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‘Metaverse’ a top 3 contender for Oxford’s Word of the Year

Oxford University has opened public voting for the first time with polls set to close on Dec. 2.

The word “Metaverse” is one of three in the running to be crowned the Oxford "Word of the Year” (WOTY) in a competition run by the Oxford University Press (OUP), the publisher of the Oxford English Dictionary.

OUP officially announced the launch of the competition and its three finalist words for 2022 on Nov. 22 with this year marking the first time the public can participate in voting for the WOTY.

“Metaverse” will compete against the terms “#IStandWith” and “Goblin Mode”.

In OUP’s video pitch for the Metaverse, it described it as “a hypothetical virtual reality environment in which users interact with one another’s avatars and their surroundings in an immersive way.”

“The term dates back to the 1990s, with the first recorded use in the Oxford English Dictionary in 1992 in the science fiction novel Snow Crash by Neil Stephenson,” the video stated.

Oxford noted that "Metaverse" has quadrupled in usage in Oct. 2022 compared to that of Oct. 2021. The video stated that more lifestyle and work-related activities taking place in virtual reality environments may bring about “more debates over the ethics and feasibility of an entirely online future.”

As for the other two WOTY candidates, “#IStandWith” has become an increasingly used phrase for political activism, while “Goblin Mode” emerged as a post-COVID-19 lockdown concept in which one rejects “returning back to normal” and instead does what they want to do.

As for how the three phrases were chosen, OUP stated that they ran an analysis on a language data system in order to narrow down the candidates to three.

In order to officially vote for “Metaverse” or the other two candidates, voters must cast their vote on Oxford Languages’ website.

Over 237,000 votes have been cast so far, with voting set to close Dec. 2.

Oxford did not state when the winning word would be announced.

Related: What is metaverse in blockchain? A beginner's guide on an internet-enabled virtual world

In what could spell how the votes are panning out, at the time of writing a Twitter poll by OUP shows 63% of 929 voters favored "Goblin Mode", followed by "Metaverse" at 22% then "#IStandWith" at 15%:

Whatever the results of the poll, the Metaverse is predicted to be a significant industry in the near future, with a recent report by international consulting firm McKinsey estimating Metaverse-related technologies to be worth $5 trillion by 2030.

Investment bank Citi upped that prediction, saying the total addressable market for the Metaverse economy may fall within the range of $8-13 trillion over the same time frame.

The understanding of the Metaverse has been most significantly influenced by the blockchain and cryptocurrency industry, along with Meta CEO Mark Zuckerberg’s rebranding of Facebook to Meta in Oct. 2021 and its recent developments on its Metaverse products through its Reality Labs business.

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Bitcoin options data shows sub-$17K BTC price gives bears a $200M payday on Friday

BTC bears are set to profit from this week's $710 million options expiry, which could be used to add further sell pressure to Bitcoin price.

Bitcoin (BTC) crashed below $16,000 on Nov. 9, driving the price to its lowest level in two years. The 2-day correction totaled a 27% downtrend and wiped out $352 million worth of leverage long (buy) futures contracts.

To date, Bitcoin price is 65% down for 2022, but it's essential to compare its price action against the world's biggest tech companies. For instance, Meta Platforms (META) is down 70% year-to-date, and Snap Inc. (SNAP) has dropped 80%. Furthermore, CloudFare (NET) lost 71% in 2022, followed by Roblox Corporation (RBLX) and Snapchat (SNAP), both down 70%.

Inflationary pressure and fear of a global recession have driven investors away from riskier assets. This protective movement has caused the U.S. Treasuries' 5-year yield to reach 4.33% earlier in November, its highest level in 15 years. Investors demand a higher premium to hold government debt, signaling a lack of confidence in the Central Bank's ability to curb inflation.

Contagion risks from FTX and Alameda Research's insolvency are the most pressing issues. The trading group managed multiple cryptocurrency project funds and was the second-largest trading exchange for Bitcoin derivatives.

Bulls were overly optimistic and will suffer the consequences

The open interest for the Nov. 11 options expiry is $710 million, but the actual figure will be lower since bulls were ill-prepared for prices below $19,000. These traders were overconfident after Bitcoin sustained above $20,000 for almost two weeks.

