While Friend.tech booms, decentralized social has a retention problem — Execs

” Catching up to the enormous network results that web2 social platforms such as Facebook, Instagram and X (formerly Twitter) will not be a simple job either.Kakar said DeSo apps need to invest more time constructing their neighborhoods since making a presence in these applications is “a bit like going to a celebration where you dont know anyone. By contrast, one of the most visited decentralized social media networks Odysee balanced just 5.3 million typical monthly unique users between January and April, according to CoinGecko.Average number of regular monthly active users on decentralized social media platforms in between January and April. Source: CoinGeckoMoss argues another factor why decentralized social media hasnt hit the masses is because Ethereum and other smart contract platforms arent purpose-built to supply social media applications at scale.Thus, we believe the future of crypto does not consist of a single general-purpose blockchain that rules them all, but rather a series of dominant, customized blockchain, each customized to a specific classification of applications.

In spite of the recent buzz around riend.tech, some decentralized social networks are still having a tough time getting users to register and remain on their social networks platforms. Two executives in the decentralized social (DeSo) media area informed Cointelegraph that as much as 99% of users moving into DeSo for the very first time will wind up quitting, either due to clunky onboarding or just not knowing anyone.Ed Moss, the head of growth for layer-1 blockchain firm DeSo, said the process of cryptocurrencies from an exchange, transferring it to a wallet with an installed Chrome extension, and then paying high gas costs to negotiate on-chain or across chains is tedious and expensive for novice users.” Weve found that 99% of mainstream users will drop off at that primary step, so streamlining this circulation is objective important.” Therefore, the single essential factor is to make certain the onboarding process is as frictionless as possible, Moss said.Imagine you needed to mint everything we post on social media and had to pay gas fees. How would you spend your time, energy and cash? This is what you need to be concentrating on.– Ruben Cress #HIVE (@RubenCress) October 21, 2022

Despite the recent hype around riend.tech, some decentralized social networks are still having a difficult time getting users to sign up and stay on their social media platforms. By contrast, one of the most visited decentralized social media networks Odysee averaged just 5.3 million typical monthly distinct users in between January and April, according to CoinGecko.Average number of month-to-month active users on decentralized social media platforms in between January and April. Source: CoinGeckoMoss argues another reason why decentralized social media hasnt strike the masses is due to the fact that Ethereum and other smart contract platforms arent purpose-built to supply social media applications at scale.Thus, we believe the future of crypto does not consist of a single general-purpose blockchain that rules them all, however rather a series of dominant, customized blockchain, each tailored to a particular classification of applications.”Without it, Moss believes end-users may never genuinely own their content, identity and social graph.Friend.tech bucks trend?Meanwhile, Base-powered social platform Friend.tech has seen strong uptake over the previous week.

The ideal solution would be to designer a “storage-heavy” or “infinite-state” blockchain, that is capable of storing and indexing huge amounts of information at the most affordable cost possible, he explained:”This is what a social application would need in order to save actions like posts, likes, follows, comments, and social charts directly on-chain to make it possible for complete decentralization from any business entity or centralized federal government.”Without it, Moss believes end-users may never truly own their material, identity and social graph.Friend.tech dollars trend?Meanwhile, Base-powered social platform Friend.tech has actually seen strong uptake over the past week. The platform enables developers to connect to their audience through tokenized attention, where a developers impact is represented by shares, or keys that can be traded for access to exclusive private chatroom. Friend.tech has actually reeled in over 85,000 users from over 127,000 wallets, which have actually jointly sent out over 630,000 demands to the network given that it introduced previously this month, according to CoinGecko.Related: Decentralized social networks a video game changer for developer monetization– Web3 execHowever, other market experts believe the model might end up being a six-to-eight-week fad.Sales earnings from decentralized social networks is forecasted to reach $12.1 billion in 2023 and is estimated to go beyond $101 billion by 2033, a compounded annual development rate of 23.6%, according to Future Markets Insights. Other decentralized social networks consist of Jack Dorseys Bluesky– a decentralized Twitter alternative, Mastodon and Lens Protocol. Collect this article as an NFT to preserve this moment in history and reveal your assistance for independent journalism in the crypto space.Magazine: Decentralized social media: The next big thing in crypto?