Web2 promised connection, but delivered data exploitation. We all know the story: Facebook, TikTok, YouTube – these giants built empires on our attention, rewarding shareholders while leaving creators and users with crumbs. Now enters Web3, rolling in as the solution on four wheels with decentralization and user empowerment cranked up. ZE23, the SocialFi project that uses Solana blockchain. It boots up with experimental additions such as “Time Mining” and Z3 tokens to lure in participants. Is it really a revolution, or simply the old game rebranded?

Empowerment Or A New Form Of Exploitation

ZE23's model is straightforward enough. Spend time engaging on the platform, receive Z3 tokens as rewards. Then use those tokens to market your content, purchase ads, or even launch your own independent creator tokens. At first glance, the AI-driven revenue sharing scheme appears equitable. Fans get 50% of the earnings, creators keep 40%, and the platform itself takes a 10% commission. We should not drown ourselves with the utopian language.

The real question is whether ZE23 actually puts power in the hands of creators and users. Or does it simply shift control from the hands of Mark Zuckerberg to a new daemon, such as a secretive DAO, or even a coterie of rich investors controlling the Z3 token? Will the platform really reward high-quality content? Or will it just be an incentive for the folks who game the system best to get the most “Time Mining” points? And, if ZE23’s algorithms aren’t cozying enough for you, what is “quality” anyway? Is it really as democratic as everyone thinks, or does it inherently and insidiously promote certain perspectives and types of content over others?

Consider this: the allure of earning crypto for simply scrolling and engaging could easily lead to addictive behaviors, mirroring the very problems Web2 platforms created. Are we really emancipating ourselves, or simply shifting to a new digital penitentiary, if one with somewhat glossier slats. It’s like replacing one corporate overlord with another, blockchain edition.

Who Governs The Decentralized Kingdom

Decentralization may be a buzzword, but it is not a magic wand. While they believe that’s the answer, it doesn’t address issues – it just moves them. Who determines what is appropriate content on ZE23. How are disputes resolved? What occurs when (not if) bad actors attempt to game the system?

That absence of clear regulatory oversight, in many ways, is a double-edged sword. On the one hand, that creates space for innovation and experimentation. On the other, it opens the door to scams, misinformation, and even criminal activity. The Void The promise of anonymity is thus a double-edged sword, forming a shield for both whistleblowers and criminals.

We’ve watched this play out before, in the early years of the internet. So, at first, this absence of regulation allowed for more innovation and experimentation, and it was great. It also did the opposite, fostering a breeding ground for cybercrime, online harassment and hate speech, extremist recruitment and misinformation. Here we go again. Are we really fated to make the same mistakes as SocialFi again? Can we take the lessons of the past and develop a more responsible, ethical, decentralized future?

  • Governance: How are decisions made about the platform's rules and policies?
  • Accountability: Who is responsible when things go wrong?
  • Transparency: How can users ensure that the platform is operating fairly and ethically?

ZE23 is built on the Solana blockchain, which is faster and uses less energy compared to Ethereum. We shouldn’t kid ourselves that it’s a model of environmental goodness. That’s because every blockchain transaction, no matter how small, requires a tremendous amount of energy. As ZE23 expands, so will its environmental footprint.

Sustainable Dream Or Environmental Nightmare

While traditional social media platforms use huge amounts of energy. They power huge server farms and data centers. This doesn’t let us off the hook from pursuing higher levels of sustainability in the Web3 space. We need to require transparency from ZE23 and other SocialFi projects on their energy usage and carbon footprint. Though we should embrace the development of more energy efficient blockchain technologies, we can’t put blind faith in such innovations. We must be prepared to accept some degree of trade-off between convenience and sustainability.

The emergence of ZE23 and SocialFi is an interesting social experiment of the future of community building and value creation in a decentralized online world. It creates a fairer playground of creators and users. It builds a more democratic cyberspace overall and holds Web2 behemoths accountable to their users. It also brings with it high risks – the risk of exploitation and manipulation, as well as irreversible damage to the land and environment. As we look ahead, we shouldn’t uncritically accept the appeal of decentralization. Instead, we should embrace it with realistic optimism, intellectual rigor, and an unyielding focus on doing the right thing. What we will need in equal measure is regulatory clarity, transparent governance, and vigorous skepticism. Ultimately, the future of SocialFi will depend on much more than just tech. Its success depends on the values we decide to bake into it.

Now it’s time to hold them accountable beyond the rhetoric. It's time for accountability.

It's time to demand more than just promises. It's time for accountability.