Bitcoin options aggregate open interest for Nov. 11. Source: CoinGlass

The 0.83 call-to-put ratio reflects the imbalance between the $320 million call (buy) open interest and the $390 million put (sell) options. Currently, Bitcoin stands near $17,500, meaning most bullish bets will likely become worthless.

If Bitcoin's price remains below $18,000 at 8:00 am UTC on Nov. 11, only $45 million worth of these call (buy) options will be available. This difference happens because the right to buy Bitcoin at $18,000 or $19,000 is useless if BTC trades below that level on expiry.

Bears aim for sub-$17k to secure a $200 million profit

Below are the three most likely scenarios based on the current price action. The number of options contracts available on Nov. 11 for call (bull) and put (bear) instruments varies, depending on the expiry price. The imbalance favoring each side constitutes the theoretical profit:

  • Between $16,000 and $18,000: 1,300 calls vs. 12,900 puts. Bears dominate, profiting $200 million.
  • Between $18,000 and $19,000: 2,500 calls vs. 10,200 puts. The net result favors the put (bear) instruments by $140 million.
  • Between $19,000 and $20,000: 3,600 calls vs. 5,900 puts. The net result favors the put (bear) instruments by $40 million.

This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.

For example, a trader could have sold a call option, effectively gaining negative exposure to Bitcoin above a specific price, but unfortunately, there's no easy way to estimate this effect.

Related: Grayscale Bitcoin Trust records a 41% discount amid FTX meltdown

Bulls probably have less margin to support the price

Bitcoin bulls need to push the price above $19,000 on Friday to avoid a potential $140 million loss. On the other hand, the bears' best-case scenario requires a slight push below $17,000 to maximize their gains.

Bitcoin bulls just had $352 million leverage long positions liquidated in two days, so they might have less margin required to support the price. In other words, bears have a head start to pin BTC below $17,000 ahead of the weekly options expiry.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Meta joins big tech layoffs, lets go of 11,000 employees

The Facebook parent company announced it will let go of approx. 13% of its current workforce in the first mass layoff in the company’s history.

The Facebook parent company Meta announced that about 13% of its current workforce has been cut in the first mass layoff in the company’s history.

In a letter to his employees, Meta CEO Mark Zuckerberg announced the layoffs and also reiterated that the hiring freeze, which began earlier this year, will be extended into the first fiscal quarter of next year. 

According to the statement published through Meta’s newsroom, the layoffs terminated 11,000 jobs. The initial rumors of layoffs emerged over the weekend on Nov. 6 via Wall Street Journal report from inside sources. 

Zuckerberg says he takes full responsibility for the layoffs, which were caused by soaring costs and a recent collapse of its share price.

“I got this wrong, and I take responsibility for that."

The CEO also said his over-investment in certain areas, along with “the macroeconomic downturn, increased competition, and ads signal loss,” led to lower-than-expected revenue.

Related: Facebook became Meta one year ago: Here’s what it’s achieved

This news comes after startling reports released by Meta on Oct. 26, which revealed billions in losses in its metaverse development branch. Reality Labs, the metaverse R&D department, posted a $3.67 billion loss for Q3.

During the same quarter, the business only made a revenue of $285 million, which is its lowest on record within the given timeframe. The news startled company shareholders and raised concerns over Meta’s metaverse prospects.

Meta is not the only big-tech company going through mass layoffs.

After Elon Musk acquired Twitter for over $44 billion, the social media company underwent a series of layoffs itself. Allegedly the layoffs began Nov.4, with speculations that Musk will layoff nearly 50% of the company’s 7,500 person workforce.

As a response, employees launched a class action lawsuit against Musk which says he ignored a law that restricts mass layoffs from big companies without at least 60 days of prior warning.

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WhatsApp crash: Are decentralized blockchain messengers a real alternative?

Centralized communication apps share one crucial feature: They crash often. Cointelegraph investigates to see if decentralization can offer a solution.

Since the introduction of ICQ — the progenitor of online chat applications — the expectation from instant messaging (IM) services has never changed. Users simply want them to work, which apparently turned into a tall order, given the frequent downtimes most popular chat apps experience nowadays. 

