Crypto Venture Capitalist Forecasts the Future of Decentralized Social Media – Here’s His Outlook
Crypto venture capitalist Sriram Krishnan gives his take on the future of decentralized social media as more projects in the space make their mark.
In a new interview with Bankless, venture capital fund general partner Andreessen Horowitz (a16z) says people are increasingly discovering the benefits of decentralized social media platforms.
Krishnan says a number of decentralized social media projects are under development that could take advantage of people migrating away from centralized platforms, where decisions are made by a select few.
“Mastodon, for example, has gotten a lot of use or a lot of attention in the last few months, which I like. I’m obviously a crypto maximalist. I just like that people get used to, ‘Hey, maybe I don’t want a centralized set of people who makes all my decisions I want to control my own destiny and maybe the group around me should set my own guidelines.
So there is one. There are others. For example, Jack Dorsey has talked a lot about Nostr.
On the more blockchain decentralized side, there have been many projects. It is Lens led by Stani [Kulechov]and then the one that I’m probably most familiar with because we invested is Dan Romero’s Farcaster, which I actually think is — I’m biased — but it’s kind of the right long-term vision.”
Krishnan also says that much of what will form the backbone of a decentralized social media ecosystem already exists in the crypto space.
“If you go down the intellectual maze of how to get legitimacy, provable decentralization, all the good things that we take for granted, you’ll end up somewhere with ETH, or somewhere with a blockchain and not trying to recreate a bunch of that.
For example, how do you rotate your public key? How do you ensure that each server has all copies of data? How do you have sovereign rights? These are all things that have sort of been solved with things like ENS (Ethereum Name Service) and ETH and NFTs (non-fungible tokens) and so on. Again, I’m a fan of people trying out different things in decentralization.”
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