Posts

Web 3 social media coming to Polygon?

avatar of @belemo
25
Belemo
@belemo
·
·
0 views
·
3 min read

The message is clear these days and while the masses still flock to the likes of Twitter for "social currency" that doesn't actually pay the bills, blockchain developers are building in the background.

In an interesting switch that I see happening more often, the former CEO of Reddit has indicated an interest in an initiative that seeks to build web 3 applications on Polygon Network. According to the report, the initiative seeks to explore the potential of web 3 applications in both gaming and social media on Polygon.

According to a report from Cointelegraph;

"On Friday[last week], Polygon and Alexis Ohanian’s venture capital firm, Seven Seven Six, announced a $200 million initiative backing projects operating at the intersection of social media and Web 3.0. The initiative will focus on gaming applications and social media platforms built on Polygon’s infrastructure."

As you may recall, Polygon is home to quite a number of applications and this dramatic rise has come as a result of the scaling solution to Ethereum it proffers. It's one of the Eth killers, if you may.

Polygon is also home to the upcoming Polycub airdrop from Leofinance. More on that will be made known at a future date but this is time to start stacking cub tokens towards the project.

So the story is that this collaborative effort between polygon and Alexis seeks to bring social media applications to the polygon network. Now I've not used Polygon network for anything yet, so I can't give my verdict about the potential success or failure.

What about decentralisation?

Well, yet again, I can't say for sure if Polygon is decentralised. It sounds very centalised though, considering there's a "founder" but what do I know?

There's not been any specific project mentioned yet but the sum of $200 million has been bandied about as what is available for the initiative.

Any project that is absorbed into this initiative will obviously have to build on what seems to be a cetralised network. So we can say for sure that it will not be purely decentralised

Can they take a leaf from Hive?

Right now, I think Hive should be the template for anybody planning to build a Web 3 application. I believe hive is the closest thing to decentralised social media in the land.

So assuming there was a move to develop something on Polygon, it's only natural that elements of Hive will be adapted to the project. However, I often wonder how feasible it will be to create something of that nature on other platforms.

On hive, for example, we have resource credits and mana that enable us to perform transactions. This recharges over time, so in essence, your activities on Hive are fundamentally free.

I wonder how this will pan out for Polygon with a very low transaction fee but a fee nonetheless.

Reputation working against?

Finally, another issue that may mitigate the growth of web 3 social media applications on Polygon is the fact that most people don't look for Social Media when they go there.

Most search engine results bring up Polygon as the home of Defi applications at comparatively low costs when compared to Binance Smart Chain, Ethereum, and the likes.

The only kind of people that use Polygon are farmers, NFT hodlers, or investors. It's not like Hive where people without any technical or financial education can just come to hang out and make friends.

In the short term, I guess it's possible to develop something like Leofinance that focuses on crypto and money. However, that will only be a very tiny space. It will also be competing with an already saturated area with a lot of more developed and sustainable alternatives.

The initiative also looked to support the development of games and a sum of $200 million will go a long way. Incorporating something like SPlinterlands to a social media project will be absolutely incredible. I know this because that's what we have on Hive.

Unlike most blockchains, Hive is unique in the sense that the social front-ends are at the core of the project. So most times, people get in through social media and then branch out to using the other web 3 applications like Splinterlands and Tribaldex.

Just as expected though, Hive isn't known for its liquidity pools because that's not what we're known for. People learn about these things while in Hive and then delve into them. I think it's much easier to make that transition because you can just use your post earnings to experiment.

People go to Polygon to farm, not sure those same people will be too interested in an incentivised social network. Time will tell.


Contact & Support

Posted Using LeoFinance Beta