The future of participatory information exchange on the internet may not simply be the issue of "centralized vs decentralized vs distributed", but rather how dynamic the infrastructure used can adapt and be scaled to different contexts and scenarios.
In the case of social media, blogging, and so on, I believe a mixed federation between decentralized servers (atm the #fediverse) and fully distributed instances (like secure #scuttlebutt, #ipfs and others) is the way to go.
The mid-term challenge, then, would be how decentralized servers can federate with distributed instances.