#Blockchain Based Social Networks - (Chris Coney) WCSS:033

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At the highest level of abstraction we have web2 and web3, that’s the interactive web and the decentralised web.
Within each of those you have a network
In Web2 you have just one main network, the Internet
In Web3 you have many different networks vying for dominance, which adds an extra layer of complexity when investing before we are not 100% sure which network (or group of networks will dominate)
Then within the networks you have a number of apps
Facebook, Twitter and YouTube in Web2
And for Web3 is depends on which network we are talking about, because each has multiple apps on it
This is where the investing thesis is similar to what I laid out in the episode on Metaverse investing
There is picking the winning network, and then there is picking the winning apps on those networks
For the benefits of this episode I’m going to use the Web3 network that I am personally most bullish on and that is the HIVE, which is a blockchain that has been specifically designed to serve developers who want to build decentralised social networking apps
The equivalent of Facebook or Instagram on the HIVE network is an app called Ecency or PeakD.
The Twitter equivalent is called DBuzz.
And the YouTube equivalent is called 3Speak.
The HIVE blockchain also hosts Splinterlands which is one of the most used blockchain games in the world with a quarter of a million users logging on each day.
What is the investment case? Why are users going to trend towards using decentralised social networks?

There are a few reasons I think this will happen.
Privacy.
If you’ve watched documentaries like The Social Dilemma, you’ll be aware of how the use of algorhymns to increase user engagement and boost ad revenue has gone too far.

Blockchain based social networks like HIVE have an element of transparency built in (a) because the content is hosted on a blockchain and (b) because the code tends to be open ..