Row 41125

Row ID: 41125 | Dataset Entry | Axioma AXP Content Repository

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Farcaster is NOT actually decentralized. That's the biggest problem with Farcaster. Now they have all this money and it's built on top of a huge lie. The smart contracts have admin permissions. That is they are all owned by an admin account that has godlike powers. You can look up their contracts on their github. They use the oppen zeppelen "ownable" library to have these admin privileges. What do the privileges let them do? They let them change the contracts and decide who is allowed to make new accounts on the network (and even what apps are allowed to use the network).

Yes they may \_exist\_ on a decentralized infrastructure (not even getting into how not-decentralized BASE is) but everything leads back to a single point of control.

The worst part about all of this is that since they are misleading the public it's all going to come crashing down as a talking point for critics when they find out about these huge glaring holes. It's the same as when people realized royalties were not built into NFTs or that most of the data was saved elsewhere. That became the entire argument of the critics.

The ironic part about all of this is that no one even NEEDED farcaster to create a social network out of blockchain. It already exists! They are essentially adding friction to a decentralized identity network that doesn't need another decentralized identity network! People already post lots of data to blockchains. All it would take is for someone to collate that data into a feed. You don't need to put feeds or friends into a smart contract.

Farcaster is essentially leading desoc down the wrong path. Lens might be a little bit better, but the fact they they are invite-only displays a level of control that should not be tolerated for any network calling itself decentralized. At the very least they cannot call themselves permissionless, which in my opinion is the whole point of all of this in the firstplace.

How could they fix it? Make a permissionless set of unalterable smart contracts that anyone can use. Why don't they want to do this? Because if they don't act as gate keeper they can't make any money from it.

Farcaster is a wolf in sheeps clothing and not where we want to be for DeSoc.

FieldValue
text Farcaster is NOT actually decentralized. That's the biggest problem with Farcaster. Now they have all this money and it's built on top of a huge lie. The smart contracts have admin permissions. That is they are all owned by an admin account that has godlike powers. You can look up their contracts on their github. They use the oppen zeppelen "ownable" library to have these admin privileges. What do the privileges let them do? They let them change the contracts and decide who is allowed to make ne…
label r/cryptocurrency
dataType comment
communityName r/CryptoCurrency
datetime 2024-05-22
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Raw Record

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  "text": "Farcaster is NOT actually decentralized. That's the biggest problem with Farcaster. Now they have all this money and it's built on top of a huge lie. The smart contracts have admin permissions. That is they are all owned by an admin account that has godlike powers. You can look up their contracts on their github. They use the oppen zeppelen \"ownable\" library to have these admin privileges. What do the privileges let them do? They let them change the contracts and decide who is allowed to make new accounts on the network (and even what apps are allowed to use the network).\n\nYes they may \\_exist\\_ on a decentralized infrastructure (not even getting into how not-decentralized BASE is) but everything leads back to a single point of control.\n\nThe worst part about all of this is that since they are misleading the public it's all going to come crashing down as a talking point for critics when they find out about these huge glaring holes. It's the same as when people realized royalties were not built into NFTs or that most of the data was saved elsewhere. That became the entire argument of the critics.\n\nThe ironic part about all of this is that no one even NEEDED farcaster to create a social network out of blockchain. It already exists! They are essentially adding friction to a decentralized identity network that doesn't need another decentralized identity network! People already post lots of data to blockchains. All it would take is for someone to collate that data into a feed. You don't need to put feeds or friends into a smart contract.\n\nFarcaster is essentially leading desoc down the wrong path. Lens might be a little bit better, but the fact they they are invite-only displays a level of control that should not be tolerated for any network calling itself decentralized. At the very least they cannot call themselves permissionless, which in my opinion is the whole point of all of this in the firstplace.\n\nHow could they fix it? Make a permissionless set of unalterable smart contracts that anyone can use. Why don't they want to do this? Because if they don't act as gate keeper they can't make any money from it.\n\nFarcaster is a wolf in sheeps clothing and not where we want to be for DeSoc.",
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  "datetime": "2024-05-22",
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