Why Is Vitalik Buterin So Bullish on This Decentralized Social Media Network

Vitalik Buterin, co-founder of Ethereum, expresses optimism about the decentralized social network Farcaster, highlighting its potential to avoid being a short-lived phenomenon, unlike many other crypto projects that rapidly emerge and disappear daily.

He asserts that his perspective on blockchain gaming aligns with the crypto social industry.

Vitalik Buterin Optimistic For Farcaster

In a post on X (formerly Twitter), Buterin declares his optimism that Farcaster will endure beyond a fad and remain relevant for more than twelve months.

Described as a fully decentralized social network by Alchemy, Farcaster operates on an open protocol supporting multiple clients, resembling mailboxes.

This setup allows users to seamlessly migrate social identities between applications, while developers enjoy the freedom to build applications with new features on the network.

Buterin forecasts that both social platforms Farcaster and Lens will continue to be active twelve months from now:

“Registering a prediction: farcaster and lens will NOT be deserted in 4 months, or 1 yr.”

Furthermore, Buterin says that he has similar beliefs about blockchain gaming as he does for crypto social networks.

He alludes that the selling point cannot just be privacy and anonymous, it must also have the fundamental features that make social media networks an enjoyable experience for users.

“Bad gamefi is using financial speculation as a substitute for fun. Blockchain games need to be fun as games” – approx quote I’ve said many times.”

As decentralized social media networks gain more promotion and potential adoption, there is a potential for a division in the audience of centralized platforms like Facebook and TikTok, as users may opt for the emerging trend.

Statista predicts that the global number of social media users will reach 5.85 billion by 2027.

Number of Social Media Users Worldwide from 2017 to 2027. Source: Statista
Number of Social Media Users Worldwide from 2017 to 2027. Source: Statista

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Decentralized Social Media Applications Gain Attention

As people grow increasingly skeptical of centralized major social networks like Facebook, decentralized social media applications are gaining popularity as an alternative.

These apps offer users the opportunity to explore platforms without concerns about the extensive access to data and private information that centralized networks often possess upon signup.

In October 2023, Cardano Spot launched Cardano’s first-ever social media application

Read more: How to Buy Ethereum (ETH) and Everything You Need to Know

In August 2023, Friend.tech garnered attention within the crypto industry, but its initial hype quickly faded, leading to a rapid decline in activity and once-lucrative fees.

Top crypto platforms in the US | February 2024

The post Why Is Vitalik Buterin So Bullish on This Decentralized Social Media Network appeared first on BeInCrypto.

Leave a Reply

Your email address will not be published. Required fields are marked *