No. Following has two meanings: 1. You are following them. 2. They are following you. Your followers are clearly those that are following you. So "following" clearly means those you are following. There is no need to change anything. In answer to your question, it would not be better at all. ^_^

Вы не ошибаетесь, Лиза. Но "followed" является причастием прошедшего времени и на русский язык переводится "проследовавший", поэтому в данном контексте лучше использовать слово "following" "следующий за кем-либо". В английском тексте у вас есть одна ошибка. Вместо "there are used two terms" нужно сказать "two terms are used". Оборот "there is/are" употребляется, чтобы указать местоположение лиц или предметов, когда в русском варианте есть слово "находится/находятся", а в данном тексте у нас используется слово "используются".

No you are correct .:)

Followed is a past tense, it refers to the past. In this instance it would apply to someone you used to follow; to say following is to say that these are people who you are currently following.

Hey Liza, you got me confused ;) On your list the term used is 'followers' That makes sense ,the ones who follow your posts or updates. On someone's else profile, someone you are following ,it is written 'You are following' and it is correct.You are literally following the updates of that member then. It could have been expressed otherwise correctly as well : 'You are the follower of x' It is exactly the same then as ' you are following x'. However it is wrong here to say "You re followed by', because in fact you are the one following their updates not them. On your own profile your followers could be expressed otherwise "You are followed by". So on here you could be the 'follower' and have 'followers'.It is a matter of 'to be' and 'to have'. You are a 'follower' on other member's profile. You have 'followers' on your profile. Other members are 'followers' on your profile. They have you as a 'follower' on their profiles. It is very simple by the way ;) I wonder,what got you confused in the first place !