9 Top SocialFi and Decentralized Social Media Platforms

With the rise of centralized social media platforms like Facebook, Twitter, and Instagram, many users have become wary of how their data is being used and shared. These platforms are known for collecting user data and selling it to third-party advertisers. In response to this, a number of decentralized social media platforms have emerged that aim to give users more control over their data. In this article, we will briefly describe the 9 Top SocialFi and Decentralized Social Media Platforms.

What are SocialFi and Decentralized Social Media Platforms?

SocialFi and decentralized social media platforms are the next evolutionary step in blockchain based social networks. It leverages all the benefits of the blockchain while adding Non-Fungible tokens to provide ownership of content, Fungible tokens or crypto for creating an economy within the platform, and other DeFi services such as yield farming, and liquidity provision.

Users can own and operate the various social networks that are created on SocialFi, as community tokens allow individuals to participate in issues and make decisions about the project’s future, much like decentralized autonomous organizations (DAOs). Users will be able to create and manage self governing communities without interference from any central authority.

In contrast to traditional social media, where firms maintain all of the data on a central server, SocialFi networks and Blockchain Social Media Platforms distribute the data across a network of nodes, with everyone who helps keep things running being paid. Because of this, overall security is enhanced since data breaches are reduced and single points of failure are reduced.

Another significant benefit that SocialFi platforms have over traditional social media is monetary incentives. Users and content providers may get paid right now for uploading and sharing material. The concept of social influence is monetized, which implies users are compensated if they submit high-quality material that spreads.

When it comes to projects, there are many different project types in the world of decentralized social media platforms. Some are aiming in creating the infrastructure to target some of the limitations of existing blockchain networks that will scale decentralized social applications. Others are just focusing on creating decentralized social media platforms and applications similar to the traditional platforms we are all familiar with.

Read: What is SocialFi?

9 Top SocialFi and Decentralized Social Media Platforms

1. Decentralized Social (DeSo)

Decentralized Social Media Platforms - DeSo - SocialFi - Decentralized SOcial Networks

The first decentralized social media platform on the list couldn’t be other than Decentralized Social (DeSo). Decentralized Social is a Layer 1 blockchain network optimized for social networks. Someone may call Decentralized Social just a social blockchain. Decentralized Social is not a decentralized social network, but rather creates thee foundation where decentralized social networks can be built.

Decentralized Social’s blockchain is one of the first that has been designed from the ground up to scale these decentralized social networks. Social applications produce a lot of data, which current blockchains cannot handle. Decentralized Social is addressing this problem by creating the world’s first truly decentralized social network that can scale to billions of users.

Users will be able to own and monetize their data while maintaining security and privacy thanks to Decentralized Social.

Presently, any user generated content submitted to platforms like Instagram, Twitter, or TikTok belongs to the corporations rather than the creator who posted it. The monetization from these posts also goes predominantly to these corporations. Instead, Decentralized social is censorship resistant, any content created on the platform belongs to the users.

Decentralized Social will store all of the data on a public blockchain, allowing users from around the world to run nodes that can provide curated content. Users may use Decentralized Social to create their social network and set how it works. The creation of the decentralized social network’s platform acceptable behavior is left to the person who created it.

The Decentralized Social (DeSo) network initiative thinks that developing a blockchain specifically for social media will aid in the advancement of decentralized social movements. It is an open framework on which the entire world can collaborate to create innovative ways to unleash creators’ full potential.

2. Subsocial

Decentralized Social Media Platforms - Subsocial

The second decentralized social media project on the list is Subsocial. Subsocial is a Polkadot-based open-source project that will serve as Parachain. One of the creators of Polkadot is Gavin Wood, one of the founders of Ethereum. Polkadot’s and Gavin Wood’s vision is to create the infrastructure of Web 3.0.

Read: Polkadot: Blockchain Interoperability Platform

Subsocial is a template set built on the Substrate framework that’s accessible to everyone. It’s extremely versatile and may be used to create a distinct Space with its own version of Subsocial. Each independent Subsocial community is known as “Space.”

The vision of the team is not to create another decentralized social network, but rather to create a social finance or SocialFi protocol. Subsocial incorporates a lot of monetization methods for creators to control their rewards and income streams. Being part of the Polkadot Ecosystem, Subsocial can leverage different parachains to create a multiverse of communities that share networking effects.

In essence, Subsocial is a one-of-a-kind network in the sense that it may be tailored to fit any needs and provide comparable features as other social media sites. The system comprises of several basic components, including spaces, posts, comments, likes, and follows.

Spaces are comparable to groups, pages, and accounts on Facebook, as well as Twitter and Instagram accounts. Every space owner has complete control over the space, allowing them to do anything they want with it. The number of options available is incredible — likes, dislikes, comments, and shares can all be turned on or off.

The main drawback of popular social media apps is the lack of financial opportunities for content suppliers. Subsocial aims to remedy this shortcoming by providing a wide range of revenue streams.

Some of these monetization methods include Tipping, Message-delivering Tips, Subscriptions, and Selling or renting content. Other features planned for the future include a per-per-view feature, joint revenue sharing for content with many authors, and smart contracts that make it possible to build more sophisticated arrangements.

