The tumultuous 30% drop in the crypto market last week and its subsequent rapid recovery have left many wondering what comes next.. Cryptocurrency circles aside, the conversation around the importance of building robust and widely usable apps is becoming more and more prevalent. Cryptocurrencies will cease to be perceived as a casino on the internet margins when participation exceeds speculation.
An interesting dynamic that we are seeing is that conversations around the future of Web 3.0 continue to take place on centralized Web 2.0 platforms. The need for crypto-native principles and flows within the social app landscape is clear. Adding privacy and security to the community interaction and communication layer will ensure that the shift from centralized power to empowering individuals and communities is finally set in motion.
I see crypto-based social apps as a cornerstone of cryptocurrency evolution. Current chat and community spaces like Telegram and Discord may be a good start, but they are still closed source, centralized, and far from censorship resistant. Cryptocurrency-powered social applications are the way to go if we really want to lay the foundation for secure, open-source and peer-to-peer exchanges of value and communication flows.. As we emerge from a socially hungry yet digitally dense pandemic, a whole new era of social applications built on and around cryptocurrency calls upon us.
The desire to connect and expand community life online is evident. The combination of native activities of cryptocurrenciessuch as immersion in decentralized finance (DeFi) or the creation, curation and collection of non-fungible tokens (NFT), will evolve into a much richer and more valuable form of community life online, benefiting all participants.
In particular, cryptocurrency communities have grown and evolved in several new and exciting ways, with Twitter serving as a dominant space for speech, followed by Reddit and, more recently, Clubhouse. Discord and Telegram have primarily served as community management and outreach tools for project-specific conversations.
The common denominator? None of these platforms actually adhere to the fundamental principles of crypto on decentralization, privacy and user rights. A redesign of social networks and community spaces in line with the basic principles of cryptocurrencies seems inevitable, not only to make them a more secure means of expression, but also to have a high economic ecosystem focused on prosperity.
The opportunities that cryptocurrencies open up are incredibly diverse. We’ve seen it with DeFi and continue to see it with NFTs, as well as both combined. The next natural iteration will create community spaces in the crypto infrastructure, where user rights and opportunities are immediately accessible to all participants.
By eliminating intermediaries from the value exchange process – be it communication, transactional, or purely social – a new dynamic of human interaction can take hold online in opposition to the current roles that people play as products of Web 2.0.
What’s more, the culmination of these new technologies will be supported by social applications in which users fully control their data, their money and even the platforms themselves. With user-owned social apps guiding the conversation on topics like DeFi governance and the socio-economic value of NFTs, cryptocurrency users will finally be fully in the driver’s seat. Goodbye to blockade and closure. Cryptocurrency-powered social apps are the way to go.
This article does not contain investment advice or recommendations. All investing and trading involves risk, and readers should carry out their own research when making a decision.
The views, thoughts and opinions expressed here are solely those of the author and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Simona Pop She is responsible for the Status community, a secure messaging application, cryptocurrency wallet and Web 3.0 browser. She was previously a co-founder of the Bounties Network and is an active manager of the Ethereum ecosystem, working on community engagement initiatives, educational programs, and real-world use of cryptocurrencies. His job is to expand access to decentralized applications and cryptocurrency dynamics for everyone, empowering individuals and communities through the token economy.