194 - How Crypto Saves The Internet | Li Jin & Eugene Wei

This podcast episode explores the limitations of web two and the need for a new model in the form of web three and cryptocurrency. It discusses the impact of engagement algorithms on society and the lack of user autonomy in current social platforms. The episode covers topics such as the ownership economy, the evolution of social media, ad subsidization, and monetizing alternative social platforms. It examines the concept of psychological ownership and how web three has the potential to revolutionize the social landscape. The episode concludes by highlighting the possibilities and opportunities that web three and cryptocurrency can bring to the internet and user experiences. Overall, this thought-provoking discussion provides insights into the future direction of the internet and the transformative potential of crypto in social media. Takeaways • The limitations of web two, such as engagement algorithms and lack of user autonomy, highlight the need for something new in the form of web three and crypto. • The evolution of social media, from platforms like MySpace to the introduction of feeds and engagement algorithms, has shaped the way users consume content and interact with social platforms. • Ad subsidization has consequences on web two social platforms, emphasizing the need for alternative business models like web three and crypto to address the challenges posed. • Building new social networks and monetizing alternative platforms face challenges in competing with the advertising duopoly of established platforms like Facebook and YouTube. • The concept of the ownership economy, psychological ownership, and the intersection of technology, ownership, and social media platforms play a significant role in shaping the future of the internet and society. • The influence of media structure and algorithms on society's communication and behavior is profound, with algorithms shaping human attention and perception on various online platforms. • Evaluating and optimizing algorithms is essential for driving engagement and achieving better results, showcasing the importance of algorithm switching and improvement. • Social networks should consider alternative business models beyond entertainment, with a focus on utility, networking, and opening up their graphs to developers for innovation and trust-building. • Web three and cryptosocial networks redefine ownership and provide users with capital ownership online, contributing to the transformation of the user experience. • The Love and Fame framework can be applied to all social platforms, determining the structure, features, and goals of the social network, and emphasizing the target audience and desired goals in architecture. • The Celo blockchain and web three have the potential to revolutionize the social internet, enabling alternative monetization models and simplifying user experiences for mass adoption. • Blending financial and social capital in the crypto industry offers opportunities to democratize access to wealth and scale trust to larger groups, requiring thoughtful consideration and innovative business models. • The potential of cryptosocial networks lies in addressing human needs beyond income and speculation, focusing on belonging, community, entertainment, and personal connections. • Creating new networks based on on-chain information about users can lead to entirely new social connections and networks, offering unique opportunities for innovation. • Psychological ownership plays a crucial role in driving user attachment and adoption of crypto products, and builders should create experiences that evoke a strong sense of ownership in users. • Understanding human nature and incorporating it into product development provides a stable foundation and aligns with unchanging elements, contributing to successful and relevant offerings. • Crypto social has the potential to address the limitations of web two social platforms, enable monetization for diverse creators, and reshape the social media landscape through on-chain data, ownership, and differentiated attention.