Mike | Abundance 🌟 on Farcaster

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https://warpcast.com/~/channel/impact

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Mike | Abundance 🌟 pfp

Mike | Abundance 🌟

my view is that the Merkle team got a $1B valuation, and to justify it it's looking for steams of revenue for the protocol (all good so far) it's building (and creating a platform for) lots of cool stuff like wallet integration, miniapps, etc. (also great) the problem is that their view of Farcaster seems to be that of a social media platform with add-ons & onchain integration Moreover, Merkle is focused on essentially rebuilding the same business models that power web2 social media (the Attention Economy) on top of an open social graph, instead of experimenting with web3 native models I believe these significantly limit FC's TAM I prefer an ecosystem view, where the protocol is a trustless & decentralize social layer that can effectively replace the model of centralized platforms (Amazon, Uber, Spotify, X, Youtube, etc.) Web2 depends on user engagement, and for that you need centralization. Relying on a centralized client on a "decentralized" protocol for revenue undermines FC's growth & success

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Thanks for putting it into words. “Mini app platform” is a departure from “decentralised social network”. It’s fine but I joined (and am still looking) for the former It’s funny to read the first couple of paragraphs of the Sufficient Decentralization blog post and compare it to the current direction of farcaster. There is a series of decisions that lead us here - mostly justified by demand from users/devs to grow the network. I suppose the idea is to pivot back to the original vision later on - not sure it works that way.

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