Tuesday, January 31, 2023

Mastodon is the newest and most popular Twitter substitute. Can it decentralise social media?

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Why in News?

Mastodon, a decentralized micro-blogging site, has been blowing up in popularity since Elon Musk completed his purchase of Twitter.

Many users have switched to Mastodon, a decentralized alternative, due to Elon Musk’s contentious buying of the social media company Twitter.

Mastodon, an alternative to Twitter with more than an average of 1.8 million monthly active users, is already generating news in the mainstream media. Before Musk showed up at Twitter’s offices on October 27, Mastodon had less than 400,000 average monthly users, which led to many controversies and financial stress for the company.

What is Mastodon?

In 2016, Mastodon was launched as an open-source software product for creating a decentralized social network, with many features similar to that of Twitter.

Mastodon is a decentralized network because it is not controlled by one individual or company. The network has about 3,000 servers, each run by different organizations or individuals. Mastodon is a collaborative network of servers.

According to O’Brien, “We are all peers and wish to communicate with one another directly rather than using a middleman, which is the fundamental tenet on which the original Internet has been built”. 

The number of users leaving the nest is so high, Why is that?

Twitter is currently one of the most popular and well-known social networking sites in the world. According to Statista’s study, there are almost 238 million active users per day. A significant subscriber base brings in a lot of revenue from advertising.

However, since Musk’s $44 billion acquisition was closed in October, the scales appear to be moving. Learn this: As per the report submitted by MIT Technology, about 877,000 accounts were deleted between October 27 and November 1. Additionally, Twitter suspended 497 00 more accounts during that same period.

Now Elon Musk is charging $8 a month to maintain their blue checkmark from the users who want to become a verified customers on Twitter. This shows that Elon Musk intends to monetize Twitter. So be on the lookout for fraud based on this suggestion if you plan to stay.

Twitter Competitors?

Jack Dorsey, the inventor of Twitter, is working on a decentralized network called BlueSky, which is now in beta testing. This could mean some new competition for Mastodon.

O’Brien cites platforms like Mastodon as examples of Web 3.0 spaces’ themes. Still, he emphasizes that the software at its core is the same as that which underpinned the first web.

According to O’Brien, decentralized social media is intended to promote curiosity about Web 3.0 among users of traditional and Web 3.0 websites.

Check Out: To Advance Its EU Expansion, Cryptocurrency Company Ripple Is Applying For A License In Ireland.

Mark Davis
Mark Davis
Mark Davis, blockchain and crypto content writer, experienced in creating informative and engaging content. Background in finance, economics, and tech. Aim to be accurate, objective, and thorough. Capable of writing in various styles, and simplifying complex topics for different audiences.

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