With the dawn of decentralization, many social media platforms such as Twitter and Reddit are coming to terms with the significance of cryptocurrencies and the applications in which this can be used. According to a recent report, the co-founder of Reddit is ready to join hands with Solana for investing in multiple decentralized projects. Alexis Ohanian announced recently that they would be investing $15 million each in developing multiple social media projects in a decentralized fashion.
According to Alexis, Solana has the most efficient and high-performing blockchain, which would prove to be a very integrated element for the sake of running decentralized applications in real-time. These decentralized projects will be favoring the users instead of conglomerates and companies which developed these platforms in the first place. This way, the final control goes back to the user and not the companies.
Emergence of Web3
At the time of writing, there is only little to share regarding this amazing merger, but with more development put into this project, we will be able to see various new applications and social media protocols coming to light. We have already been introduced to Web 2.0 and are ready for a new transition in terms of Web3. According to the co-founder of Reddit, Solana can be the very first break for developing the Web3 protocol, which gives all control back to the users.
Using this specific web protocol, both the creators end users will be the owners and stakeholders. This is a change that has become a dire requirement of the present. People are hoping for this change, and moreover, it is time that social media space goes through a decent change such as this. The projects will be crafted soon enough, and developers will also be working tirelessly to build decentralized apps and social media platforms for the good of the users. This is a long-debated article regarding the development of a decentralized social media platform that only went through the debate and not the execution of the idea itself. With the co-founder of Reddit and Solana joining arms, it seems that the initiation of Web3 is not that far.