Farcaster, a crypto-based decentralised social networking protocol hit the news this week, by raising an eye watering 150 million USD, with a valuation of 1 billion USD, all the while sporting around 80K daily active users. For context, Bluesky has around 300k daily active users. The news raises a few questions: What exactly is Farcaster, […]

I take a deep dive into crypto-based social network Farcaster, aka Torment-Nexus-on-the-blockchain.

I think that crypto/web3 is mostly really dumb and bad, but I also do think that what happens on other decentralised social networks is relevant to understand the fediverse. The different protocols influence each other and I dont think they should be understood in isolation. That is why I wanted to have a better understanding of what Farcaster is, and why a16z wanted to spend so much money on it.

  • AtHeartEngineer@lemmy.worldEnglish
    0·
    5 months ago

    Your article is a pretty reasonable and fair evaluation of farcaster, but then your post saying crypto/web3 is “mostly really dumb and bad” is not very nuanced. I know a lot of people on Lemmy don’t like crypto, and that’s what’s in the meta right now, but if you are going to give something a fair shake, give it a fair shake, don’t just anticipate backlash for covering a crypto topic and preface it with “it’s mostly really dumb and bad”. Ya there are a lot of scams, and a lot of bullshit projects, but there is a core of really useful infrastructure there, which farcaster is using for self sovereign account registration/ownership.

          • AtHeartEngineer@lemmy.worldEnglish
            0·
            5 months ago

            Those are different design choices that have different trade offs, I didn’t make these decisions, I’m just explaining how it is

              • AtHeartEngineer@lemmy.worldEnglish
                0·
                5 months ago

                I understand, don’t get me wrong, 99% of stuff in crypto is hot garbage, but having a global database that isn’t controlled by any one (or even dozen) entities is pretty powerful. The 2 guys that started farcaster could quit, or get hit by a bus, or decide it’s not profitable enough and pivot, but at least you have control over your profile still. If reddit was decentralized more, they wouldn’t be able to shut down their APIs for 3rd party clients.

                Trust me I understand the criticism of block chains, but if we want open source and the internet to thrive and not be controlled by companies, we need a global layer that is neutral.