3. Mask Network

Decentralized Social Media Platforms - Mask Network

The Mask Network (MASK) is a decentralized encrypted social messaging platform, cryptocurrency, and file-sharing network. Users may use the protocol to encrypt their Facebook and Twitter posts. Only your friends can decrypt and read your messages once they’ve been encoded using the system. The Mask Protocol enables all of this and more.

Users of the popular social media platforms who want to keep up with their friends may benefit from using Mask. It has a lot of functions and advantages that Mask users might find useful. Users can send cryptocurrency directly between accounts using the protocol, for example. This function is an important step for the crypto industry as a whole.

For years, traditional social media platforms and blockchain startups have worked to develop a method for sending cryptocurrency over social media more accessible. Mask cuts out all technical obstacles and makes the whole procedure simple. Anyone may send value across the world instantly through their social media platforms with Mask.

4. Myriad Social

Decentralized Social Media Platforms - Myriad Social

Myriad Social is a decentralized social media platform within the Near Ecosystem, built as an Appchain on the Octopus Network.

The Myriad Network is a fully decentralized social networking platform designed to change the balance of power between users, community operators, and content hosters. It has been meticulously constructed with the express goal of addressing the fundamental issues created by private control of the current mass communication infrastructure.

The principles of the Blockchain, on which it is based, guarantee freedom of expression for all users, community management by all community operators, and content hosting choices for all content providers.

Furthermore, Myriad explores new design grounds in terms of content feed organization, social aggregation across platforms, user-driven post quality and spam control, user content monetization, and community governance.

The platform is built on top of a novel decentralized architecture that includes two protocol layers — a federation of servers and a blockchain — that work together to preserve User sovereignty while allowing scalability, transparency, and fully decentralized ownership and management of the platform.

While Myriad is decentralized, it isn’t anarchistic, according to Myriad’s whitepaper. Individuals who host servers for the platform and lead User Communities take power away from traditional centralized corporate authority and give it back to individuals. Anyone may run Myriad servers or communities and control the content in their own spaces however they choose.

Myriad is equally open and transparent. Users can inspect the source code of the application to ensure that no unfair restrictions are built in to favor one kind of material over another. To Users of a community, any server or community operator’s chosen algorithm for arranging contributions for a User is transparent.

With all these innovations in place, Myriad social aims to create a social media site with a similar look and feel to the traditional platforms, while doing it in a decentralized way.

Users can create profiles, post content, post videos, send messages, discover articles and trending feeds as well as import content from other social networks in a user friendly way.

Users can do all of these while having data privacy, benefit from censorship resistance, and be protected from invasive advertising and fake news promoted by “Advanced AI” algorithms created by centralized social networks.

5. AIOZ Network

Decentralized Social Media Platforms - AIOZ Network

With all of the internet ripe for decentralization, it’s only natural that content streaming get a decentralized upgrade. AIOZ Network is one such network aiming to provide Web 3.0 with a decentralized foundation; it’s also providing users with a unique opportunity to earn money without doing anything. AIOZ Network is the first decentralized social network on our list of decentralized social networks that is focused mainly on content streaming.

AIOZ is a Singapore-based blockchain network focused on decentralizing digital content. It accomplishes this by using independently run servers by its users. These nodes contain movies, shows, and music files, among other things. This is a paradigm shift compared to Web 2.0 where content is hosted on a centralized server owned by traditional social media companies.

When another user requests access to any of this data, the protocol will acquire it from that node for the user. The network claims that with this approach of geographically distributed nodes, it can provide consumers with faster and higher-quality streaming services.

The most widely used app on the network is AIOZ.tube, which is a video-streaming service for which it is most recognized. It’s also one of the network’s most popular passive revenue sources for users.

By participating, viewers and content creators alike receive AIOZ rewards; video producers profit from creating material, while viewers profit from viewing. Meanwhile, advertisers may pay with AIOZ cryptocurrency to advertise on the site.

The network also has a subscription-based television show and movie streaming service. AIOZ TV, a Twitch-like platform where individuals can broadcast for their followers, rounds out the app selections.

6. Gari Network

Decentralized Social Media Platforms - Gari Network

Chingari (formerly Chhiringi) is a short-video sharing platform that was launched in 2018 and has swiftly surpassed other competitors. It’s commonly referred to as the “TikTok of India.” There are two sides to the Chingari ecosystem: The Chingari App (for consumers) and the Gari Network (for investors).

The Chingari App has been downloaded over 100 million times on the App Store and Google Play. The platform has three million daily active users who spend an average of 38 minutes each day there.

The Gari platform allows you to distribute fun material, exclusive influencer material, educational content, and other informative material. The GARI platform enables the use of NFTs. Purchases of NFTs are made in the GARI cryptocurrency. Users may give their favorite creators in GARI tokens as tips and engage with them for marketing services that need payment in GARI tokens.

Sumit Ghost and Biswatma Nayak, two Indian developers from Bangalore, are the creators of the app. The Gari Network (GARI) token is the native currency of the Chingari App. According to SPL specifications, GARI is built on the Solana blockchain.

