Is Cryptocurrency becoming centralized under interaction farming on Social Media?
Is Cryptocurrency becoming centralized under interaction farming on Social Media?
If X went down, would crypto projects die?
So we all know, to do ANYTHING with a developing project, chain, or crypto in general, everything\’s Requires you to have X. You either have to follow the project, interact with it, refer people….but what would happen if say X, and all provided services and features were to shut down?
What then, how would Galxe, Zealy, or any of the exchange partnership programs survive or still function? How could you \”quest\” for an upcoming project without social farming? How could anyone who doesn\’t/can\’t use X for various reasons still participate? Or have we become so dependant on the social farming, that now cryptocurrency actively excludes anyone who isn\’t a part of social media?
Is there any other viable way to proceed to negate this? Or are we already to far gone and dependant on likes, shares, and follows, that decentralized finance and cryptocurrency are now centralized under Social Media Farms?
If it\’s a problem with bots and human verification that forces us to use social media as the only way to spread awareness of projects, then couldn\’t that be rectified with something akin to the zK Proof-of-Succinct work model and SNARK proofs?
(Not nearly as knowledgeable as I\’d like to be, grinding everyday. Just some random thoughts that have been stuck in my head, please let\’s discuss this.)
Has cryptocurrency become centralized by the need for social media outlets, mainly X, if not, then how so? And if yes, it has, then what could be possible solutions?
Because even using Galxe and things like OKX quests and partnerships all now require any potential onboarder to use social media. So without X would a vast majority of onboarding, events, introductory \”learn-2-earn\” new user campaigns, and partnership campaigns become \”dead in the water\” overnight?
We are at a certain point when the amount of followers you have on social media is used as a yardstick to measure your impact. The same goes for a project. Take for example the new players like Ton, Zetachain, Celestia etc…. Looking at their social presence convinces one of their relevance and ultimately the value they attract. This is today’s reality and major social media platforms like X, Medium and others are the biggest winners of this trend. Though the effect of a social platform like X collapsing might have a huge impact on the cryptocurrency community, I don’t think it will be the stroke that breaks the camel’s spine.