralization grants users ownership of their data and influence over platform protocols. These creative platforms ensure privacy, information security, and protection from censorship, offering a unique option in contrast to traditional social media networks.

In decentralized social networks, there exists a pattern of utilizing both fungible and non-fungible tokens (NFTs) as a better approach to adapting content.

This means that social networks are not only changing the technical structure of traditional Web2 platforms but also the way media companies make money. 

How Does A Decentralized Social Media Platform Work?

• Smart contract – Decentralized social networks rely on smart contracts, where the code serves as the backbone for these platforms, defining their operational logic and business rules.

• Consensus mechanism – Decentralized social networks depend on smart contracts, with their code acting as the foundation for these platforms, establishing the operational framework and guiding business protocols.

• Token economy – Cryptocurrency plays a vital role in the token economy that fuels monetization within decentralized social networks. It serves as a means to incentivize participants within the network and compensate content creators with tokens.

• Secured authentication – In decentralized social media, much like the majority of Web3 services, users are authenticated and identified using a robust public key infrastructure for enhanced security.

How To Create A Decentralized Social Media Platform?

Before you begin fostering a decentralized social network, focus on the step-by-step guide to its turn of events in the below paragraphs.

Step 1: Explore Ideas

Social media platforms are tailored for diverse purposes. Facebook, for instance, serves as a communication hub facilitating casual interactions among friends and family, whereas LinkedIn caters to professionals seeking connections across various industries.

Step 2: Decide a Name and Domain

Choosing a memorable and distinctive name is essential. You might consider combining two words that reflect the essence of your social media concept. However, it’s important to ensure that the name doesn’t infringe on patents or copyrights in major countries like the US, Russia, and China. Additionally, steer clear of names resembling existing brands to prevent confusion among users.

Step 3: Requirements and Functionalities 

Selecting the optimal blockchain network for your platform entails evaluating project requirements such as speed, security, transaction fees, and available features. To elevate your platform experience, you might explore the possibility of integrating a metaverse platform. This would enable users to engage with each other using digital avatars and VR devices, fostering immersive interactions.

Step 4: Selecting a Development Approach 

• Build From Scratch: Building your social app and blockchain network from the ground up demands significant time and financial investment. Nonetheless, it provides a distinct development advantage, allowing you to tailor the entire platform precisely to your business needs.
• Based on Existing Platforms: Utilizing an established blockchain network like Ripple, Ethereum, EOS, TRON, or others offers a streamlined approach to developing and launching your social network platform.
• Ready-Made Solutions: While using a White-label app offers a quick and cost-effective way to establish your social network within days, it may also restrict you in terms of features and functionalities for your decentralized social app.

Step 5: Development and Testing

It is recommended that you outsource your project to an app development company. The coding process varies based on your project’s approach and complexity. Once programming is completed, thorough testing of your app’s functionality is crucial. Testing enables rapid identification and elimination of bugs safely and conveniently. The app development team can assist in ensuring code quality standards are met and delivering an outstanding product through systematic app testing methodologies.

Step 6: Form Marketing Strategies

• Targeted Advertising – You have the option to provide targeted ads based on user purchase history, past search activity, and demographic details including income level, age, gender, education level, etc.

• Influencer Marketing – Participate in influencer marketing by teaming together with influencers to be aligned with your brand values and target audience. Consider teaming up with blockchain-related content creators. 

• Content Marketing – Content marketing involves crafting and disseminating online content such as videos, blogs, and articles to draw a larger audience to your platform naturally.

Popular Decentralized Social Media Networks

If you’re seeking to break free from centralized social media platforms and explore beyond Crypto Twitter, here’s a curated list of top DeSoc platforms that you can join using your Web3 wallet.

1. Lens Protocol 
2. Mastodon
3. Steemit 
4. Only1 
5. PixelFed
6. Minds
7. Funkwhale
8. Lemmy  

Bottom Line

Several major social media platforms from the Web2 era are now exploring avenues to transition towards Web3 and decentralization. Despite many challenges, the future is poised to see continued expansion and adoption of Web3 media platforms. Users want to safeguard their information and protection, and they are keen on investigating ways of adapting their substance in their own particular manner.

Blockchain App Factory, with a profound comprehension of decentralized social media platform development, can be the ideal fit to assist you with building your own redid decentralized social media network. Contact our professional to learn more about our services today!