With the little reading I have done, I believe it will be more transparant then the centralized version, as data can be viewed by everyone and therefore users can track what's going on, meaning users have a say in such, is this correct ?
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The stuff on the blockchain, yes.
But you have to switch to a Web3 mindset. The difference is not what is being done with the data. It is who benefits from the advertising. With Leo, the ad revenues will be used to buy $LEO, hence part of the tokenomics.
With trad social media, the benefits go to the company.
Every Leo holder benefits on here from it.
Does that mean the earnings will be shared among Leo holders, will that be based on LP ?
Those who power up $LEO earn a percentage of the ad revenue.