Network School Acquires Decentralized Social Platform Farcaster
Decentralized social network Farcaster has been acquired by Balaji Srinivasan's Network School from infrastructure provider Neynar. The deal marks the platform's second change in ownership this year, following Neynar's acquisition from original creator Merkle Manufactory in January. Financial terms were not disclosed. Key employees from Neynar will transition to Network School to continue platform development, while co-founders Rish and Manan will step down.
Under its new ownership, Farcaster is transitioning into the Network State Protocol and implementing a social smart contract for its user base. Members must agree to platform rules to retain full posting abilities, earning an onchain access NFT upon agreement. Violations, categorized as digital felonies, include harassment, scams, hate speech, and unlabelled AI content. Users who decline the contract will be restricted to read-only access, with their followers, funds, keys, and history transferred to alternative clients.
The platform plans to introduce human verification features to combat automated bot activity. Meanwhile, former parent company Neynar is evaluating options to separate and sell token launchpad Clanker. Investors and network participants will monitor how the governance changes and new content restrictions affect user retention and developer participation across the ecosystem.
Key points
- Balaji Srinivasan's Network School acquired decentralized social platform Farcaster from Neynar.
- Users must agree to a social smart contract and claim an onchain NFT to maintain full posting privileges.
- Users who decline the new rules will receive read-only access and have their data moved to alternative clients.
- Platform updates include mandatory human verification to reduce bot traffic and strict guidelines against scams and unlabelled AI content.
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How we writeDisclaimerQuestions and answers
Who acquired the Farcaster social network?
Balaji Srinivasan's Network School acquired Farcaster from Neynar.
What happens if a Farcaster user declines the new social smart contract?
Users who decline the contract will have read-only access on the main app, and their cryptographic keys, funds, followers, and post history will be transferred to another client.
What are the new rules and moderation standards on Farcaster?
Farcaster is adopting a social smart contract that requires users to agree to community guidelines. Prohibited conduct includes hate speech, death threats, scams, repeated conflicts, stalking, and posting unlabelled AI-generated content.