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CyberConnect co-founder Ryan Li believes that creators who want their content to live forever will ditch Web2 social media platforms for Web3 alternatives. The Web3 industry continues its mission to disrupt the World Wide Web, and social media is one of its primary targets. In the 34th episode of Cointelegraph’s Hashing It Out , host Elisha Owusu Akyaw interviews Ryan Li, co-founder of CyberConnect, about the concept of decentralized social media.  Li kicks off the episode by explaining the rationale behind creating social media platforms running on blockchain. Li points out that Web3 social media platforms give content creators the confidence that they won’t be abandoned when the platform gets bigger or shifts its focus to ad revenue, unlike traditional platforms. This feature is built on top of a decentralized financial system, and the speculative nature of the space creates a strong case for SocialFi. Li also highlights updates in recent years that have shone a spotlight on decent...

The researchers also determined that “news sentiment” is a much less effective predictor of cryptocurrency returns. Researchers at Pennsylvania State University recently analyzed whether attitudes and emotionality surrounding cryptocurrency could help predict returns. What they found may stand in stark contrast to related financial markets. According to the team’s research paper, social media plays an outsized role in adoption and activity rates, while crypto currency journalism isn’t a great predictor of market movement: “Our findings indicate that social media sentiment significantly predicts crypto returns, while sentiment from news media does not.” The researchers used natural language processing to analyze millions of financial news articles and social media comments and generated sentiment scores along 53 topics and attention metrics for over 300 crypto currencies. They then compared the ground truth returns over a given period of time to the coinciding news and social media ...

Matthias Mende said while it’s very unfortunate, there are a lot of bad actors using social media who are constantly trying to bring harm to others. Digital fraud is a huge problem in social media. Each day, scammers create new accounts mimicking popular content creators, and attempt to get fans and other unsuspecting victims to send them money. To solve the problem, some turned to the blockchain to try to create and implement a decentralized social identity verification system.  At the recent World Token Summit 2023, Cointelegraph spoke to Matthias Mende, the co-founder of the Dubai Blockchain Center and a speaker at the event. During his speech, Mende talked about one of the center’s projects implementing blockchain technology to create a decentralized social identity for its users. Cointelegraph reporter Ezra Reguerra with Matthias Mende (right) at the World Token Summit event in Dubai. Source: Cointelegraph  Speaking to Cointelegraph, Mende shared that identity fraud has been a c...