Things are starting to get very interesting regarding the world of Web 3.0. While we are still in the embryotic stage, things could change rapidly. For this reason, it is best to consider the moats that traditional social media had and how vulnerable it might be.
Over the past couple months, we covered the situation with Twitter. It is clear that Elon Musk is looking to turn that into more than just a social media network that is known for microblogging. The applications being filed to be a payment processor show where the future of that platform lies.
However, what does Twitter really offer? In this article, we delve into it and how an ecosystem like Hive could completely disrupt it. This might seem far-fetched until we consider what resiliency, or lack thereof, actually exists with Twitter.
SourceWhat Is Twitter?
This is something to truly consider.
What is Twitter really? We take it for granted when we say the name and most everyone knows what we are referring to. However, what is it?
We could say it is a website or application. That is true. Actually, from this perspective, Twitter is a front end. Thus, if there is something on the front, we can presume there is a back end. With Twitter, it is a centralized database that houses the account management system along with the data that is posted.
So, essentially we have a set of databases houses on different computers, presumably located around the world, that is accessed through a front end.
As we stated in the past, this is basically what Hive is. Here we have a decentralized database with numerous front ends. This is putting it on par with much of what is out there.
One thing Twitter does have, which Hive is nowhere even close to, is the network effect. This results in a user base that interacts because there are so many others to engage with. It is key.
With 250 million people, there is a lot to be found. People can engage with most any topic they are seeking. That does not happen with 10K daily users.
Here is the important point in my view: while this is a major difference, it is really the only one. It is the safeguard of a digital platform. Outside of this, Twitter really does not have much that cannot be replicated elsewhere.
The Power Of Decentralization
It is rather obvious Hive has a much larger scope than Twitter. While that is a microblogging platform that is planning on adding long-form content along with payments, Hive already does that. In addition, we can see the gaming industry being a target of some development on here. With the success of Splinterlands, it is only a matter of time before something else duplicates it.
We also have a database that anyone can add to. In the past we discussed Podping. This is being inserted in the middle of the podcasting industry. Could that be done with Twitter? The answer is no because it is a centralized server system.
Elon talks about perhaps incorporating cryptocurrency into Twitter. Hive is cryptocurrency. It is part of our base layer, coded into the blockchain. In fact, there are two coins, each serving different purposes. Ultimately, this is going to allow the formation of an ecosystem with these at the center.
Twitter can hire all the developers it wants. With decentralized, permissionless systems, people simply show up. This is the major difference. Anyone can build on Hive. There is nothing required to get started other than desire, talent, and an account. Where one chooses to focus attention is up to the individual.
The numbers heavily favor Twitter in the near and medium term. In the long run, however, it might be a different story. Hive is a foundation in the Web 3.0 evolution. It is the only one that has a decentralized base layer and is focused upon constructing similar second layers. This is going to make it stand out.
How many people on Twitter are building? There are a lot of users but is anyone really a builder there? That isn't the case with Hive. I made the argument that everyone on Hive is really a business since we have the monetization factor. That means all we are involved with is actually an economy.
Where is the Twitter economy? With Hive, it is before our eyes, albeit small at the moment.
Microblogging The Entry?
Twitter does not have a monopoly on microblogging. This is something that is starting to be replicated on Hive. There are two projects, LeoThreads and DBuzz which are moving ahead. They are taking two different approaches so we are experimenting with how this could work.
LeoThreads operates at the comment level while DBuzz is going to be looking to merge on-chain and off-chain data. Certainly the feature-set of each is rather limited compared to Twitter; the latter had a lot more years to develop.
Nevertheless, microblogging appeals to a lot of people. As stated, there are a few hundred million people who show up regularly. This is something that Hive can tap into.
What does Hive offer that Twitter does not? Basically, in my view, it is the economy. Whenever someone joins Hive, they are instantly tapped into a global network of applications, infrastructure, and community. All of this is incentivized, i.e. monetized, creating economy. As soon as one receives an upvote on even a comment, and payment is received after the 7 day voting window, he or she is part of this economy.