Launched the same year as Bitcoin (BTC), WhatsApp is one of the most widely used chat apps on the planet. Owned by Meta (the stable of which also boasts Instagram and Facebook), WhatsApp stands as the epitome of centralized services. That’s why when the service goes down, it has a much broader impact than just leaving over two billion monthly users scratching their heads and complaining on Twitter.

WhatsApp embodies the qualities of a centralized mindset perfectly: It has mainstream reach, an industry giant backs it and despite nearly one-third of the planet using it, people have absolutely no say over the final product.

Why do centralized chat apps go down?

When a product is controlled and managed by a central entity, it tends to follow certain processes during its lifecycle. Someone has to shoulder full responsibility for the various aspects of the centralized product. 

The massive scale of the product turns even tiny updates into a chaos of human errors, database issues and not having enough time to test the version before pushing out the update to meet stakeholder expectations. Coupled with the numerous cyber attacks on the infrastructure itself, the more the service is centralized and managed by a single entity, the more the “usual suspects of failure” fill the room.

Can decentralized services fix downtimes?

Communication-focused decentralized apps (DApps), on the other hand, provide anti-fragile systems, co-founder and CEO of Web3 service provider Heirloom Nick Dazè told Cointelegraph. He said that decentralized messengers get stronger with every user onboarded because they essentially function as “nodes” that keep the system functioning properly. 

“The key difference is that there is not one single point of failure,” Dazè stated, likening it to a balloon that is compressed on one part, which becomes geometrically smaller while still containing the air from the compressed section: “All of the air still exists. It is just pushed to a different section of the balloon.”

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Of course, decentralized apps come with their own set of challenges, and one of them is scaling. DApps can’t compete with centralized services without being able to take on a billion-level user base, but Dazè believes DApps can overcome scaling issues by answering two questions: “Where does all of this data ‘live?’” and “How do we reduce network spam?”

Addressing the first issue, Dazè sees public key-based addressing as a decent solution, “As it serves as a limiting function on the amount of data necessary to handle.” Regarding the second issue, Dazè said that disincentives for spam must be created, accompanied by Captcha servers.

Redundancy is the name of the game

Cointelegraph also reached out to Chris McCabe, the co-founder of the Oxen Project — known for its decentralized IM app Session. When asked how decentralized IM apps handle crashes and downtimes, McCabe pointed to redundancy: 

“Decentralized networks have a lot of redundancy built in. If one server goes down, another one is there to take its place.” 

He said the Oxen Service Node Network, a set of incentivized nodes serving as the infrastructure of Oxen and its offerings, has over 1,600 nodes operated by hundreds of people worldwide.

“It would take a catastrophic event to take the network down,” McCabe claimed, adding that the network is equipped to continue as usual despite experiencing major events from time to time.

“In the past, we saw one-fifth of nodes go offline suddenly, but Session continued sending messages as normal. The network self-heals, and it hasn’t had a total freeze of communication as we have seen with centralized networks.”

Session can currently handle about five million users — a tiny portion of WhatsApp’s user base. However, McCabe said the team will continue to release updates for a more extensive decentralized storage network and higher network bandwidth.

The Oxen co-founder admitted that whether a decentralized network could handle the traffic that WhatsApp or Messenger face daily has yet to be proven. However, he is hopeful that Session could be the first app to test that theory.

“Session is gaining popularity not only because it hasn’t gone down,” he summarized, adding, “But also because people are sick and tired of having their data systematically collected, analyzed and weaponized against them.” 

Unmanipulated, unreadable and untraceable

The decentralized ecosystem offers a wide range of projects and apps with different priorities. One such is TransferChain, a peer-to-peer messaging app that focuses on privacy. Tuna Özen, the co-founder of TransferChain, told Cointelegraph that while the scalability aspect in decentralization is a gray area, being scalable or non-scalable is the result of design decisions. 

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“The main misconception that drives products to be non-scalable is assuming that any blockchain design can meet all needs,” Özen said. He suggested that multiple variables including block volume, block generation rate, consensus, selection algorithm, token integration, network cost and benefit structure and network participation structure should be taken into account:

“Just as it is reasonable to expect a track-proven race car built purely for speed to deliver the same performance in off-road conditions, it is just as reasonable to expect a blockchain approach that is not specifically designed for products and services to be scalable.”

