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In February 2024, the blockchain-based social network Farcaster reached 180,000 users. While this number pales in comparison to platforms like X (formerly Twitter) or Instagram, Farcaster represents a new model of social media built on decentralized principles. It provides an open architecture, allowing anyone to join, create apps, and publish content without the risk of shadow bans.
In the future, the project aims to establish a fully decentralized economy, where content creators receive fair compensation without the exploitative fees imposed by traditional social media platforms.

Sounds promising—but also a bit too good to be true, right?
However, Farcaster is just one example of the future internet, now widely known as Web3. This next-generation online ecosystem promises decentralization, transparency, and equitable revenue distribution, standing in stark contrast to today’s Web2 giants like Meta, which take the lion’s share of ad revenue while giving content creators mere crumbs.

In this lesson, we’ll discuss Web3, how we got here, and what blockchain and cryptocurrency have to do with this new internet era.