The Next Big Trend in Crypto is Social Apps

The Next Big Trend in Crypto is Social Apps
  • The discussion about Web 3.0 is still ongoing on centralized Web 2.0 sites.
  • Crypto-based social apps are the way forward.

The rapid 30% drop in the cryptocurrency market last week. Moreover, the subsequent rapid rebound made many people wonder what will happen next. Crypto circles aside, the discussion about the importance of building strong and widely usable applications is stronger than ever. It is no longer viewed as a casino on the edge of the internet when participation exceeds speculation.

One interesting thing is that conversations about the future of Web 3.0 are still ongoing on centralized Web 2.0 sites. The need for crypto-native principles and operations in the field of social applications is clear. The level of community participation will ensure the transition from centralized power to individual and community empowerment.

Social applications based on crypto are the cornerstone of the development of crypto. Current chats and communities, such as Telegram and Discord, maybe a good start. However, until now they closed source, centralized, and far from censorship-resistant. If we want to lay the foundation for secure, open, and peer-to-peer communication and value exchange. This is the right approach. As we emerge from a socially eager but digitized pandemic, a new era of social applications is emerging in and around cryptocurrencies.

The wish to connect and expand online community life is clear. A combination of crypto-native activities such as diving into decentralized finance (DeFi) or creating, holding, and collecting non-fungible tokens (NFTs). These will develop into a richer and more valuable online community life, for the benefit of all participants.

In particular, the crypto community has grown in several new and exciting directions. With Twitter serving as the main communication space followed by Reddit, and most recently Clubhouse. Discord and Telegram primarily used as community management tools and outlets for project-specific conversations.

The common point? None of these platforms truly comply with the cryptographic principles of decentralization, confidentiality, and user rights. An overview of social media and public spaces based on crypto fundamentals seems essential. That is not only for safer expressions. But it is also for a highly developed and prosperous economic ecosystem.

The possibilities offered by crypto are very diverse.  We have seen this on DeFi and continue to see this on NFT and two mobile phones. The next natural iteration will create a community space in a crypto infrastructure that contains user rights and opportunities. Accessible to all members immediately.

By eliminating the intermediary in the value exchange process. Whether it’s communication, transaction, or pure social interaction. We can root against the current roles that people play as the new dynamic Web 2.0 products of online human communication.

In addition, the highlight of these new technologies will also be social applications.  In that users can fully control their data, money, and even the platform itself. As custom social applications lead discussions on topics such as DeFi governance and the socio-economic value of NFTs and crypto users will eventually completely take their place. Say goodbye to lock-in and lockdown. Crypto-based social application is the only way to go.

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Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.