Tuna Özen and his team describe TransferChain as a cloud platform powered by a decentralized decision-making mechanism on a distributed ledger. The app differs from its centralized counterparts with where and how the communication data is saved as well as the transparent storage of the process — which is unmanipulated, unreadable and untraceable according to Özen.

Although decentralized services offer more resilient infrastructures, they still have a long way to go to catch up with their centralized counterparts in terms of user base and mainstream adoption. Another thing to remember is that as DApps get more popular, they will probably need to face more regulatory scrutiny and governments worldwide would definitely have trouble with this new form of communication — given they only recently started to get a grasp of the new form of money.

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Leaked Documents Show Facebook and Twitter Working Closely With DHS, FBI to Police Disinformation: Report

Leaked Documents Show Facebook and Twitter Working Closely With DHS, FBI to Police Disinformation: ReportThe U.S. Department of Homeland Security (DHS) and the Federal Bureau of Investigation (FBI) are reportedly working closely with major social media platforms, like Facebook and Twitter, to police “disinformation.” Leaked documents further show their plans to expand censorship. Leaked Documents Reveal How Department of Homeland Security Plans to Police Disinformation Leaked documents and court […]

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Facebook became Meta one year ago: Here’s what it’s achieved

The company changed its name on Oct. 28, 2021, reflecting growing ambitions to transcend beyond social media and into Web3 and the Metaverse.

It’s been just over a year since social media giant Facebook rebranded as Meta at the Facebook Connect conference on Oct. 28, 2021.

The name change reflected the company’s growing ambitions to transcend past social media and into the world of Web3, crypto, NFTs, and the Metaverse — virtual worlds where consumers are likely to spend more of their time for both work and play.

The company has been busy.

In December 2021, Meta debuted its Horizon Worlds virtual reality social networking project, while it also opened up advertising for more crypto ads on Facebook.

In April 2022, reports emerged that the company has been considering a digital currency designed for use in the Metaverse internally dubbed as "Zuck Bucks,” though no further updates on the project have been seen since.

In May, the company filed five trademark applications for a payments processing platform with support for cryptocurrencies and digital assets called Meta Pay.

In September 2022, the company announced that 2.9 billion users would have the ability to post digital collectibles and NFTs they own across Facebook and Instagram across 100 countries by linking their wallets.

Meanwhile, on Oct. 11, Meta announced a partnership with tech giant Microsoft to bring a range of Microsoft Office 365 products into Meta’s virtual reality (VR) platform to try and coax other companies to work in virtual environments.

However, the year has not come without its challenges, particularly when it comes to the company's Metaverse ambitions. 

Last week, Altimeter Capital’s CEO and founder called Meta’s $10 billion to $15 billion a year investment into the Metaverse as “super-sized and terrifying.”

Meta’s Q3 report appeared to only solidify these concerns, with the stock price falling 23.6% following its release, while Meta’s virtual reality research and development arm Reality Labs posted an accumulated loss of $9.44 billion so far this year.

Many may also remember Meta’s Eiffel Tower fiasco when an image of Meta CEO Mark Zuckerberg's avatar standing in front of a virtual Eiffel Tower was mocked over lackluster visuals.

Mark Zuckerberg's Metaverse avatar which became an internet meme

Meanwhile, an Oct. 15 report from The Wall Street Journal suggested that the company has slashed its monthly active user goal for Horizon Worlds by more than half, suggesting the company's flagship Metaverse was "falling short."

This backlash was touched on by Zuckerberg during the Q3 earnings call on Oct. 26, noting that “we’re iterating out in the open” and that the social Metaverse platform was still an “early version.”

“It's a kind of a live early product platform, and that's evolving quickly, but obviously has a long way to go before it's going to be what we aspire for it to be,” said the CEO.

Related: FTX CEO dissects Mark Zuckerberg's intent to pump $10B/year into Meta

Nevertheless, the technology giant is continuing to push forward with its foray into Web3 and other projects including artificial intelligence, with Zuckerberg noting on the call that “we’re on the right track with these investments” and the company “should keep investing heavily in these areas.”

The company recently unveiled its latest virtual reality headset, the Meta Quest Pro during an Oct. 11 virtual event; along with the partnership with Microsoft, and a new computer platform from Reality Labs.

