Why did Vitalik choose to do an AMA on DeSoc instead of Twitter and SocialFi?

Why did Vitalik opt for an AMA on DeSoc instead of Twitter and SocialFi?

Author: Ignas, DeFi Researcher; Translator: LianGuai0xxz

Why did Vitalik Buterin choose to do an AMA on the decentralized social media platform Farcaster instead of Twitter?

Why is he actively using Farcaster instead of the popular SocialFi app Friend tech?

I believe decentralized social media (DeSoc) has a grand vision and story that can captivate our imagination and create a new breed of passionate individuals.

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In this article, I hope you can understand why Vitalik is using DeSoc while most crypto users are still searching for Alpha on Twitter.

I will also share some catalysts for growth at the end.

Vision

The captivating IC0 narrative led to the 2017 altcoin bubble. With just a whitepaper, a website, and a captivating story that could revolutionize the world using blockchain, projects were able to raise millions of dollars.

In 2020, the concept of decentralized finance (DeFi) gained even more attention, marking the rise of DeFi. Unlike 2017, this time there were real dApps (along with some Ponzi schemes) to play with.

Now, DeSoc has everything needed to completely revolutionize social media. Here’s the story.

In the early days of the internet, it promised to provide a space where information could flow freely and voices from all corners of the world could be heard.

Fast forward to today, we have some dominant platforms controlling the narrative and monetizing our data.

Centralized giants like Meta and X hold users’ data, often compromising privacy and limiting genuine, free expression. They execute algorithms, control trends, and even decide who has the right to speak.

Recently, actor and comedian Russell Brand faced allegations of sexual assault by four women. These alleged incidents occurred between 2006 and 2013. Just as I had moved to London, his face appeared in every newspaper. While it’s a sensitive story, what’s shocking is that YouTube blocked him from monetizing his content without any court ruling.

But imagine a world where you control your own content and data, not the platforms. A world beyond the influence of biased algorithms and ever-changing terms of service.

In this world, sharing your thoughts, photos, or videos is instant, borderless, and almost free. Here, you can interact, collaborate, and create without fear of censorship or shadow bans. If the platform doesn’t serve the community, token holders have the right to vote and reshape its rules for the greater good.

DeSoc provides equal and discrimination-free shelter, and has the right to vote on the most important smart contract changes.

Are you in favor or against?

Does it sound far-fetched? Well, it might be. In 2020, I shared a similar vision for DeFi in my second blog post using similar wording. Now, three years later, sadly, the main problems with DeFi remain pretty much the same. Perhaps DeSoc is different?

Reality

What is it really like to use these applications?

Farcaster

Did you miss Vitalik’s post on Twitter? What surprised me is that he’s more active on Farcaster than on Twitter. With only 10,000 followers on Farcaster, you have a better chance of receiving his reply there than anywhere else.

In a recent AMA, Vitalik expressed hope that Farcaster, Lens, and similar products can one day become as big as Meta. It’s no wonder he’s bullish on DeSoc, considering his Twitter account was hacked and users lost over $690,000.

Farcaster is one of the two most popular ecosystems in DeSoc. The other one is Lens.

Farcaster is a protocol designed specifically to build sufficiently decentralized social networks. It has over 20 applications built by developers and over 1.3 million public posts from more than 21,000 users.

For Farcaster, “sufficiently decentralized” means “being able to have a unique username, post messages under that name, and read messages from any valid name.” But other parts of the protocol are still off-chain.

Just last week, co-founder Dan Romero announced that the platform is now 100% permissionless. Built on Optimism, anyone can open an account with just a bit of ETH. Use Farcord or Flink to create an account through your wallet. You can download Warpcast, a Farcaster mobile app that allows you to pay gas fees with fiat.

Now is a good time to give it a try.

The core concept behind Farcaster’s workings is the Farcaster ID (FID). FID is a unique and tamper-proof Farcaster ID (a number) that allows linking of usernames, both managed by Ethereum contracts. Importantly, while usernames may change, the FID remains the same, allowing users to restore their identity using a pre-specified address.

What’s really cool about Farcaster and Lens is that you can choose any client (interface) you like, and developers have access to the platform’s data and API.

For example, there are Opencast interfaces that resemble Twitter, Discove for joining on-chain groups, or Flink, which is similar to Reddit. Then there’s Aburra, a web3 social application that prioritizes audio (currently in testing phase). You can find the complete list here.

You can use a Farcaster account to connect to all these applications. All data is stored in decentralized storage.

There are many reasons why this approach is revolutionary, but two of them stand out to me:

• Data Ownership: I’ve always been worried that X will delete my data and account. Years of content have vanished without any warning. Decentralized platforms like Farcaster grant us true ownership of our data, eliminating such threats.

• Protection of Personal Data: Registering for centralized social media requires providing sensitive information. This data is stored on company servers, making it susceptible to threats like Vitalik’s Sim exchange attack. Decentralized approaches prioritize your privacy, keeping us safe from risks associated with data breaches.

• Digital Copyright: Small creators like me often see their content copied without proper credit or compensation (some don’t even mention my name in their articles). Decentralized platforms might offer unique copyright solutions.

But the reality is, it’s not free.

You have to pay some gas fees to create an account and for annual storage. I paid 12 euros through the Warpcast iOS app (Apple takes a 30% fee). And then there are storage costs.

