This can also be known as Social Networking.
Websites and applications that allow users to share content quickly, efficiently, and in real time.
The information is shared through virtual communities and networks.
Social media can refer to any Internet communication tool that allows users to broadly share content and engage with the public.
This was one of the main components of what people typically refer to as Web 2.0. It allows for two-way communication between users and the information.
Common Social Media Applications:
When it comes to current events and news, many turn to social media for their information.
Social media resides in the digital realm. It rose up as the Internet evolved into having two-way communication.
Web 3.0 has the opportunity to change the social media realm. At present, user accounts are under the full control of the platforms they are utilizing. One of the promises of the next evolution if full account ownership. This means that not only can an account not be closed, but the selling of data is eliminated.
Due to the potential, a plethora of Web 3.0 social media applications are showing up. In many ways, this initial generation is meant to mirror the existing platforms, just on a decentralized blockchain. An example of this is 3Speak which is a video uploading platform similar to YouTube.
There is an additional promise to Web 3.0: tokenization. This is where cryptocurrency is added to the picture. One ecosystem is Hive which utilizes what it calls the Proof-of-Brain (PoB) to distribute its coins and tokens while rewarding content creators.
Another promise is the data placed on chain is immutable. This is offering some the belief that we could be in control of our digital lives at some point. Many are concerned about who will own our digital identities as the Internet becomes a larger part of our lives.