The tumultuous 30% slump in the crypto market and the rapid rebound that followed last week left many wondering what comes next. Crypto circles aside, the discussion about the importance of building solid, broadly usable applications is louder than ever. Crypto will cease to be perceived as a casino on the edge of the internet when participation outweighs speculation.
One interesting dynamic we are observing is that conversations about the future of Web 3.0 are still taking place on centralized Web 2.0 platforms. The need for crypto-native principles and processes within the social application landscape is clear. Adding privacy and security to the layer of communication and community interaction will ensure that the shift from centralized power to empowering individuals and communities is finally underway.
Connected: The DeFi snowball turns into a Web 3.0 avalanche
I see crypto-based social applications as a cornerstone of the crypto evolution. Current chat and community areas like Telegram and Discord can be a good place to start, but they’re still closed-source, centralized, and anything but censorship-resistant. Crypto-based social applications are the way forward if we really want to create the basis for secure, open-source peer-to-peer communication flows and the exchange of values. When we end a socially starved but digitally dense pandemic, a whole new era of social applications built on and around crypto beckons.
The desire to connect and expand community life online is evident. The combination of crypto-related activities like immersion in decentralized finance (DeFi) or creating, curating and collecting non-fungible tokens (NFTs) will become a much richer and more valuable form of online community life that will benefit all participants.
Connected: The role of decentralized networks in a data-rich, hyper-connected world
Crypto communities in particular have grown and evolved in various new and exciting ways, with Twitter serving as the dominant space for discourse, followed by Reddit and, more recently, Clubhouse. Discord and Telegram have mainly served as community management tools and channels for project-specific conversations.
The common denominator? Neither of these platforms really adheres to the crypto principles of decentralization, privacy and user rights. A redesign of social media and common spaces in line with basic crypto principles seems inevitable, not only for a safer medium of expression, but also for an upscale economic ecosystem that is thriving.
The possibilities that crypto unlocks are incredibly diverse. We saw it with DeFi and continue to see it combined with NFTs as well as both. The next natural iteration will create community spaces on the crypto infrastructure in which user rights and user options are immediately accessible to all participants.
Connected: How NFTs, DeFi and Web 3.0 are intertwined
By removing intermediaries from the value exchange process – be it communication, transaction or purely social – a new dynamic of human interaction on the Internet, in contrast to the current role of people as Web 2.0 products, can gain a foothold.
In addition, the peak of these new technologies is supported by social applications, where users have complete control over their data, money, and even the platforms themselves. With custom social apps running the conversation on topics like DeFi governance and the socio-economic value of NFTs, crypto users will finally and completely be in the driver’s seat. Say goodbye to lock-in and lockdown. Crypto-based social apps are the way forward.
This article does not provide investment advice or recommendations. Every step of investing and trading involves risk, and readers should do their own research when making a decision.
The views, thoughts, and opinions expressed herein are solely those of the author and do not necessarily reflect the views and opinions of Cointelegraph.
Simona Pop is the leader of the community for Status, a secure messaging app, a crypto wallet and a web 3.0 browser. She was previously a co-founder of the Bounties Network and an active steward of the Ethereum ecosystem, working on community engagement initiatives, educational programs, and the real world use of crypto. Her work is all about expanding access to decentralized applications and crypto dynamics for all and empowering individuals and communities through token economics.