It’s still really early, a lot of things are broken at the moment and there is a lot of speculation. But the promise is that, instead of uploading a file to Instagram servers and having it controlled by Facebook, you have it secured by your private key. And you can program its economics since you are the one who owns it and sets the rules.
We have seen companies leverage a variety of solutions including Facebook Groups, WhatsApp, and Slack to enable community connection, but eventually they fall short due to lack of integration with the rest of the product experience and, in some cases, the incentives of the platforms don’t align with community itself.
First off, new social platforms emerge every decade. With teens driving culture and telling us adults what’s “cool,” it's only a matter of time before something new emerges that we never saw coming.