I am hearing for a decentralized social media for quite a long time, but the biggest challenge I find is how would you decentralize the domain and hosting? As a social media has to be in the form of a website or app and since the Registrars control the domain name and the Hosts control the hosting, who in turn has to oblige by the country where their business is, how are you going to oversee this?
Well the info is stored the the blockchain and the project is opensource so if anyone wants to use the data we have they are free to.
The steem blockchain is really friendly to decentralized applications.