I personaly think this is a Great Project with Good bussiness plan for social media industry keeping new and community in touch also
the nature of decentelazied social media platform will keep safe users private data from hackers .
User data security is a section where most of the other social media are making money privately by selling them. Every Giants do it for money these days. Sphere got good potential and I think it'll succeed.
Problem are not the hackers which want to steal the private data. Problem are the platform like Facebook which works with your data to create a profile of you. And sell the information. That's the big advantage of decentralized network like sphere
Its not only about selling your information. Social media companies also use your interests/likes to discrimate you (eg by limiting/blocking users). This is getting more important as large companies get even larger and cover lots of areas in life (think google and amazon).