PANews October 16 news, according to The Block, Balaji Srinivasan's Network School has acquired decentralized social network Farcaster from Neynar. This is Farcaster's second change of ownership this year; Neynar took over the platform from Farcaster's original developer Merkle Manufactory in January this year. The transfer covers the Farcaster app, protocol codebase, and related products. Most of Neynar's team members will join Network School, while co-founders Rish and Manan will leave. The follow-up arrangements for token issuance platform Clanker are not yet clear.
PANews October 16 news, according to The Block, Balaji Srinivasan's Network School has acquired decentralized social network Farcaster from Neynar. This is Farcaster's second change of ownership this year; Neynar took over the platform from Farcaster's original developer Merkle Manufactory in January this year. The transfer covers the Farcaster app, protocol codebase, and related products. Most of Neynar's team members will join Network School, while co-founders Rish and Manan will leave. The follow-up arrangements for token issuance platform Clanker are not yet clear.
An in-app announcement stated that Farcaster will transform into a "network state protocol," with the goal of "building a digital social network that users voluntarily join and ultimately mapping it to the real world." Users will receive access NFTs after accepting the new "social smart contract"; those who refuse will only be able to browse in the main app. In addition, the platform also requires users to undergo "proof of personhood" verification, aimed at reducing bot account activity.