Are Reddit And Discord Tapping Into Crypto To Decentralize Social Media?
Reddit and Discord are entering the cryptocurrency game; is social media on the verge of changing as we know it? Will they decentralize social media?
Covered:
- Solana Partnership With Reddit
- Discord Logins With MetaMask Wallet
- Looking Forward To Decentralized Web
Social media corporations have been managing the lives and emotions of billions of users throughout the world for the past decade now. With the massive pile of data that these corporations have been able to stack up, people are becoming more aware of their online presence and are seeking out alternatives to maintain that privacy.
Solana (SOL) and MetaMask are here to try and help usher privacy back into social media.
Solana Partnership With Reddit
At the SOL-focused Breakpoint conference, Reddit co-founder Alexis Ohanian announced a major partnership with the venture arm of the Solana Labs blockchain, Seven Seven Six, for a $100 million investment initiative in decentralized social projects.
The future of social is web3. @alexisohanian, @sevensevensix, and Solana Ventures are committing $50M — scratch that, $100M! — to fund the future of decentralized social communities. #SolanaBreakpoint #BreakpointLisbon pic.twitter.com/VUv6rnCpNf
— Solana (@solana) November 9, 2021
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Ohanian says that the Solana (SOL) smart contract platform will provide an unprecedented opportunity to merge crypto with social media.
“With a high-performance blockchain like Solana, there is an unprecedented opportunity to fuse social and crypto in a way that feels like a Web2 social product but with the added incentive of empowering users with real ownership.”
Discord Logins With MetaMask Wallet
As Reddit prepares to onboard Solana, the popular Ethereum-native digital wallet MetaMask is planning on tapping into Discord to further integrate decentralized financial (DeFi) products.
In a response to a tweet aspiring for a better, more integrated experience for gamers, Discord CEO Jason Citron posted a screenshot that appears to be teasing MetaMask wallet integration with Discord.
probably nothing pic.twitter.com/p4P6MoNGgd
— Jason Citron (@jasoncitron) November 8, 2021
Based on the photo, it appears that Discord users will be able to log in to the instant messaging platform using their Ethereum wallet. The integration could bring massive implications for internet users in the future; being able to log in with a wallet identity rather than an email/password combination will not only save users the hassle of keeping track of login information but also provide the security and privacy that digital wallets are known for.
Looking Forward To Decentralized Web
Sam Bankman-Fried, the founder of major crypto exchange FTX and avid Solana supporter, said at the conference that social media on the blockchain could be massive and solves a lot of the pain points people have with these platforms today.
He thinks that onboarding existing user bases to great decentralized products could accelerate the widespread adoption of DeFi.
“One potential way to absolutely supercharge DeFi adoption is to first build a great product but then combine it with an already existing massive user base. And many of these user bases are orders of magnitude bigger than all of DeFi so far and you talk about the adoption so far that we’ve seen in the industry but that might just pale in comparison to what a single gigantic platform can bring forward.”
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As we’ve already seen on Twitter, the platform’s CEO Jack Dorsey officially integrated the Bitcoin Lightning Network to allow users to send payments instantly using Bitcoin on the backend. It seems as though that social media’s trend towards decentralization is already underway. Reddit and Discord’s new plans to follow suit shows that social media is just beginning to enter its next evolution.
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Text source: CryptosRus
