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The next big trend in crypto is social applications

last week’s turmoil 30% crypto market dip And the subsequent quick recovery left many wondering what would happen next. Crypto circles aside, the conversation around the importance of building solid, widely usable applications is louder than ever. When participation exceeds speculation, crypto will cease to be regarded as a casino on the edges of the internet.

One interesting dynamic we are seeing is that conversations about the future of Web 3.0 are still taking place on centralized Web 2.0 platforms. The need for crypto-fundamentals and flows within the social application landscape is clear. Adding privacy and security to the communication and community interaction layer will ensure that the switch from centralized power to empowering individuals and communities is finally underway.

related: DeFi Snowball Will Turn Into Web 3.0 Avalanche

I see crypto-based social applications as a cornerstone of crypto development. Current chat and community spaces like Telegram and Discord can be a good start, but they are still far from closed-source, centralized, and censorship-resistant. Crypto-powered social applications are the way forward if we want to lay the groundwork for a truly secure, open source, peer-to-peer communication flow and exchange of value. As we emerge out of a socially hungry but digitally dense pandemic, a new era of social applications built on and around crypto.

The desire to connect and expand community life online is evident. Adding crypto-native activities such as diving into decentralized finance (DFI) or creating, curating and collecting non-fungible tokens (NFTs) will develop into a more prosperous and valuable form of online community life, benefiting all participants.

related: The role of decentralized networks in a data-abundant, hyperconnected world

Notably, the crypto community has grown and evolved in various new and exciting ways, with Twitter serving as a prime venue for discourse, followed by Reddit and most recently, Clubhouse. Discord and Telegram have primarily served as community management tools and outlets for project-specific interactions.

common denominator? None of these platforms actually follow the crypto principles of decentralization, privacy and user rights. A redesign of social media and community spaces in line with core crypto principles seems inevitable, not only for a secure medium of expression but for an advanced economic ecosystem focused on thriving.

The opportunities for unlocking crypto are incredibly diverse. We have seen this with DeFi and continue to see it with both NFTs as well. The next natural iteration will be creating community spaces on the crypto infrastructure where user rights and user opportunities are immediately available to all participants.

related: How NFT, DeFi and Web 3.0 are intertwined

By removing middlemen from the value exchange process – be it communication-wise, transactional or purely social – a new dynamic of online human interaction can take root as opposed to the current roles played by people as Web 2.0 products. is.

Furthermore, the culmination of these new technologies will be supported by social applications where users have complete control over their data, their money and even the platform itself. With user-owned social applications guiding conversations on topics such as DeFi governance and the socio-economic value of NFTs, crypto users will eventually and completely be in the driver’s seat. Say goodbye to lock-in and lockdown. Crypto-powered social apps are the way forward.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.

The views, opinions and opinions expressed here are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Simona Pope Status, a secure messaging app, is the community leader in crypto wallet and web 3.0 browser. He previously co-founded Bounties Network and is an active Ethereum ecosystem steward, working in community engagement initiatives, educational programs, and real-world use of crypto. Their job is to broaden access to decentralized applications and crypto mobility to all, empowering individuals and communities through token economics.