Impact

Farcaster has the potential to expand its total addressable market (TAM) and disrupt multiple platforms and industries — but are we too busy disrupting (and distracting) ourselves instead?

Farcaster has the potential to expand its total addressable market (TAM) and disrupt multiple platforms and industries — but are we too busy disrupting (and distracting) ourselves instead?
https://paragraph.com/@abundance/farcaster-the-platform-disruptor

Solving public goods value capture. | /impact | book.abundance.id

by adding Extended Reactions to the protocol :)

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by adding Extended Reactions to the protocol :)
https://paragraph.com/@abundance/extended-reactions

Valid points in your feature Mike 
The question remains though … how can we build a system that makes distinction between a simple gesture (like a like, share …) and a more meaningful engagement 

Had the same issue when was digital magazine publisher in late 90’s. A professional feature costed, involving a journalist, a photographer, a corrector etc… and when bloggers appeared (like influencers today), they reshuffled the whole media industry 

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yeah for sure, farcaster seems to be the first real well-executed decentralized id/open social graph where these applications seem more realistic

yea you're right that decentralized identity is not a new primitive.

what's new with Farcaster imo is that you have an open graph where users are interacting - so you have rich data that can be used for reputation.

Reputation is the component you actually need to make these platforms work

of course there are other challenges involved for Uber/Airbnb etc - I just don't think that's what stopping newcomers from succeeding.

having to bootstrap a network is the harder problem, and FC solves this

Maybe it’s an idea that will come in due time but we’ve had the decentralized identity primitive for quite a while in crypto and there haven’t been any decentralized uber/airbnb’s yet because the actual execution required is insanely difficult. Seems like the limiting factor is executing on the quality control, dispute resolution, customer experience etc. 

Though I still am a believer that it’s possible, just incredibly difficult

in a way yes, though maybe its also step back, because there's less development of more substantial projects, like alt clients

Aren’t mini apps kind of a step towards what you describe here?

LLMs can help in the process but only if they're fed useful user data.

I'm thinking of something that's closer to Ponder polls - on Ponder you can make money if you predict correctly what *most other users* value.

In other words, your thought process is not "what do I like" but rather "what do I think most other people like"

if you apply that to content you can have a Reaction button on casts where you can have a scale for how much you think the community would value the cast. 

Then the closer your prediction matches community sentiment (ie how much the community actually values that content) the more you're rewarded

you can then also give a greater reward for those who make the first accurate prediction - so users would proactively look for valuable content (/apps/art/etc) for the network

then you can feed that data to an LLM so its better at surfacing more content that the community values

point is that it doesn't have to be based on attention at all, just what a network actually values

I have a suggestion or two.. it's probably more to start thinking in the direction of rewarding contributions over just engagement and I'm sure we'll be able so iterate and solve the issues as they come

Much agree. The sharing volumes could certainly increase, in almost every available aspect, with monetary invitations. It’s the ‘weeding out’ the ‘invasive species’ in growth sections and the beneficial unanticipated correlations that can become quite interesting. Meaning this in farm/garden, metaphorically.

I have a suggestion or two.. it's probably more to start thinking in the direction of rewarding contributions over just engagement and I'm sure we'll be able so iterate and solve the issues as they come https://farcaster.xyz/abundance/0x70329efc

I like the ideas here, though I'm no expert here and don't understand how to solve. Do you have any proposals? Would rewarding mini app creaters be an example? How about rewarding mini app devs who create the most value by user interaction? And how to make sure not only the mega casino gets rewarded? I'm ignorant, but I like your ambition for this space.

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