In today’s digital age, social media has become the primary source of information for most people, including those living in the most remote regions. According to the latest data, there are over 4.9 billion social media users globally, most of whom use Web2 platforms such as Facebook and Twitter.
But even more intriguing, there is a growing number of people who are gradually embracing decentralized social media ecosystems such as Phaver. The question is why? Aren’t the existing Web2 social media platforms functional enough?
While Web2 social media platforms have undeniably transformed the speed at which information travels, serious concerns have arisen about the rise of fake social media accounts. In the fourth quarter alone of 2022, Facebook took action on close to 1.3 billion fake accounts. Yet, more and more fake profiles continue to pop up every day.
Web2 Social Media: A Sinking Ship?
When Facebook, now Meta, made its debut in 2004, it paved the way for a globally interconnected world, transcending geographical boundaries. Fast forward two decades, and user acquisition is no longer the primary challenge; instead, the critical issue revolves around the threat posed by fake accounts, undermining the accuracy of information disseminated through the platform.
This shortcoming is not unique to Facebook alone; fake social media profiles are now common across all Web2 social media platforms, including YouTube, TikTok, and Instagram. The most concerning aspect is that these fake accounts are becoming a menace in the geopolitical realm, as well as an increasing threat in propelling financial crime.
Geopolitical Threat
Whether you are digitally savvy or not, there is a high likelihood that you use one or more social media platforms regularly. Consequently, it is not surprising that, as witnessed in the U.S. 2016 elections, propaganda merchants are turning to social media as ground zero to advance their agendas.
More recently, there were claims that fake social media accounts were targeting Taiwan’s presidential elections. Of course, while such instances cut across both sides of the divide, it is the social media users who bear the most brunt of consuming distorted information. Who then is to be the referee of what users consume during campaigns?
On one hand, there is the danger of Web2 platforms censoring supporters of one party more than the competitors. On the other hand, letting propaganda run unchecked has, in the recent past, facilitated the installation of anti-people regimes.
Financial Crime
Another major shortcoming is the rise of financial crime. In 2021, one out of four people who lost money to fraudsters reported that the first interaction happened through a social media platform.
More notably, fake account users are becoming sophisticated; impersonating prominent figures such as Elon Musk is the order of the day. In one peculiar incident, a Twitter user lost £407,000 after clicking on a link shared by a user pretending to be the real Elon Musk. The catch? The fraudsters lured unsuspecting users to send BTC, and they would send back double the amount.
Even with Musk acquiring Twitter, fake accounts are still thriving. In fact, this was one of the contentious issues during the acquisition, with Twitter officials reporting that fake users were less than 5%, but Musk argued that the figure was above 20%.
Web3: Bringing Back Ownership to the Users
With Web2 social media platforms becoming compromised by fake users, the big question is: how can these rogue elements be completely eliminated?
The solution lies in the latest iteration of the internet: Web3. Unlike its predecessor, Web3 is built on the fundamentals of decentralization, giving social media users full control over their social graphs. As mentioned earlier, one of the platforms that is successfully tapping into the value proposition of Web3 to revolutionize social media is Phaver.
Imagine a social media ecosystem that gives you full ownership of the data associated with your social media account. This is what Phaver is designed to do — a Web3 social app where one can build up their profile, coupled with reward mechanisms for producing authentic and verifiable content.
What this approach does is disincentivize rogue elements from creating fake profiles, given that the disinformation they intend to share will be called out by a decentralized community, making it much easier to filter out the noise compared to Web2.
Phaver also makes it possible to consistently improve the value of your social graph through its gamified social economy by producing the most valuable content. More importantly, this value can be shared across other growing Web3 ecosystems that support the Phaver app, including Lens protocol and CyberConnect.
Conclusion
Undoubtedly, social media will continue to serve as a crucial information source. However, what is inevitable is the shift toward embracing an internet controlled by the people rather than organizations. As highlighted in this article, this transformation is already in progress and is likely to occur sooner than many anticipate.
Given the emerging alternatives, it is imperative for every social media user to be aware of the available avenues to escape the matrix of disinformation. Adding to the importance is recognizing methods to reclaim control of their data and ultimately capitalize on their social graphs, providing an additional layer of empowerment.