Decentralized Social Networks Are on the Rise, Possibly Beginning with Elon Musk's Takeover of Twitter, Says Coinbase CEO

Decentralized Social Networks Are on the Rise, Possibly Beginning with Elon Musk's Takeover of Twitter, Says Coinbase CEO

Coinbase CEO Brian Armstrong said that decentralized social networks (DeSo) are on the rise, perhaps beginning with Elon Musk's takeover of Twitter. He believes that the use of a decentralized protocol and decentralized finance would be a good step toward freedom of speech.

Coinbase CEO Brian Armstrong, in an interview with economic think tank Milken Institute, spoke about his vision of what decentralized Twitter could look like if Elon Musk turned the popular platform into a Web3-based application.

Armstrong thinks it would be a great step towards freedom of speech. He believes that cryptocurrencies are its other version—economic freedom. Armstrong believes that Twitter can essentially use a decentralized protocol and decentralized finance.

“I think generally, this is a good effort towards free speech. I think freedom in all forms is worth defending and crypto, a lot of it, is about economic freedom. Freedom of speech is another version. I do think there’s an opportunity for Twitter to essentially embrace using a decentralized protocol and, just in the way that you’ve probably heard of DeFi, which is decentralized finance. There’s another one called DeSo, decentralized social media, which is another emerging area coming up.

So a lot of teams are actually out there looking at, 'Can we make a decentralized protocol for social media where it doesn't mean some company owns my identity and all the content and all the likes and the follower graphs. Maybe I can own my own identity, a decentralized identity, and when I post something, it can be stored in IPFS [Interplanetary File System] or Filecoin in a decentralized ledger.'

Anybody could a make a client to consume all this information out there and display it to the user in various ways. By the way, they could each have their own kind of content moderation policy. But the data, the identity, the follower graphs have all become a public good, essentially, and have democratized access to that. And I think that's one of the directions Twitter could go.”

© 2022, Eva Fox | Tesmanian. All rights reserved.


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About the Author

Eva Fox

Eva Fox

Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.

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