Subsocial, a Kusama-based platform that reinvents social media for the Web3 era

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sub-social is an open platform that allows anyone to launch their own decentralized social networks and marketplaces.

Based on Kusama, the Canarian Polkadot channel, Subsocial allows developers to create decentralized versions of the social networks we’re used to while making them censorship-resistant and fully customizable.

The platform believes that it is not necessary to reinvent social networks to bring them into the Web3 era, it is enough to change the base on which they are built.

Subsocial is a tool, not an end product

While the team behind Subsocial has already built its own version of a social network, what Subsocial actually offers isn’t an end product, it’s a set of tools.

Subsocial is betting that more and more people will become aware of the hidden costs of using Web2 social media. According to Subsocial CEO Alex Siman, Web2 platforms are not free despite what people think.

In an interview with CryptoSlate, he said most people assess whether something is free is whether they have to pay upfront to use it.

“That’s not the case with Web2 platforms, but you still pay. These platforms take your data and sell it. Google makes an average of $200 a year from just one person’s data. Seen from a different perspective, it costs users $200 per year to use Google. How much does it cost to use Facebook or Twitter? ” he said.

Besides the easily calculable cost of using social media, users also pay with their time and emotions.

“We also pay with our peace of mind, as these platforms use algorithms that show us specific content to mess up our emotions and keep us engaged.”

This is a major problem in Web2 social media platforms which forces many people to look for more decentralized alternatives. However, while the market currently offers countless platforms that fit the “decentralized social media” mold, these platforms have a short lifespan as the lack of monetization options and network effects are killing them. before they reach the general public.

Subsocial doesn’t want to suffer the fate of these platforms, which is why it has made monetization one of its highest priorities. Its software is built on the Substrate blockchain framework and uses IPFS (InterPlanetary File System) for decentralized file storage. This allows developers to build platforms with custom news fees and notifications, a transparent reputation system, full-text search, and rich content formats without sacrificing SEO.

Launched on Kusama, Subsocial is able to use its Substrate base to connect to Polkadot and its wider ecosystem of interoperable parachains.

This is what will allow networks built on Subsocial to have endless monetization options. The platform calls it social finance or SoFi, and Siman says it will revolutionize payments for social media.

“Money and finance are rooted in blockchain technology, so it gives us great options to reshape the intersection of money and social media,” he explained. “Web2 platforms for content monetization often have fees for all parties involved, but with Web3 we can remove that.”

Siman says the interoperability of the Polkadot ecosystem has allowed Subsocial to build its blockchain specifically for SoFi and social media without isolating its users from other crypto services such as DeFi.

Reaping the Benefits of the Polkadot Ecosystem

Being part of the Polkadot ecosystem gives Subsocial a huge advantage over competitors that are either built on their own isolated Layer 1 chain or on top of a general-purpose chain like Ethereum.

“It’s the best of both worlds,” Siman noted.

Subsocial’s own network serves as something of a showroom of what the platform has to offer. While developers can certainly use it as a template for their own projects, Siman says there’s so much more that can be done using Subsocial’s technology. The platform is currently working on other sample apps that can inspire developers and showcase its capabilities.

One such capability is managing spaces on Subsocial as a DAO, a feature that Siman says has been requested by its users. While the feature isn’t ready yet and won’t be on the platform for at least the next few months, it represents Subsocial’s bet on the long-term potential of new Web3 concepts like DAOs.

Despite its big bet on the Web3 ecosystem, Subsocial also wants to integrate the less crypto-savvy public. Siman told CryptoSlate that the team is working to address UX obstacles and barriers both in crypto in general and with Subsocial in particular.

One of Subsocial’s efforts to attract a more diverse set of users is allowing for a wide variety of payment options. The platform is set to launch its native SUB token and will support payments in other Polkadot ecosystem tokens such as DOT and KSM. However, Siman believes that most payments will be made with stablecoins, as it is the most widely adopted digital asset by both Web3 and the general public.

However, getting all the features will take some time. The team is now focused on growing its developer ecosystem and working to get third-party developers to create their own networks on Subsocial.

Siman and his team are aware of the challenges that await them in the future. But confidence in the product they are building is extremely high and the team is dedicated to the long term project. The choice to be part of the Polkadot ecosystem was a good one, Siman says, because they see it as the foundation for Web3, the Internet of the future.

“As such, being a parachain in the ecosystem, Subsocial is poised to become the default social networking platform of the future. We focus on decentralization and freedom, and grow our developer ecosystem to ensure users have a wide variety of social media sites to use.

Symbiosis
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