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

2 mins
Updated by Kyle Baird
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In Brief

  • Vitalik Buterin, Ethereum co-founder, optimistic about enduring success of decentralized social network Farcaster.
  • Buterin aligns blockchain gaming perspective with crypto social industry, highlighting their similarities.
  • Decentralized social media apps gain traction as privacy concerns rise, providing alternative to centralized networks like Facebook.
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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.”

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

Furthermore, Buterin says his beliefs about blockchain gaming are similar to those about crypto social networks.

He alludes that the selling points cannot just be privacy and anonymity. 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

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.

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

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

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

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Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.