“Work in the metaverse is a big theme for Quest Pro. There are 200 million people who get new PCs every year, mostly for work.”

“Our goal for the Quest Pro line over the next several years is to enable more and more of these people to get their work done in virtual and mixed reality, eventually even better than they could on PCs,” said Zuckerberg.

“Between the AI discovery engine, our ads and business messaging platforms, and our future vision for the metaverse, those are three of the areas that we're very focused on,” he added.

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Tech talent migrates to Web3 as large companies face layoffs

Web3 companies continue to hire amidst a bull market as tech giants undergo layoffs and hiring freezes.

As inflation continues to grow, coupled with a looming recession, many tech firms are having to cut portions of their staff. To put this in perspective, data from Layoffs.fyi found that over 700 tech startups have experienced layoffs this year, impacting at least 93,519 employees globally. It has also been reported that tech giants like Google, Netflix and Apple are undergoing massive job cuts. 

While many of these layoffs are likely due to an economic downturn, this has resulted in an overwhelming amount of talent flocking to early-stage Web3 companies. For example, Andrew Masanto, a serial entrepreneur who has founded a number of startups, told Cointelegraph that he recently launched Nillion, a startup specializing in decentralized computation, to help ensure privacy and confidentiality for Web3 platforms.

Although Nillion is still in its early stages, the technological innovation behind the company has already proven to be appealing. Since the company’s inception in October this year, leading talent from companies like Nike, Indiegogo and Coinbase have joined the growing startup.

For instance, Slava Rubin, founder of the crowdfunding website Indiegogo, told Cointelegraph that he had recently joined Nillion as the company’s chief business officer based on the opportunity to join a startup with an innovative business model.

“The tech behind Nillion is massively innovative, as it focuses on advancing secure multiparty computation (MPC). MPC is known for being slow and unable to work for certain use cases. The risk of failure doesn’t concern me here since it’s such a huge opportunity to solve this problem,” he said.

The notion of building technology to advance MPC also attracted Lindsay Danas Cohen to Nillion. Cohen previously served as associate general counsel at Coinbase before joining Nillion this year as the company’s general counsel.

Although Coinbase announced in June that it was cutting its staff by 18%, Cohen explained in a recent blog post that she left Coinbase to join Nillion due to the opportunity to help advance privacy and data sharing through MPC. “This would be a true zero-to-one innovation,” she wrote.

While the crypto industry continues to face a bear market, it’s clear that the projects being built during this period are seen as an exciting opportunity. “I built Indiegogo during the 2008 bear market, and I think we will see the same thing in this market. In about three to five years, we will see some very strong companies emerge that know how to use capital efficiently,” Rubin remarked.

Indeed, well-funded Web3 companies continue to hire, while large tech companies face layoffs and hiring freezes. Sebastien Borget, co-founder and chief operating officer of The Sandbox, told Cointelegraph that the popular metaverse platform currently has a total of 103 job openings. “The excitement of working in the front row of Web3 is big, and we are enjoying this interest towards our open positions,” he said. 

According to Borget, The Sandbox has grown to 404 employees this year, almost doubling in size from its 208-employee workforce it had in December 2021. Borget added that The Sandbox’s virtual real estate known as “LANDs” is now worth over $1 billion in total market cap.

Moreover, as Web3 companies continue to bring on both new and acquired talent, young jobseekers seem to be displaying a greater desire to obtain the skills needed to join these firms.

Priyanka Mathikshara Mathialagan, president of the Stanford Blockchain Club, told Cointelegraph that she has seen an increasing number of undergraduate students at Stanford taking blockchain-focused courses in preparation for careers after graduation.

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“This year, we had more students enrolled in professor Dan Boneh’s cryptography class than those enrolled in traditional computer science courses,” she remarked.

