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Traditional Social Media Is Dying: Phaver Offers a Fairer Alternative

Traditional Social Media Is Dying: Phaver Offers a Fairer Alternative

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When Stuart Haber and W Scott Stornetta first proposed blockchain technology in 1991, few people imagined how relevant the technology would eventually become. Although it took some time for blockchain skepticism to turn into curiosity after the launch of Bitcoin in 2009, the blockchain market would eventually be worth crossing. 4.8 billion dollars. Today, blockchain is accepted as one of the most disruptive technologies, with new use cases emerging every day.

Unfortunately, despite increasing adoption, blockchain has been difficult to apply to everyday applications due to its technical complexity. Not only do most blockchain-based applications require users to use specialized tools like digital wallets, but most users don’t find it “useful” either. This is because blockchain is often associated with applications such as cryptocurrency and NFT, which have gained a negative reputation due to high levels of speculation and mainstream media misunderstanding of the technology.

It’s no surprise that industries like gaming have become one of the main drivers of mass adoption. Not only do video games have an important synergy with blockchain technology, but the gaming community consists of tech-savvy users and early adopters. This has led blockchain evangelists and developers to look for other areas that have the potential to drive mass adoption, with many finding that social media may be just what they’re looking for.

Just doesn’t exceed 59% of the world’s population use social media for an average of 2.5 hours per day, but the industry also benefits greatly from the integration of blockchain technology. With privacy, security and centralization concerns mounting, blockchain could provide a lifeline for existing social media platforms. Unfortunately, traditional social media might be way too far gone is being fixed, which means a complete overhaul of how we think about social media may be necessary.

This belief motivated Joonatan Lintalana and Tomi Fyrqvist to launch Phaver, a decentralized social media platform that aims to provide an alternative for those looking for a fairer social media experience. The two entrepreneurs had seen firsthand how the paid social sector worked in the background, endangering users’ privacy, security and mental health.

“The final straw was when he [Joonatan ] received a call from her distraught grandmother who had been kicked out of Facebook and Instagram for accidentally changing her age to under 13 in the settings. He reminded us that while your online community life often exceeds your physical one these days, web2 users don’t own any of it, but 10 years of networks or entire livelihoods can be wiped out with one wrong click or tweet.” Tomi, who is now the startup’s CFO, says.

This issue of beneficial ownership is nothing new in the tech world, as companies have complete control over their users’ accounts and assets when using their platforms. From video games to the financial sector, users have struggled to take ownership of their digital assets for too long. A recent example of this is the dispute over PayPal’s decision freeze more than $1.3 million when blocking the startup account.

Social media is familiar with such situations, with platforms like Facebook and Twitter choosing to block users like Donald Trump, and service providers like AWS choosing to block Parler. While people may or may not agree with such decisions, most free speech advocates like the fact that a few people have so much power on social media.

Phaver solves this by introducing a decentralized autonomous organization (DAO) model to its platform, which allows its users to not only shape the future of the platform, but also write the rulebook. This has the advantage that the community chooses what is accepted and what is not, taking the power away from a few individuals who may be biased. The DAO structure also means that users benefit and benefit from the platform’s dual-token monetization method, encouraging to create a fairer platform.

Phaver uses Non Fungible Tokens (NFT) to create user profiles, effectively giving users keys and allowing the startup to provide a lock, setting it apart from other blockchain social media projects. To achieve this, Phaver teamed up with Ghost at the time Lens protocol was launched. Thanks to this partnership, Phaver can not only act as part of a municipal watchdog where content moves freely between apps, but also benefit from being mobile first.

“Unlike many x-to-earn projects, real value happens in the social sector which allows for a balanced economy that doesn’t depend on ponzinomics or every new user with a high participation fee in the form of NFTs or other tokens.” says Jonathan. “This also allows a much wider audience to tap into the earning potential around the world and create more an equal system.”

Phaver believes that Web3 is the future of the Internet, which aligns with the beliefs of thinkers like Naval Ravikant and Internet creator Siri. Tim Berners-Lee. By bringing the benefits of blockchain to an industry in need of change, the startup has a unique opportunity to show how valuable blockchain is, and at the same time introduce the technology to millions of users easily.

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