As artificial intelligence (AI) progresses, it brings both opportunities and challenges, particularly in the realm of social media. On one hand, the integration of AI into social media analytics has revolutionized how businesses interact with audiences, allowing for more personalized content. Business leaders overwhelmingly agree that AI and machine learning will greatly improve companies’ ability to analyze social media data more efficiently.
However, AI also presents new risks, such as the proliferation of sophisticated bots and the dissemination of disinformation. Research indicates that fake news spreads six times faster than real content on platforms like X (formerly Twitter), with a staggering 70% of users unable to discern between real and fake news. Facebook has taken significant action to combat this issue, deleting 6.5 billion fake accounts in 2021 alone and addressing 691 million fake accounts in the fourth quarter of 2023.
While the problem of authenticity persists in traditional social networks, AI-powered bots continue to pose challenges across the internet. Studies reveal that over 49% of web traffic in 2023 was generated by bot activities, with 32% of those bots being malicious.
In response to the rise of fake social identities and AI-based bot challenges, Web3 provides a promising solution. Web3 is a blockchain-powered environment that aims to create more secure and reliable online communities. Decentralized networks have the potential to enhance user control and integrity, paving the way for a future where digital interactions are both empowering and safe.
One example of a Web3 social app is Phaver, which tackles the persistent problems of fake messages and identities. Founded by industry veterans who have worked for major companies like Google, Facebook, and Alibaba, Phaver aims to rebuild the broken social ecosystem from the ground up by prioritizing user ownership and interoperability through Web3 technology.
Phaver leverages the Lens Protocol, created by decentralized finance (DeFi) platform Aave, to enable users to own their social relationships and interactions through nonfungible tokens (NFTs). Lens Protocol serves as a decentralized social graph that allows creators to own their content as NFTs.
Phaver also supports other decentralized social graphs like Farcaster, MocaID, and CyberConnect, making social connections more secure and permanent by enhancing user control and enabling interoperability.
The onboarding process for Phaver is user-friendly, as it does not require any blockchain knowledge for initial registration. Users can sign up using a traditional email or Web2 login, catering to those who are new to Web3 technology. Once registered, users can create a Phaver profile without needing any blockchain expertise. For those with a Lens profile, Phaver offers seamless integration during the registration process.
Within the Phaver app, users have the freedom to personalize their experience. They can subscribe to various interests or follow other participants. If no specific selection is made, the feed defaults to showing the latest popular content, allowing new users to discover exciting discussions and content.
To enhance personalization, Phaver incorporates a unique reward system called Cred. Users can connect their wallets and earn Creds and points based on their activity on the platform and the NFTs they own. The Cred score measures users’ reputation within the platform, considering their contributions and interactions. Users with higher Cred scores have greater influence and trustworthiness within the community, fostering positive engagement and discouraging malicious behavior.
Phaver is committed to combatting AI manipulations and the creation of fake content by introducing the Anima proof-of-personhood. This feature stores each user’s unique privacy-safe facial print in their wallet, allowing them to claim a unique NFT that proves their uniqueness.
Additionally, Phaver offers advanced features like purchasing points and participating in gamified social experiences to encourage meaningful engagement. These features benefit creators and stakeholders, allowing them to earn rewards if their promoted posts gain popularity.
Phaver has achieved significant milestones since its inception, with 300,000 unique app installs, 50,000 weekly active users, and $150 million in connected NFT value on Phaver Cred. User retention is also impressive, with users in South Korea spending an average of six hours per week on the platform.
The platform has formed partnerships to enhance its offering and expand its reach. Collaborations with Lotte Group’s NFT arm in Korea and The Smurfs demonstrate Phaver’s commitment to exploring and expanding its Web3 footprint.
Phaver plans to solidify its position in the Web3 social media space through various strategic initiatives. It aims to improve multi-protocol integration by supporting additional decentralized social graphs like CyberConnect and Farcaster. Additionally, Phaver is working on simplifying the onboarding process for users with a Web2 background by making points available for purchase as in-app transactions.
Further developments include expanding the proprietary trust score to cover a broader range of social metrics and introducing NFT-gated topics, which bring together select NFT holders for exclusive discussions and networking opportunities.
Phaver envisions a future where users can freely engage in decentralized social networks without fear of encountering AI-generated content or bots. By implementing innovations like the Anima proof-of-personhood platform and Cred scores, Phaver aims to mitigate the risks posed by AI threats and foster a more authentic and trustworthy online experience.
Supporting user-centered platforms that prioritize security, authenticity, and community participation will contribute to the growth of the crypto and Web3 ecosystem. As Web3 technologies continue to evolve, more opportunities for authentic and secure interactions will emerge.