Despite the bear market, Mathialagan also believes that there have been significant improvements made within the Web3 space, resulting in a more positive outlook toward the sector. For example, she mentioned that the Ethereum Merge that took place on Sept. 15 has helped ensure a more energy-efficient platform, creating appeal for students that may want to leverage the Ethereum network for Web3 projects. Mathialagan added that while a numerous amount of theoretical research has been performed for years within fields like computer science, Ph.D. students are considering Web3 due to new opportunities for advancement. She said:

“The math used in theoretical computer science and cryptography is similar to the math needed to advance zero-knowledge proof-based applications. There is now an industry that wants to pay Ph.D. students for their research and put these findings to use. For example, there is a large demand for distributed system engineers since every single blockchain is really a distributed system. These are the people who can design consensus algorithms and new architectures for scalable and secure blockchains.” 

This seems to be the case, as Masanto shared that Nillion has hired 10 engineers within the last six months. Borget added that The Sandbox is currently hiring 17 engineers, along with game designers, architects and other individuals capable of supporting brands building in the company’s metaverse.

Skepticism remains

While it’s notable that Web3 companies are actively hiring, a number of concerns remain. For instance, although companies remain focused on building during a bear market, fundraising may be problematic. 

Given this, it’s important to point out that Nillion is currently being bootstrapped by its founding team. A spokesperson from Delphi Digital, a crypto-focused research firm, also told Cointelegraph that while the company is currently hiring across the board, no funds have been raised.

“We have been completely bootstrapped up until now.” While impressive, running a company based on personal finances or operating revenue may be concerning for job seekers. For instance, Mathialagan noted that students starting a career in Web3 want to be assured that the company will exist two to three years down the road.

Jessica Walker, chief marketing officer of Fluid Finance — a fintech company focused on revolutionizing banking with blockchain — further told Cointelegraph that it is a waiting game to see what companies have the strongest communities and teams capable of withstanding the crypto winter, adding:

“It’s important for organizations to build partnerships and roll out products, while also being able to budget their overhead costs during this time.” 

Moreover, Mathialagan believes that it’s challenging for students, along with individuals within the Web2 sector, to get connected with Web3 companies. For instance, while companies like Nillion have brought on individuals from organizations like Coinbase, Indiegogo and Nike, Masanto shared that he already knew a handful of these people prior to hiring. 

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Walker also remarked that due to the bear market, recruiters need to pay additional attention to detail when onboarding new team members. “Some uncertainty comes from new hires about the security of their role, especially during a bear market. At Fluid, we often try to hire from our community first,” she said.

Although strategic, Mathialagan mentioned that the Stanford Blockchain Club is compiling a list of job postings to help students connect better with Web3 firms as more hiring takes place: “For students, hiring remains the biggest single problem even beyond security issues faced by Web3 companies today.”

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Mad Money’s Jim Cramer Apologizes for Being Wrong About Facebook Parent Meta After Stock Plunges

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Facebook is on a quest to destroy Web3

Mark Zuckerberg's tech empire has a long history of using centralized systems to hurt users. Now it's trying to join Web3.

The future of how we socialize online is being defined as we speak, and it’s far too important to leave things to the likes of Meta and other mega social companies. Just a surface-level look at Meta’s history is enough to understand its tendency to severely miss the mark. 

Some companies like to use Web3 principles to right the wrongs of Web2. And as a poster child for large, centralized organizations, Meta offers us some of the most useful examples of those wrongs.

Let’s touch on three times that Meta fell short of building the future of online social experiences.

It limited Open Graph

In 2010, Meta — still operating as Facebook at the time — released its “Open Graph” protocol, providing developers with a network of links between friends in order to encourage other people to take up its apps. It was a way for users to carry their Facebook identities from app to app, making it easy for developers to give those users a personalized experience. However, a few years later, the company shifted gears to become ruthless in cutting off friends, its newsfeed and other data access for developers.

The primary reason for this was to limit competition, as Facebook was worried about people reverse-engineering its social graphs and creating their own versions of Facebook. So, it ended up killing a product that many in the community nowadays call essential. It was ahead of its time — until it stopped making business sense.

Facebook felt that it was arming its competitors by giving them this data, and with its centralized power, Facebook had the unilateral ability to dramatically cut off this access.

It took the @Metaverse Instagram handle from the user who registered it

Online social identities are of great importance to users — they represent who you are and bear the weight of your effort and time spent online. So, when Facebook rebranded itself as Meta, getting a new logo and image, a situation with social media handles presented an unanticipated problem.

