We need a site where the data is stored on user devices, in a segmented way like a bit torrent is, except it's encrypted and nobody knows what part of the data they are storing. Each device operates kind of like a SETI style distributed computing server. The owner of the device doesn't control it, the software does. They can only turn it on or off.
Nobody can delete anyone else's post, or even know where it is being stored to delete it. They can delete their own post though. No server can be shut down because there are 3 billion of them and everything is stored multiple times across multiple devices. People would be willing to store the data because that's how they get access to storage.
Maybe this isn't even one social media site but how the entire internet gets run. Instead of hosting your wordpress site yourself or buying hosting from someone with a powerful connection to the internet, you just host it in the network torrent. Maybe if you are a big user, there is some kind of crypto-currency tied to it and you can pay the hosts to do so.
If we combine this with mesh networking, then we can even eliminate the ISP roll as a potential filter of data. With mesh networking, each device networks with nearby devices instead of going through a central hub.
This will bring freedom inescapably back to the internet. People would be free to post what they want to post, be anonymous if they want to, and nobody could stop it.
I know, everyone says that's what steemit is, but I don't believe I am storing any encrypted steemit data on my computer. Nor has it been a condition of me making posts. There isn't a real social media like experience with a messenger on here either. Nor can I host my Wordpress site in steemit. It's a very limited experience. I can't even delete my own posts or change my name or edit a post after 12 hours. You can't host videos here either. There is a lot missing here. I wonder about the problems with storing so much data in a blockchain. Maybe this is why you can't host video.