Blockchain is evolving into a new foundation for the internet. What began as a closed web is transitioning into an open source system driven by decentralized systems. Every sector is now adopting this technology to better serve its customers. Social communication, in particular, is seeing a lot of promise from blockchain solutions. Popular messaging apps like Instagram and Meta have joined the Web3 bandwagon, offering blockchain solutions like cryptocurrencies, and NFTs.
On the other hand, a wave of new blockchain-based messaging apps are emerging with innovative solutions. Security, privacy, secured micro-payments, and enhanced user experience are some of the key offerings of these upcoming projects. Blockchain is opening doors to unexplored trillion-dollar opportunities in the communication sector. This technology’s permissionless, trustless, and open-source nature promises to eliminate legacy problems that have plagued the messaging application.
The Current Messaging Landscape
The majority of today’s communication happens through social media applications. With almost 2 billion users, WhatsApp tops the list, followed by Messenger (Meta) and Wechat, which have 1.3 billion and 1.2 billion users, respectively. Internet penetration, easy accessibility, and smartphone penetration have significantly contributed to this massive growth. Platforms now provide unified channels of communication combining features like micropayments and media transfer.
Despite these rapid developments, a few critical issues have been ignored. Privacy and security have been the major concerns for users. The majority of existing messaging applications have poor security measures. WhatsApp, for example, brags about its end-to-end messaging encryption technology. But, it can be easily bypassed if the user backs up their data to a cloud server.
Another major concern has been user privacy. Many social media companies have been accused of gathering user data without their consent and then utilizing it to target advertisements. Facebook–Cambridge Analytica data scandal is one of the greatest examples of this. Cambridge Analytica, a British consulting business, gathered personal data from millions of Facebook users without their consent in 2010 that was then used for political advertising.
Furthermore, censorship has been a source of concern for users. People who oppose a certain viewpoint, whether political or anti-company, have had their accounts banned. Ultimately, platforms…
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