If you pay close attention to the top social media apps people use a big percentage of them belong to U.S companies. Most social media apps that we use originated in the United States. U.S firms own the top 5 social media sites, heck Facebook alone owns four. We have no idea how much power we are giving these unelected leaders.
1. Lack of trust
For example, in a survey by Pew Research Center about a third of U.S adults get their news from Facebook. About 100 million people are catered to the will of Facebook and their cronies, and this is just from Facebook alone. Facebook along with Twitter and Reddit has been the most popular social media for news seekers. Although most of them do not trust them as sources at all.
The world is having mixed feelings about social media, partly because of the political interventions some of them have done in recent years. Twitter removed an ex-president of the United States. Albeit, the leadership of Twitter did claim it was the right choice after seeing the riots at capitol hill. Some claim that the action is akin to pouring more gasoline into the fire.
The original goal of creating social media is to make communication easier. Who would've thought that their speech would be regulated in the digital world? More countries are fed up with social media and have made interventions to curb its influence. The distrust society has on social media has begun to spread.
2. Lack of data sovereignty
Users should have the right to their data, but sadly in free-to-use platforms, you cannot claim that. You might feel private and secure but they use your data to market personalized advertisements. Some people might be okay with personalized ads, others not so much.
The important thing is being able to opt out of anything we do not want to participate in, but that is not possible. Because revenues will decline if personalized ads are removed. Monetary concerns overweight people are given the choice to opt-out. Something has to fund this entire project.
And after all this, you should also understand that centralized platforms cannot guarantee your data is safe from hackers. Facebook alone has 5 data breaches with the totaling amount of 800+ million user data being compromised. Even the government can’t keep your data safe, you are the sole guardian of your own data.
Now, this isn’t a call to leave social media, but it is to highlight the fallacy we believe in privacy. We are not completely private, and this social media problem has not been solved.
3. Monopoly of interest
Do you know why large social media has little to no competition in their respective genres? Because it’s hard to compete with them. The social media monopoly doesn't have any viable solutions because there is no reason for people to move to new platforms.
Of course, the rise of TikTok and other new entertainment services are luring more and more users but it would all lead to the same conclusion, a centralized service feeding you personalized feeds and ads. It’s just the same song sung on a different tune.
The capital behind centralized social media is huge, and if competitors do not have anything else to offer other than privacy it does not seem like people would care that much.
Creating a Decentralized Solution