The founder of Treechat, Dmitriy Fabrikant, joined the weekly Coiningek livestream this week to talk about decentralized social media, economic incentives of the current Internet, and why an interoperable system fueled by micropaments is a better option.
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What is decentralized social media?
Wuckert welcomes Fabrikant in Livestream, telling viewers that they recently connected to an X space and decided to develop this conversation through this live episode.
One thing that stood out in Fabrikant is the number of people in space X did not use decentralized social media, but some had strong opinions on how it should work. Many manufacturers working on these things have no idea of their vision or what they work.
However, most agree on how the current model fueled in AD was broken. This model means that social media platforms must collect your data to disseminate better announcements and are encouraged to engage in censorship so as not to harm their advertising revenues.
Most have agreed that an application of web 3 social media supplied by micropaments would be better, even if he had different opinions on what he should look like. Having an application powered by tiny payments would fundamentally modify the incentives of these platforms.
Wuckert agrees. However, he underlines how publications on these applications can end up being affected by the possibility of gaining income. Everything becomes transactional when the money is involved, and it shows. Fabrikant says that this is where micro and nanopayments come into play; When the value exchanged is tiny, it is more like publishing for pleasure.
The advantages of micropaments and expensive signals
Fabrikant Note How X uses engagement as a content amplification signal. For example, when you answer angry, the algorithm shows you more of this type of content.
However, micropaies can replace all of this – the algo can just show you more what you are ready to pay. Users always get a dopamine stroke and creators can monetize without ads.
Wuckert says he spends the most time on YouTube and deeply appreciates how he can learn anything on it. However, he is often frustrated by the way algorithm shows him related content for weeks when he only wanted to know one thing.
Fabrikant believes that this can also be resolved with micropaies – which we could point out to the algorithm that we want to see more content like this, otherwise it assumes that it is a punctual interest.
Ironically, this could encourage people to spend less time on social networks – the creators would be rewarded for having transmitted the knowledge they have to share within the most effective period possible. In addition, without intermediaries, there would be a direct relationship of creator to the other.
Build an open and interoperable system and platform
Wuckert compliments Fabrikant on Treechat, saying he is doing a great job to take all the data on chain and aggregation so that people can decide what they appreciate and build with it. He thinks that building a platform on which other people can build customers could be a good idea.
Fabrikant says he likes this idea, but it’s not to have the resources to do everything simultaneously. He thinks that the opening of the ecosystem and doing everything interoperable makes it more precious, however.
Overall, it is very optimistic about the future and thinks that everything will work. Wuckert feels the same thing: he considers it a fundamental infrastructure.
Manage relationships with micropaments
Wuckert tells how to manage all their relationships and interactions becomes impossible when a creator or a personality reaches a certain size. For example, Joe Rogan probably has a team, and he can no longer simply draw a tweet from a friend.
Fabrikant says that there must be a hierarchical structure to all of this. No one has 10,000 real friends, so we need a way to separate the important ones from others. We can use Bitcoin to do this, by prioritizing them according to the measures we choose.
For example, we could prioritize them in terms of interactions exchanged or total. With a blockchain and scalable micropaies, we have a measurement stick that allows us to record anything, and we can also use it to send signals.
However, the best thing about decentralized social media propelled by micropaments is the way we can prevent hackers from interrupting us. We came to seek information and we didn’t necessarily want to see an ad, a political tweet or a video. This technology gives us the tools to control our attention again, which is extremely important.
To find out more about Treechat, decentralized social media and micropaments, consult the Episode live here.
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