this post was submitted on 30 May 2024
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What is Farcaster, and why did it raise 150M USD? (fediversereport.com)
submitted 5 months ago by fediverse_report@lemmy.ml to c/fediverse@lemmy.ml
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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.

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[–] AtHeartEngineer@lemmy.world 1 points 5 months ago (1 children)

But there's no global consensus, it's not trustless, and smart contracts unlock a lot of additional composable capabilities.

[–] knightly@pawb.social 2 points 5 months ago (1 children)

Trust, consensus, and access control are session-layer issues that don't need to be solved by a transport-layer protocol. Social networks deserve to be able to forget things.

[–] AtHeartEngineer@lemmy.world 0 points 5 months ago (1 children)

Which is a whole lot of extra engineering that is already taken care of with a blockchain. Whether social networks should forget your username/registration is a different debate.

[–] knightly@pawb.social 1 points 5 months ago (1 children)

It really isn't a different debate when you're talking about putting them on the blockchain, and all that other engineering has already been done by other distributed social networks.

[–] AtHeartEngineer@lemmy.world 1 points 5 months ago

Ok, we are talking in circles, you have your opinions, I have mine. If you want to talk about this over voice at any point, let me know, I don't think text is going to get anywhere, and Lemmy has a pretty strong bias against crypto (which I understand, but obviously disagree with)