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How Decentralized Social Networks Might Change the Way We Interact Online

What if you could use a social network yet choose who has access to your data? What if you could get paid to see promoted content instead of the social network company profiting off you? What if content creators could be paid fairly for the value that their content creates? What if you were an owner of the social network you are a part of? Synereo is a new, decentralized social network whose ambition is to do it all. Built on top of P2P networks, blockchain technology, and asymmetric key encryption, Synereo plans to return freedom to users and content creators. By encrypting content and sharing it over P2P networks, users have full control over who has access to their content and can tell who’s viewed it. Using blockchain technology, users can get paid to view promoted content and at the same time use that money to purchase premium content and services — and not just digital either — one can build apps on top of Synereo’s network: imagine the convenience of ridesharing, but paying a driver directly by using Synereo… AKA Uber, decentralized.

Synereo initially funds itself by selling 18% of the total blockchain

 

The effect a decentralized network might have on how we interact online is potentially massive. Standard compensation for content suddenly changes dramatically as entire markets move from having centrally controlling authorities to decentralized users each having their own idea of value and worth of a product. Instead of Spotify or YouTube determining how much your content was worth, the users who actually watched, listened, or read your content do. This becomes a matching market of sorts, users have a notion of value for the content and creators have a notion of price; perhaps a user doesn’t need want to listen to popular songs and instead indie music — instead of paying a standard subscription fee as with Spotify, you pay however much you think the content is worth. Popular creators can set premiums that can be enforced over the decentralized network, and markets clear naturally based on actual user value. Game theory can change the market dynamic as well. As users may not wish to pay much or at all for un-established brands or creators, a new brand or content creator can predict this and opt to share their content freely to increase their popularity and value before setting some gradually increasing premium. A popular creator may even set a low premium to get more consumers, to establish a new label, or simply because they don’t need or want to profit so much. Similarly, instead of Google or Facebook determining how much your ad costs and making decisions for you, you can pay users how much you think is appropriate for watching your ad, bidding with other advertisers directly, and users can determine if their time is really worth the amount paid or if the ad is really relevant enough to them.

 

In this scenario, there is no middle man, there is no centralized authority that sets value, the social network becomes a true, decentralized market owned by its users.

Article Link:
http://www.geektime.com/2015/03/25/move-over-facebook-synereo-wants-to-decentralize-social-networks-and-the-world/

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