Related: Facebook and Twitter will soon be obsolete thanks to blockchain technology

An active Instagram user who had already registered @metaverse as her username was already regularly sharing photos from that handle. Then, without warning, Meta blocked her account. When that story came to light, it resulted in some predictably negative press for the social media giant.

Transparency and ownership are core values of the emergent decentralized paradigm. Social platforms of the future will be designed in such a way that abuse of power is either operationally impossible or super easy to identify. What’s yours will be yours, and no software or administrator will be able to change it manually.

Cambridge Analytica

In case you needed a reminder, Facebook spent much of the 2010s collecting the personal data of millions of its users on behalf of British consulting firm Cambridge Analytica. That data was predominantly used for political advertising with user consent, and it was a defining scandal within the company’s history.

And despite being major news at the time, it doesn’t appear to have changed anything about how the company operates or how users could be protected. When NPR followed up on the story in 2021, it found that Facebook didn’t take responsibility for its behavior, nor did consumers see any reform as a result.

Related: Cryptocurrency is picking up as an instrument of tyranny

If anything, the company’s reckless actions only proved the need for an internet layer of self-sovereign identity and access controls. More and more people are waking up to the importance of identity on the internet, and that’s something blockchain is perfectly tailored to address. Meta’s history also provides a textbook example of surveillance capitalism, which should offend any internet user right to their core.

We’ve now surfaced three well-documented incidents demonstrating that older generations of mega social platforms and the data business model they represent can’t be trusted to bring about a mature ecosystem for the internet-using public.

Those mega platforms cast a long, dark shadow over social media overall, but the future of the space is bright. The crypto explosion over the past 10 years makes it clear that large, centralized entities don’t hold the same influence they used to.

What can we do about it?

The solution to Meta rests with all of us. The future of the internet is a collaborative effort of many different projects, developers and sovereignty-minded users.

The stage is set for small, nimble next-generation companies to radically redefine how people express their identity and interact with connections online. The smaller, committed teams will be focused on making an impact and building upon each other, as opposed to bolstering existing revenue.

These new companies have the opportunity to build the primitives for a decentralized society to emerge from the bottom up. They can create a standard and infrastructure for people to accrue and own their status and social capital, both within and across diverse social networks. They can build trust into the fabric of their social networks and enable truly meaningful connections and better discoverability. In doing so, they can create a more decentralized, open, resilient internet for everyone.

The events of older-generation firms also underline the importance of having a protocol for the internet that is owned by no one and can’t be centrally controlled. A protocol is needed to help coordinate these efforts, set standards for social data interoperability, provide a universal data storage solution that is both decentralized and economically scalable, and enable application builders to quickly tap into existing resources.

Such a protocol would be a powerful tool to fight back against the surveillance capitalism of companies like Meta. It would give users full control over their data and identity, and make it much harder for bad actors to abuse personal data.

Related: Nodes are going to dethrone tech giants — from Apple to Google

But this is no small feat. The next web is a huge undertaking that will require the commitment of many different people and organizations. It will be an unprecedented manifestation of human “scenius,” a concentrated and voluntarily orchestrated collective brilliance.

The good news is that the general ethos of the web may have fundamentally changed. Composability and interoperability are more than technical designs — they are also intrinsic value propositions we genuinely hold up to and share with others to work together. This is a demand that we must meet if we want to build a better future for the internet.

The consequences of inaction

Inaction is also a form of action. The consequences of not doing anything about the problems posed by Meta are clear. Your digital identity will never truly be yours and will always be at risk of being moderated, altered or even obliterated. Given that we are increasingly integrating our physical life with the digital, blurring the lines between the two and posting more personal and collective value in the digital, this danger looms darker and bigger.

In a larger picture, we’ll be sliding into a society of total surveillance capitalism, where not only will everyone lose control of their data and identity, but their data will be further commercialized to turn users into products who gradually lose sight of the problem and the will of action. A total system driven by profit diminishes the room for any discussions or endeavors regarding human agency and the meaningful social connections of human collectives.

We need to take action now to build a better future for the internet and human society at large. The next web provides us with an opportunity to do things differently, and we, together, must seize it.

Wilson Wei is the co-founder and CEO of CyberConnect, a decentralized social graph protocol that helps DApps bootstrap network effects and build personalized social experiences.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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