A decentralised social media doesn’t need a token. You need integration with native internet money, but the idea of the entire infrastructure sitting on a token-based “blockchain” is idiotic.
Also, the fact that Eth chose to become “ultra sound” rather than a cheap utility token makes these use cases even more destined to fail. PoS prices out new users vs current stakers who accumulate for free, and this creates the opposite incentives you want for your social media protocol.
well, farcaster doesn’t store the whole dataset on the blockchain (it’s more like nostr in that regard) and just the user ids are stored on optimism (an eth L2). but i hear you on your critiques of ethereum PoS!
I don't think this critique is entirely fair. Farcaster only uses the ethereum blockchain for account key management. All posts and content are stored on "Hubs" which are like traditional servers that communicate with each other to ensure consensus.
It does seems like they do plan on launching a token at some point and I think we all know how that will end up 😬
There is value in simplicity. You don’t need such a convoluted architecture to sit on, you don’t to need to manage 2 different tokens for gas fees, etc. That adds risks.
Nostr demonstrates there is a simpler (and more resilient) way to architect such a protocol.
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