Every few years, there will be a new social media change. We saw the rise of Facebook, Twitter, and Reddit in early 2005, which ruled the entire social media space and had most of your profile data.
Now, with Web3, a new era of social media is emerging, with Diamond Social leading the race.
Hmm… there was no "Social" in their brand name; it was called the Diamond App.
Say goodbye to centralized social media platforms and hello to Diamond Web3 Twitter, the secure, decentralized, and user-friendly alternative.
Diamond App offers three ways to log in:
One-click login using a Google account
Creating a seed phrase
Using a Web3 Wallet
If you value privacy, I would recommend creating an account using a Wallet or Seed Phrase.
Once you have created an account, it will look almost look similar to Twitter with a in UI.
You may find a few extra features, which you will discover later in the post.
It is very important to understanding how the app works because it is different from other social media platforms like Twitter or Koo and now Threads from Meta. This app operates on blockchain, a type of decentralized ledger that allows for secure, transparent, and tamper-proof data storage.
Diamond, the app in question, was developed on DeSo, a blockchain network that shares similarity with popular networks like Ethereum, Bitcoin, and Solana. However, DeSo was primarily designed for creating social media apps, which means it can handle larger amounts of data, tokens, and user accounts with ease.
Diamond provides a unique advantage to its users by utilizing blockchain technology. Because the platform is decentralized, they can expect greater privacy, security, and control over their data. Furthermore, the integration of Diamond with DeSo means that users can benefit from faster transaction speeds and lower fees when compared to traditional social media networks.
In summary, understanding the workings of Diamond is critical to fully appreciate its value proposition. It provides a more secure, transparent, and efficient way for users to interact with their social networks, all while preserving their privacy and control over their data.
This is the first time that creators can get rewarded for their content, but not like Twitter, YouTube, or Facebook. These companies pay you based on the ads that pop up in your content. If you have fewer views, then you don't get much money.
In Web3 apps, particularly in Diamond, there are three ways you can earn money. Here, money means cryptocurrency.
Diamonds: Diamonds are tips that users can give each other for posts. Each diamond you receive is worth real money.
From the below screenshot you can see that the worth of each diamond. So, if you like the post then you can tip in form of diamonds and it will transfer from your wallet to theirs.
Creator Coins: Every creator has a coin associated with their account. You can buy a share of the creator coin and participate in their success as they provide value, and vice versa.
Creator Coins are a way to invest in someone's potential. If they succeed, the coin price goes up, but if they falter, the coin price goes down. For example, if Elon Musk lands the first person on Mars, his coin price should go up. Conversely, if he makes a racial slur during a press conference, his coin price should go down.
Creators can also make Stakeholder Meetings, Premium Messages, Sponsored Posts, and much more using creator coins. (Learn more from DeSo docs).
Social NFTs: Every post you make can be turned into an NFT. The NFTs you purchase will show in your profile for all your followers.
Some examples of Social NFTs are collectible ticket stubs, physical memorabilia, exclusive experiences, exclusive unlockable digital content, exclusive chat groups, and many more.
You can see that there are various ways to make money by posting. You might be wondering, "How do I get paid?" Does my bank account need to be added? No, you can select "My Wallet" from the left column. You can view all of the transactions and buy and sell options for DeSo coins there. There are only two ways to buy DeSo. Choose the cryptocurrency you want to exchange, paste the generated address in your wallet, and complete the transaction. When you purchase DeSo through Coinbase, it will automatically show up in your DeSo apps like Diamond. With this, you can buy any creator coin, NFTs on the DeSo blockchain, and tip (Diamond) any creator.
I have noticed a shift in social media in recent days, with many people asking for the basic right of "Free Press". However, most social media platforms will silence the posts and accounts of creators when they are forced to do so by governments.
But here at Diamond, they cannot do that. This is because every transaction, including likes, tips, comments, and others, is recorded on the blockchain and cannot be tampered with or removed.
Can't attach a video from our storage. Check out Corta News to see the video on how Diamond manage store data.
So, there are many upsides of Diamond in comparison to today’s Social Media. At the same time there were some downsides and cons.
The first thing everyone see is that the UI/UX is not good. It feels very slow and buggy.
I particularly see many bots or spam accounts.
Not many active users. I understand that as this was a new app, it takes some time to get active users.
DeSo was new and the ecosystem was small. This will not be a concern for many people, but from a developer perspective or investment perspective, if I buy some ETH, I can use them in all the Ethereum blockchain applications, and their ecosystem was big. But DeSo was small, and the use case of buying DeSo was not more than just using it in Diamond and a few applications.
No, you can use both. So, this was the option where you needed to choose only one. Here, you have the option to choose multiple. You can try all of these apps and decide which one is best for your needs and where you can get more scalability.
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Manoj
