Is it a social media issue for Web3, and is Friend.tech security?

The Web3 industry continues its mission to disrupt the World Wide Web, and social media is one of its primary targets. On the 34th edition of Cointelegraph's Hashing It Out, host Elisha Owusu Akio interviewed CyberConnect founder Ryan Lee about the concept of decentralized social media.

Lee begins the show by explaining the rationale behind creating blockchain-powered social media platforms. Lee pointed out that Web3 social media platforms give content creators confidence that they won't give up when the platform gets big or shifts its focus to ad revenue, unlike traditional platforms. This feature is built on top of a decentralized financial system, and the speculative nature of the space makes a strong case for SocialFi.

Lee also highlights updates in recent years that have focused on decentralized social media applications. Developments such as the rise of account summarization in cyberspace and new ways to increase engagement on social media platforms have created quite a buzz around the sector.

It is a social media platform that is not suitable for taking its place in Tolo soon. After earning more than 30,000 Ether (Ether), the platform has become the most regulated application in the airline network. Despite the development, the platform needs critics, Lee gives an interesting opinion about the platform, describing it as security:

“But when you say it's a security, I mean maybe the key value, even if it's trading with the combat curve, is not trading with anybody else.

Beyond decentralized social media, Owusu Akiyau and Lee discuss how recent changes to major platforms like Meta and X (formerly Twitter) are impacting adoption. Lee explains that X's new monetization strategy and Meta's seemingly failed Threads experiment could spur Web3's social media adoption. According to the co-founder of CyberConnect, users can make a move because of the infrastructure they've got, a feature they like and stick with.

Listen to the latest episode of Hashing It Out with Ryan Lee, founder of CyberConnect, on Spotify, Apple Podcasts, Google Podcasts or TuneIn. You can also check out Cointelegraph's full line of informative podcasts on the Cointelegraph Podcasts page.

This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.