Crypto news: the new European report on blockchain-based social media

Among today’s crypto news, the new ‘Decentralised Social Media’ report from the EU Blockchain Observatory and Forum stands out. 

It provides an overview of how the migration of users from centralised to decentralised platforms continues to grow, including in the social media sector. 

Crypto news and the EU’s “Decentralised Social Media” report: free software or blockchain?

The new “Decentralised Social Media” report from the EU Blockchain Observatory and Forum describes the emerging landscape of decentralised social media platforms, which are increasingly becoming an alternative to centralised platforms. 

And indeed, it seems that social media is also following the normal evolution resulting from the development of Web3 technologies that are reshaping the future of the internet. 

Thus, while traditional platforms such as Facebook, Twitter or Reddit remain the centralised social media of Web2, the report analyses the decentralised social media of Web3.

First, a distinction is made between the technologies used, such as decentralised social media based on free software and those based on blockchain. 

In this context, the report describes decentralised social media based on free software as those that focus more than others on the principles of democratisation and the creation of open digital spaces.

Social media that integrate blockchain solutions, on the other hand, prioritise user empowerment and the protection of digital rights.

Crypto news and EU report on blockchain-based social media: who has the power?

Although mass adoption has not yet been achieved, there seems to have been a significant increase in awareness in recent years, leading users to prefer decentralised platforms to centralised ones. 

Especially in the case of social media, knowing that the power is not in the hands of the “creator” is indeed an important factor for the community. 

However, the report points out that while decentralisation changes power dynamics, new forms of power centralisation can also emerge within these ecosystems. 

For example, whether it is free software-based social media or blockchain, power may be concentrated in individual server operators or higher-level foundations. 

This means that decentralised social media are still in the early stages of their technological evolution, even if technology is used to overcome the centralisation phase. 

Cardano’s first social media application

In October, Cardano Spot launched the first social media app for Cardano. It is a new, obviously blockchain-based platform that aims to strengthen the connection between Cardano enthusiasts. 

In particular, the new advanced platform aims to promote the involvement of native Cardano projects and their communities. 

The social media app will connect Web3 users, who can learn how to connect with the Cardano ecosystem on topics ranging from DeFi to NFT and more. 

Currently available for iOS and Android devices, the platform has been developed based on feedback and input from the community.