What is Farcaster, and why did it raise 150M USD?
What is Farcaster, and why did it raise 150M USD?
fediversereport.com
What is Farcaster, and why did it raise 150M USD?
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.
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.
Seems inefficient, couldn't the same thing be accomplished using local DBs rather than the world's most inefficient ledger?
Farcaster uses decentralized hubs and multiple clients, if you want global usernames you need a global db