With 12 euros per year, I have 2 units, which allows me to post 10,000 threads, 5,000 reactions, and follow 5,000 people. Alternatively, I can upgrade to 4 units for 29 euros per year. Their documentation states that storage costs $5, so I paid an excessive fee through the iOS app.

Storage costs serve two purposes for Farcaster: generating revenue and preventing spam while efficiently managing storage.

Lens Protocol

I’ve had an ignas.lens profile on Lens for over a year now.

Since then, I’ve occasionally posted some content using the Orb mobile interface, which resembles a Twitter app. But honestly, my activity on Lens has not been very active.

The biggest challenge is the user base. DeSoc is influenced by the reverse network effect. Its limited user base makes it difficult to attract new users. For loyal users of established social media platforms like Twitter, transitioning to a new network becomes more challenging.

I have 65.5K followers on Twitter, but only 361 on Lens. In fact, my Twitter followers outweigh Farcaster’s total user count (21K)!

The reality is, despite its many flaws, Twitter still has the largest crypto community. But perhaps the situation will change in the near future? I remain optimistic.

One of the reasons for this optimism is that funds are flowing into building DeSoc.

Phaver raised $7 million to build a social network that feels “more like a regular social app than a high-tech app.” The Orb mobile app raised $2.3 million, far exceeding the funding of DeFi protocols.

Phaver is powered by Lens and CyberConnect (another social network layer), where Lens acts as the accessible backend for other interfaces.

I tried Phaver for a few days, and I like their level system, where you can connect your NFTs to boost your Cred(ibility) score and earn points through posting. For Phaver airdrops, both Cred and Points will be important, and I hope they launch during the bull market.

As you can see below, Lens’ beauty is similar to Farcaster. You can use the same Lens NFT to connect to multiple interfaces.

• My favorite Lens interface on desktop is Hey.

• The mobile apps are Orb, Phaver, and Buttrfly (Buttfrly also released a web version).

• Tape – The “YouTube” on Lens

• Soundit – A Tiktok x Whatsapp mashup

• OnlyGoodVibes – An interface that blurs all posts with “bad vibes.”

• Riff – Discover and collect new music

• Dumpling – Streaming content (a bit weird but interesting)

And many more are being built. The beauty of this model is that we can get multiple airdrops by using the same DeSoc protocol 🙂

Actually, my engagement on both Phaver and Orb apps has been quite low. I only receive a few likes and almost no comments.

By checking the “Popular” page on Tape, you can see that I’m not an exception with only a few likes.

The default feed on the Lens app could use some improvement. Currently, about 50% of the content on both apps is dominated by Lens founder Stani. The other half comes from other builders in the DeSoc space. However, if you’re interested in the DeSoc space, this provides a unique opportunity for early adopters to engage with DeSoc OG.

SocialFi vs DeSoc

Currently, SocialFi is making waves in friend tech and forked products, but it hasn’t received the attention it deserves as a DeSoc platform. But SocialFi and DeSoc are not the same.

SocialFi focuses on monetization through online social interaction. On the other hand, DeSoc is more about creating a decentralized platform for social interaction. While there is overlap between SocialFi and DeSoc, the main difference lies in the emphasis: SocialFi values the financial elements of interaction, while DeSoc focuses on the decentralized nature of the platform.

Friend tech is an example of SocialFi, while the Farcaster/Lens protocol falls under the scope of DeSoc. On Friend tech, all your messages, point systems, and other data are stored on centralized servers. Only the financial interactions with transaction keys are stored on the chain.

SocialFi has caused a stir on Crypto Twitter, but it is mostly speculation based on key prices. Now, most of the rooms I’m in are silent. Some people are selling keys, but most are still holding, waiting for the airdrop to come.

I believe DeSoc will have its moment to shine, and some catalysts are becoming clearer, showing how it might happen.

Growth Catalysts

The reality is that DeSoc user adoption is still low. According to this Dune data, Lens has about 20,000 monthly active users, while Farcaster has about 4,300. However, DeSoc has already been an integral part of the most dedicated communities in the crypto space, with users having accounts registered on one of the platforms.

In contrast, Friend tech has around 617,000 users, largely due to adoption driven by speculation, making rapid wealth accumulation possible. It’s not the same for DeSoc. But I believe several catalysts worth noting are emerging:

• Twitter’s issues: Musk’s X is currently facing a variety of issues, such as robots, censorship, random account suspensions, lack of monetization, etc. Twitter is trying to roll out paid accounts for all users! Many KOLs in the crypto community are becoming increasingly aware of the risks we face on Twitter.

• SocialFi’s explosion: Friend tech emerged unexpectedly, demonstrating how quickly users can adopt new technology when the incentives are in place. Currently, the opportunity to profit from content on Farcaster or Lens is limited. However, Friend tech showcased the potential for rapid growth in DeSoc after establishing the right incentives.

• Emergence of killer applications: As Layer 1-like protocols, Farcaster and Lens provide an open platform for developers to build on. With just one game-changing application, we can ignite the spark that attracts a large number of users. The infrastructure is 90% complete and constantly improving every day. Now is the time for adoption.

• Token incentives: Both protocols are definitely going to launch their tokens at some point. Apart from airdrops, I hope to see a well-designed token economy system that incentivizes and rewards the use of applications. If creators can effectively monetize on DeSoc, creators like myself will be incentivized to share the best content, and users will naturally follow suit. I expect tokens to be launched in the near future.

Overall, I am deeply impressed by the construction of Lens and Farcaster. The only missing part is attracting users. However, when the right incentives and timing align, they might come!

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