The centralized storage of data on traditional social media raises concern about the privacy of users and the security of their data. Currently, in order to sign up for any social network, users must provide their phone number, email address, and other details. These records, along with the content published on the platforms are stored on centralized company servers.
Web3 social platforms utilize decentralized, permanent storage to store user data. This data exists separately of the social network and cannot be tampered by them. This storage system also reduces data breaches and enhances the overall security.
Data on the Releap Protocol is securely stored on Arweave and IPFS.
Decentralized social platforms can be a vital tool for protecting the freedom of speech. Users and content producers won't have to worry about their messages or content being deleted or filtered, or worse, having an account they've worked so hard on, permanently shut. Additionally, many people in contemporary countries still endure political censorship or are barred from speaking their minds regarding national leaders and policies.
With decentralized social platforms, creators have greater ownership and control over their content and network participants can manage the content instead of a company.
Future of Creator Economy
Decentralized SocialFi platforms are set to usher in the future of creator economy. At present, creators on Web2 platforms are only compensated adequately if they are highly successful; this creators a lot of pressure on creators, especially while functioning in a space plagued by cancel culture and erratic algorithms. The monetization of content also tends to be very unfair because ownership and control lies with the platform on which it is published.
SocialFi networks building on Web3 provide multiple avenues for new ways for monetization of content such as tipping, posts as collectible NFTs and more. Giving creators back control and ownership over their creativity and networks is crucial to the building of creator economy.