In this episode we are going to go over the criteria and expectations that we think should be included in a Cryptosocial media platform. What we think you should look for in a social media home.
- Is it decentralized?
- How is it decentralized? Blockchain or federated?
- Can you “trust” the platform to be there or can it disappear? This is the problem I (UB) have with the Fediverse. Most people cant self host so therefore they must put their trust in someone else to maintain an instance. Which means if that person runs out of money that instance can be shutdown without notification to the users of it.
3. Can it delete, ban or block you from access to your account?
4. If it’s a blockchain can you power down/unstake, convert and/or withdraw your crypto you earned on it?
5. How vibrant is the ecosystem that is being built around it? Is there more than one frontend to it?
6. How easy is it to get on board? Does it require any kind of KYC?
7. How is the platform funded? Venture capital? Private funding? Who is paying for the infrastructure?
8. Is there a company behind the blockchain? (This is important to me UB) I am not a fan of a company funded blockchain because that typically means they hold the lion’s share of the crypto and most likely fold up and move on if there isn’t a decent ROI.
9. Do the witnesses, founders, and other power brokers earn rewards and follow the same rules as everyone else or do they have a different set of rules for themselves?
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