Things are starting to get very interesting regarding the world of Web 3.0. While we are still in the embryotic stage, things could change rapidly. For this reason, it is best to consider the moats that traditional social media had and how vulnerable it might be.
Over the past couple months, we covered the situation with Twitter. It is clear that Elon Musk is looking to turn that into more than just a social media network that is known for microblogging. The applications being filed to be a payment processor show where the future of that platform lies.
However, what does Twitter really offer? In this article, we delve into it and how an ecosystem like Hive could completely disrupt it. This might seem far-fetched until we consider what resiliency, or lack thereof, actually exists with Twitter.
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What Is Twitter?
This is something to truly consider.
What is Twitter really? We take it for granted when we say the name and most everyone knows what we are referring to. However, what is it?
We could say it is a website or application. That is true. Actually, from this perspective, Twitter is a front end. Thus, if there is something on the front, we can presume there is a back end. With Twitter, it is a centralized database that houses the account management system along with the data that is posted.
So, essentially we have a set of databases houses on different computers, presumably located around the world, that is accessed through a front end.
As we stated in the past, this is basically what Hive is. Here we have a decentralized database with numerous front ends. This is putting it on par with much of what is out there.
One thing Twitter does have, which Hive is nowhere even close to, is the network effect. This results in a user base that interacts because there are so many others to engage with. It is key.
With 250 million people, there is a lot to be found. People can engage with most any topic they are seeking. That does not happen with 10K daily users.
Here is the important point in my view: while this is a major difference, it is really the only one. It is the safeguard of a digital platform. Outside of this, Twitter really does not have much that cannot be replicated elsewhere.
The Power Of Decentralization
It is rather obvious Hive has a much larger scope than Twitter. While that is a microblogging platform that is planning on adding long-form content along with payments, Hive already does that. In addition, we can see the gaming industry being a target of some development on here. With the success of Splinterlands, it is only a matter of time before something else duplicates it.
We also have a database that anyone can add to. In the past we discussed Podping. This is being inserted in the middle of the podcasting industry. Could that be done with Twitter? The answer is no because it is a centralized server system.
Elon talks about perhaps incorporating cryptocurrency into Twitter. Hive is cryptocurrency. It is part of our base layer, coded into the blockchain. In fact, there are two coins, each serving different purposes. Ultimately, this is going to allow the formation of an ecosystem with these at the center.
Twitter can hire all the developers it wants. With decentralized, permissionless systems, people simply show up. This is the major difference. Anyone can build on Hive. There is nothing required to get started other than desire, talent, and an account. Where one chooses to focus attention is up to the individual.
The numbers heavily favor Twitter in the near and medium term. In the long run, however, it might be a different story. Hive is a foundation in the Web 3.0 evolution. It is the only one that has a decentralized base layer and is focused upon constructing similar second layers. This is going to make it stand out.
How many people on Twitter are building? There are a lot of users but is anyone really a builder there? That isn't the case with Hive. I made the argument that everyone on Hive is really a business since we have the monetization factor. That means all we are involved with is actually an economy.
Where is the Twitter economy? With Hive, it is before our eyes, albeit small at the moment.
Microblogging The Entry?
Twitter does not have a monopoly on microblogging. This is something that is starting to be replicated on Hive. There are two projects, LeoThreads and DBuzz which are moving ahead. They are taking two different approaches so we are experimenting with how this could work.
LeoThreads operates at the comment level while DBuzz is going to be looking to merge on-chain and off-chain data. Certainly the feature-set of each is rather limited compared to Twitter; the latter had a lot more years to develop.
Nevertheless, microblogging appeals to a lot of people. As stated, there are a few hundred million people who show up regularly. This is something that Hive can tap into.
What does Hive offer that Twitter does not? Basically, in my view, it is the economy. Whenever someone joins Hive, they are instantly tapped into a global network of applications, infrastructure, and community. All of this is incentivized, i.e. monetized, creating economy. As soon as one receives an upvote on even a comment, and payment is received after the 7 day voting window, he or she is part of this economy.
Compare that to Twitter or any other social media platform. Hive brings finance right to the forefront even if someone isn't looking for it.
In the end, Twitter or any other centralized corporation can have tens of thousands of people working for it. Historically, this cannot match up to a decentralized ecosystem with the same number of people dedicated to creating projects and successes that interest them. The level of innovation is not even comparable.
This is hard to see in the short-term as centralized entities are more efficient. That is why Musk can mobilize a lot of changes rather quickly. With Hive, it takes longer because the advancements (upgrades) are happening organically. There is no plan. However, each development provides users with another feature that was not present before.
Over time, that starts to add up. We are also presented with the opportunity whereby others can build on top of what was constructed.
This is the nature of an open source system like this. Even the data that resides on-chain is available to anyone who wants to utilize it.
Try doing that with Twitter's servers.
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