This Monday, Immersive Industry Analyst Tom Fiske reported that web3 social network DSCVR holds roughly 14,089 active daily users. The total is notable due to DSCVR hosting approximately 150,000 sign-ups. In these terms, the sign-up number means that the DSCVR service is the largest Web3 service currently available.
The daily users may initially appear low compared to traditional social media or Web2 services. Although, in the emerging Web3 landscape, DSCVR’s figures are notable in comparison to alternative blockchain-powered social media services such as Farcaster and Lens.
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The CEO of DSCVR, Rick Porter, believes the increasing userbase and sign-up figures indicate that audiences want an alternative to traditional social media platforms from firms like Meta and Snap Inc.
Moreover, in May, social media stocks dropped across the board – leading to wide speculation concerning the future of many leading social media platforms.
The overall share declines included significant industry players like Meta, Google, and Snap Inc. The widespread marketplace decline is forcing affected firms to decrease their general focus on immersive extended reality (XR) products.
For example, Meta dropped and reduced production on several of its upcoming immersive products. Ahead of Meta Connect 2022, the Menlo Park-based firm cancelled an XR watch, smart glasses, and headsets. Additionally, Snap significantly reduced its focus on immersive hardware, halting production of its Pixy XR drone just months after its debut.
Moreover, Porter believes that other factors, such as big corporations and a lack of transparency, lead people to turn to alternative Web3 services – such as his own.
He added:
Users are looking for an alternative to traditional social media and Web3 provides the ideal infrastructure for us [DSCVR] to do this.
What is DSCVR and What Makes it a Web3 Service?
DSVCR is a decentralized social content platform that attempts to give total control to its users via a blockchain-based community infrastructure. Users can host a custom “portal” that operates similarly to a web forum for hosting shared dedicated content through posts, like NFTs, images, and comments.
The Web3 service wants to redefine the structure of modern social media platforms by allowing users to take control of the site through earned governance rights and digital tokenization.
The Web3 service enables users to earn the right to vote on DSCVR’s future as a product, influencing decisions such as new features. Platform users earn “governance rights” as they interact with the platform, which allows them to vote on the site’s roadmap.
DSCVR hands out governance rights depending on how active a user is on the platform. For example, DSCVR users can gain rights if they receive upvotes on posts, comments, and custom portals.
The platform employs digital tokens to distribute its governance rights. DSCVR uses two separate tokens to represent socially-led metrics. The tokens award the most valuable and dedicated community members with the ability to assist in the product’s roadmap.
DSCVR distributes Social and Service Tokens across its infrastructure to enable dedicated users to earn influence on the platform based on their participation.
- DSCVR distributes Social Tokens based on a user’s platform participation. The tokens enable awarded users to make decisions based on improving the service’s user experience.
- Alternatively, the platform gives out Service Tokens which DSCVR awards based on the financial input of a user. Service Tokens allow active platform funders to give economic input for the platform’s future.
DSCVR enables users to participate in cryptocurrency and NFT trading via its ecosystem of community-driven social posts.
What is Powering DSCVR’s Infrastructure?
Blockchain experts DFINITY is powering the DSCVR service by integrating its public blockchain infrastructure to enable a secure and efficient network for the social platform.
The firm employs its Network Nervous System (NNS) to enable a secure distributed method for DSCVR operations. NNS promotes scalability and efficiency without reducing a decentralized network’s speed, security, and sovereignty.
Furthermore, the NNS blockchain is climate-friendly, and the computing infrastructure required to operate the network is far more efficient.
Compared to other platforms, DFINITY’s NNS service is incredibly efficient. Providing various services like Distrikt and OpenChat with core decentralized network components.
