CEO Spotlight: Alex Siman From SubSocial On The Future Of Web3 And Social Networks

Web3 is here to give “power to people”, and it will completely change the way social media works. With the blockchain, it would be impossible to restrict social platforms in any way, and anyone could join them regardless of geographical restrictions.

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These social networks have full authority over the data that is shared and stored on the platform, unlike old Web2 networks like Facebook, which got stuck in the Cambridge Analytica scandal after millions of users’ data was leaked.

As Web3 continues to evolve, the growth of its social networks will depend on catering to the needs of brands and communities as DeFi investors mostly focus on revenue generation.

We spoke with Alex Siman, CEO of SubSocial, a social networking platform that provides the social structure and priorities upon which social networks can be built. The company recently won a slot in Kusama Parachain and has its own views on Web3 drivers and the future of DeFi.

How is Web2 social networking different from Web3?

Social networking platforms provide the basic and social infrastructure for the social networks to be built on top of. These social networks will differentiate themselves from Web2 social networks by being open, decentralized and permissionless, with built-in social funding features like tips and subscriptions, without a middleman taking the part.

More broadly, all social networks will share the content and user base, which means that users can move between social networks seamlessly, without losing their backlog or followers. This will likely lead to better specialization in certain social networks, as well as more competition between them. This is what we strive for.

Amidst the expanding DeFi industry, what are the main challenges facing social networks?

Most people who are very involved in DeFi are looking for a place where they can allocate their capital to earn the highest return, so social networks do not appeal to them as much.

By contrast, social networks usually attract heavily those with communities and brands, who may not be as interested in cropping as they are in community engagement, content creation, and content monetization.

This means that in order to grow the user base of the Web3 social network, a completely different market segment must be targeted.

SubSocial just won a slot in Kusama Parachain, what were your expectations before the auction?

We definitely expected to win a slot this round, given that Crdloan opened a few days earlier than anyone else, but we certainly didn’t expect to hit the 100K KSM ceiling so quickly, becoming the fourth project to collectively hit a hat.

What does the parachin slot in Kusama have to offer?

The ability to act as admins is critical to becoming a thriving social finance ecosystem. Integrations with other Parachine companies that build DeFi, identity solutions, and privacy features will give us a much larger list of potential features.

You managed to reach your crowd cap of 100,420.69 KSM, how do you see this achievement?

We are humbled by the enthusiastic support of our community. It’s really great to see all our hard work paying off, though in other words, the work is just getting started. Now we have to continue the delivery.

How can affiliates help Dotsama realize its full potential?

The Dotsama ecosystem is at the forefront of the Web3 movement. Looking back at Web1 and Web2, social interaction has always been an integral part of the Internet – the Internet is a communication tool first and foremost.

Social networking has taken over Web2, and we aim to provide the right tools for Web3 social networks to thrive, allowing civilization to continue to communicate with these useful tools, without all the downsides of Web2.

Since users have to spend sub-tokens to use sub-tokens, will transactions be released by the way?

We are studying multiple approaches to this issue. The main consideration is that if the fees are too low, or it’s too easy to get free transactions, bad actors can spam the network. The most likely approach would be that you can share SUB tokens to earn a number of free transactions per day.

What can you tell us about current and future projects?

At the moment, we have three live projects: SubSocial blockchain, our web app, and Sub.ID – our one-stop shop for displaying all of your Substrate assets in one place.

We have a few projects in development, including a SubSocial mobile app, and another app centered around NFTs (built at the top of SubSocial). I can’t say much about the rest yet, but they will also add more value to the Dotsama ecosystem.

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