7. Project Galaxy

Decentralized Social Media Platforms - Project Galaxy

Project Galaxy is the 7th project on our list of decentralized social media networks and SocialFi platforms. The Project Galaxy is the world’s largest Web3 credential data network. It aids Web3 projects and developers in creating better goods and communities by providing curated credential data. Put simply, credential data are just pieces of our digital identities that have been recorded. Data curators collect this information and get rewarded for its usage.

The notion that credential data is split between closed and permissioned databases controlled by various organizations, including government, financial, and credit institutions, was first discovered in the Project Galaxy study. This causes the information to be out of reach for people who could benefit from it.

A borrowing record from a money market, as well as your on-chain voting history, are two examples of credential data on the blockchain. Off-chain credential data, on the other hand, is frequently stored offsite by users and developers using private servers. Project Galaxy strives to create an open and collaborative credential data network that is available to all Web3 developers.

8. Solcial

Decentralized Social Media Platforms - Solcial

Solcial is a permissionless social network that pays its users fairly for their efforts and encourages freedom of expression by allowing users to communicate without fear of being banned or silenced.

Solcial is a mobile app (for iOS and Android), a desktop software, and a website. Each user has their own token on Solcial, allowing you to invest directly in them. When you sign up for Solcial, you will be given 1 million coins; this supply is constant and the same for everyone. Every user’s token price will be set to $1 with 10,000 of their tokens placed in a liquidity pool, to begin with.

It also ensures that tokens are tradeable, allowing customers to compare token values knowing they started at the same price. Otherwise, you’re stuck with them; you can keep them or sell them (or send them to your pals).

There are three subscription levels for following people on Solcial: you can follow someone for free (Tier 1) to view their public content, but not their private content (similar to other platforms, i.e. Twitter or Instagram).

To access their private content you must own their token, which is the case someone invests in them. That’s what Solcial calls the “invest-for-subscription” model.

You can also showcase your NFTs on your user profile for a variety of purposes, including showing off or buying and selling your NFTs with your friends.

User content is stored on IPFS and accessed through a peer-to-peer layer that Solcial developed. As a result, Solcial does not rely on censored servers or gateways. All token-related activities, such as minting and trading, are handled by the Solana blockchain.

9. Mylivn

Decentralized Social Media Platforms - Mylivn

Mylivn is a social media network based in Munich, Germany, that was established in 2016. It has over 320.000 downloads as of now and has raised €9.5 million via SEED investment. Currently, it employs 31 people.

Mylivn’s objective is to give creators a way to profit from their work. MyliVn wants every creative person to have a place where they can make a livelihood by sharing what they enjoy.

Mylivn is at the forefront of the next generation of decentralized social media platforms: SocialFi projects are the future of social networking. With cutting-edge algorithms and recommendation engines, Mylivn takes video-sharing to a new level, allowing content creators to connect with their target audience immediately, creating a seamless social media experience.

The Mylivn PRO version is a game-changer, enabling content owners to 100 percent own their work. It also gives you a trustworthy cryptocurrency coin ($MLVC), allowing you to profit from leveraging revenue streams created on blockchain technology.

The Mylivn PRO program is a representation of everything that SocialFi strives for, as users may now use their social media platforms to generate income through blockchain finance.

Mylivn integrates blockchain technology to allow creators to make money through affiliate links, premium content, subscription services, and other methods. Mylivn leverages Elrond Blockchain for this purpose.

As a PRO member, you have the option of using your Mylivn crypto coins ($MLVC) on the platform’s marketplace or withdrawing in whatever currency you choose. In addition, 70% of the profits from their simplified Create2earn and Engage2earn features are given to PRO members, while 5% is given to users.

With the advent of NFTs, it’s likely that they’ll become more accessible to the general public than ever before. SocialFi initiatives intend to eliminate the time-consuming switching between social media and specialized wallets that store their NFTs.

In this aspect, Mylivn serves as a SocialFi system since content producers and artists on the platform can immediately produce and sell NFTs without difficulties on its NFT marketplace integrated into the network.

Closing Thoughts

Decentralized Social Networks are still in their early stages, with many projects described in this article taking up different challenges to resolve. Most importantly, to give user control of their own data, protect user data and remove the reliance on any central authority.

It’s evident that decentralized social media will continue to grow and develop. We are likely to see new applications and use cases for these platforms in the near future.

With blockchain technology, we can finally decentralize social media and give power back to the users.

Certainly, there are some challenges still to be resolved on how to manage illegal content, general data protection regulation, etc.

It’ll be interesting to see how these SocialFi platforms develop in the coming years and how they’ll shape the future of social media as well as many other industries.

In the meantime, you can follow Coinavalon on Myriad Social.

Aris Ioannou
Aris Ioannouhttps://coinavalon.io
Aris created Coinavalon with the purpose of helping the average person navigate the decentralized web. Aris has been passively in the space since 2017 and full time since late 2020. Before Coinavalon, Aris worked as a Business & IT Architect in the financial services sector. Aris holds an MSc in Advanced Computing from Imperial College London, a BSc in Computer Engineering from University of Cyprus and currently pursuing an MBA degree from CIIM.

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