Compare that to Twitter or any other social media platform. Hive brings finance right to the forefront even if someone isn't looking for it.
In the end, Twitter or any other centralized corporation can have tens of thousands of people working for it. Historically, this cannot match up to a decentralized ecosystem with the same number of people dedicated to creating projects and successes that interest them. The level of innovation is not even comparable.
This is hard to see in the short-term as centralized entities are more efficient. That is why Musk can mobilize a lot of changes rather quickly. With Hive, it takes longer because the advancements (upgrades) are happening organically. There is no plan. However, each development provides users with another feature that was not present before.
Over time, that starts to add up. We are also presented with the opportunity whereby others can build on top of what was constructed.
This is the nature of an open source system like this. Even the data that resides on-chain is available to anyone who wants to utilize it.
Try doing that with Twitter's servers.
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Posted Using LeoFinance Beta
I think you are right about Twitter having the network effect and how that is going to be hard to beat. I have seen other messaging and social apps that have had integrated wallets, but they just didn't take hold like we would hope. Keybase is the first one that comes to mind. Encrypted chat with a crypto wallet built in. It was pretty cool. I still miss using it.
Posted Using LeoFinance Beta
It is going to take something that is feature rich. There is no doubt the Web 2.0 platforms offer a great user experience. This is something that Hive needs to integrate. How we do that depends upon the application. However, we need to go in all the directions to ensure we have it covered.
Posted Using LeoFinance Beta
Definitely there I understand the scope of Twitter I only use it to share hive information practically this goes much further and a little complex.
Many believe in the turn to Web 2.0 to promote Web 3.0.
So far it doesnt appear to be working but it might be due to shadowbans on Twitter.
Either way, we just keep building. I am excited to see what the microblogging projects on Hive come up with.
Posted Using LeoFinance Beta
With the lack of attention level and preference for short content yes microblogging is apealing for most of the internet, having both long and short content on the same platform and you can filter its sounds like a great oportunity for Hive, just need more time to get more active users ✌️
That is what Leofinance is looking at doing. I believe, from the AMA, they just incorporated long form into the new UI.
It should be interesting to see roll out.
Posted Using LeoFinance Beta
First of all, I think users of any social media should be aware that their content micro or macro could make money rather than only like, heart, emoji, retweet etc. which have nothing in value but satisfy their ego.
Well I think we can cut them a bit of slack on not knowing since this is relatively new. BUt yes, the content has monetary value as Facebook (META) Twitter and Google know.
Posted Using LeoFinance Beta
A lot of twitter based features can be embeded into the leothreads like say embed, emojis, gif etc and that would mean more cashburn but those would also attract the outside traffic into the leofinance and hive. I think if we can get the quality writers on hive who are on twitter too, that would be super cool. as we need writers to keep people engaged here.
Yeah the more that is integrated, the better.
This is the benefit we have. We are not recreating the wheel per se here. Just duplicate what is successful while adding a lot more in terms of the ecomonics.
Posted Using LeoFinance Beta
Microblogging is the simplest method of blogging and because of that, it ensures a speedy adoption. Put behind that a truly decentralized blockchain with zero fees like Hive which can add financial incentives and it should create a massive user base. The secret is in the easiness and welcoming of the UI and we might see that soon with the new Leo Finance redesign. Let's see where that takes us!
Posted Using LeoFinance Beta
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Posted Using LeoFinance Beta
I believe that as time passes the network also grows on Hive, the microblogging systems that are developing in our ecosystem over time will perfect their mechanisms and in my opinion they will grow a lot.
I don't know where Twitter will go but I'm sure that Hive will have a great development and a great future, it's working well and we need to continue on this path and be patient... it takes time to get the best results!
It's going to be tough to beat Twitter but it looks like they might be having some issues of their own to deal with. The algorithm seems to be having issues and the centralization is still there as there doesn't seem to be the free speech that a lot of people expected.
Posted Using LeoFinance Beta
Yay! 🤗
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