Mostly everyone can agree, there are some major problems with traditional social media today:
- Privacy / Lock-In - they own and exploit your data (login, content, social graph)
- Censorship - they have become the arbiters of "truth", with clear bias
- Algorithm Bias - they control the content you see and the content you don't, with no transparency or tools for you to change it
- Monetization - you provide all of the value (attention), yet they share nothing with you
Here is an idea of what we want to build to solve these problems at Minds:
- Decentralized ID - you own your data (login, content, social graph) and can easily port it wherever you want (Escape Pods)
- Decentralized Governance - a governance protocol for the community to moderate / tag content accurately via consensus with a First Amendment focus, as well as eventually govern decisions on the project's roadmap and distribution of rewards
- Build Your Own Algorithm - more tools for you to filter content based on your own preferences, not the platform's subjective decisions
- Revenue-Sharing and Crypto - an algorithm that effectively measures user contribution to network growth and properly rewards for it
The ultimate goal is to put the user in control, not the company.
- The beginnings of these solutions are starting to fall into place with Web3, Ethereum, Minds Tokens, Minds+, DAO's and the jury system.
- But there is a lot more work to be done. Most notably is a decentralized reputation system to be able to trust the governance and prevent bad actors from manipulating the system.
- In order for decentralized governance to work, we have to be able to trust the system and be certain that it can't fall victim to mob rule.
Of course, everything will be (and must be) open source for maximum transparency and accountability. If you see a platform claiming to be solving these problems and refusing to open source their code, proceed with caution. You should never have to just trust the platform, you should be able to see what they are doing for yourself.
Bitcoin is doing this to money. It's time for us to build the solution for social media.
As always, any feedback is welcome and appreciated.