Vitalik on why so many decentralized networks failed. Interview in Chinese so here is an English transcript Colin Wu: Decentralized social network is actually something people have a very strong demand for. Since the early days of crypto, there have been many attempts in this area, but they all seem to have failed quickly. Vitalik: I think there are two problems. The first is network effects—this is really hard to overcome. Looking at the past decade, it's not just that there haven't been successful new decentralized social platforms; there haven't been new successful social platforms at all. Ten years ago, the most important one was probably Twitter, and now the most important one is still Twitter. This challenge is very difficult.