DeFi Coming to Social Media: Potential Solutions to an Antiquated Field

Social Media platforms, despite being a tale of the modern society, remain largely antiquated. While we browse through different profiles on our phones, we oftentimes forget that it’s one single entity behind the curtains. One central organization that can pull the plug and control the entire thing.

It is here where the promise of blockchain-based technology, being inherently distributed and decentralized, sounds particularly appealing. And there are plenty of projects already working on putting the control back in the user’s hands.

The Booming DeFi Space

DeFi is undoubtedly the hot topic of the summer of 2020. This nascent industry, disregarded by many, exploded in the months following the COVID-induced market crash in March.

The total value locked in DeFi protocols skyrocketed to where it currently sits at $16.2 billion, according to data from DeFi Pulse. This is an increase of around 2,850%. In other words, there is an obvious demand for decentralized finance solutions as users continue to pour in on a daily basis.

However, the industry is also riddled with challenges. It’s far too complicated for the regular user to participate in confidently, there are many bad actors and almost weekly news of someone getting hacked or scammed, and so forth.

There are plenty of protocols working on improving the ecosystem, providing new features altogether. Another thing to consider is that DeFi is a concept that can be implemented within various fields outside of finance. Social Media is a prime example.

VELA’s Ecosystem 3.0 And a Larger Suite of Features

One such protocol is VELA with its native token ticked (VLX). Just two days ago, the project announced the launch of its Ecosystem 3.0, which is aimed at delivering new features centered around BitOrbit – a decentralized social media platform.

Velas is a high-throughput blockchain ecosystem that’s aimed at maximizing both security and efficiency within the booming DeFi space.

Now, the protocol is launching the latest version of its ecosystem. With Vela 3.0 out, the team brings new features to their obvious as the industry continues to boom. They will be oriented at a decentralized social media platform that has been in development since 2019.

There are a few key components that come with v3.0, including the Velas Wallet, which will be accessible directly through BitOrbit, providing support for some of the popular synthetic assets such as vBTC, vETH, vZEC, and for the native VLX token, of course. Some other features will include passwordless authentication, one-click payments, micro-apps, and so forth.

Indeed, Social Media Challenges Become Pressing

While many focus predominantly on the financial side of DeFi, social media is another, completely different field that can be broadly improved by blockchain-based technology.

In fact, Jack Dorsey, the CEO of Twitter, said that the future of the platform lies in Bitcoin and blockchain.

The promise of a verifiable and transparent ledger that’s also immutable and almost impossible to tamper with does sound appealing. Of course, there’s plenty of room for improvement, and it’s important for the momentum to be sustained and onboard more users to the growing field of DeFi.