👀Essential Terms

Web3

Web3 = digital ownership + community centric + decentralization

SocialFi / SoFi / Web3 Social

Merge between web3 and social media

Point of interest SocialFi:

Decentralization :

  • Censorship resistance

    • Building solutions that are future proof and allows for freedom of speech by design.

    • e.g. YouTube can ban an account at any time => loss of content & community for the creator.

  • Permissionless

    • A protocol that anyone can use and build upon.

    • e.g. Polygon smartcontract platform.

  • Centralization

    • When one or a few actors control a market.

    • e.g. Google.

  • Open source

    • When a project codebase is accessible and auditable by the general public (to avoid backdoors and exploits, data leaks.

Social Graph : (digital representation of social interactions):

  • Data ownership: if an app bans a creator, he does not lose his content nor his community.

  • Data portability : a unique wallet with all your information (Lens / Farcaster/ decentralized Identity DID -> Anima) no need to create a new account with a new password.

  • New type of data => Onchain information linked to users' wallet.

Leverage crypto primitive:

  • Mint NFT in the app -> new form of revenue for creators

  • Governance (every stakeholder in the app can vote for app upgrades)

  • Token gated content (if we have the same NFT we are directly in the same group)

  • Monetization -> less intermediaries, more transparency, low cost => new economic model

Social Identity:

Social Identity refers to a concept that includes both the decentralized identity of individuals and a reputation mechanism. Linking the reputation to the identity enables individuals to define themselves in relation to groups they are a part of as well as achievements.

Twitter Space:

Twitter Spaces are live audio chat rooms on Twitter/X, that allow users to host and participate in audio conversations.

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