BTC111: NOSTR – DECENTRALIZED SOCIAL MEDIA & BITCOIN

W/ WILLIAM CASARIN

January 03, 2023

Preston Pysh interviews William Casarin about a new decentralized social media platform called Nostr which could bring free speech and anti-censorship to the internet via a Twitter-like experience.

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IN THIS EPISODE, YOU’LL LEARN

  • So what is Nostr?
  • It seems like the protocol is optimized around simplicity, is that it?
  • How do you remove centralized servers with something like this?
  • Can traditional social media companies benefit from using Nostr?
  • What would someone’s incentive be to run their own relay?
  • What are all these clients interfacing with the protocol?
  • What does this look like 5 years from now?
  • What concerns do you have about open speech on sexual, racial, or explicit things?
  • How does this all tie into Bitcoin?
  • What other application might pop out of this?

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Preston Pysh: Hey everyone. Welcome to this Wednesday’s release of the Bitcoin Fundamentals Podcast. On today’s show, I have a person taking the world by storm, and that’s Mr. William Casarin. For many years we’ve heard the promise of a decentralized social media platform, but up until recently, there really hasn’t been a project that has showed much promise.

[00:00:16] Preston Pysh: Well, in the past year, there’s a new protocol called Nostr that is being developed that lays the foundation for sharing encrypted messaging traffic across decentralized relay. This protocol, which doesn’t require or have any native token crypto tokens that’s linked to the protocol is demonstrating an explosive growth rate in new users.

[00:00:36] Preston Pysh: What’s the advantage for something like this? You might ask, well, in traditional social media that we’re accustomed to, you can be canceled or have your account deleted for having thoughts or opinions that differ from that of the centralized gate. Like you see in today’s social media, our guest, William Casarin, is currently building an application that interfaces with the Nostr protocol called Damus.

[00:00:58] Preston Pysh: On today’s show, I talked to him about this new and exciting space and how the Bitcoin Lightning Network is offering an immediate and friction free way for people to provide tips and financial incentives for people using the free and open, decentralized social media network. I think you guys are going to love this one.

[00:01:14] Preston Pysh: So sit tight and here’s my chat with William.

[00:01:20] Intro: You are listening to Bitcoin Fundamentals by The Investor’s Podcast Network. Now for your host, Preston Pysh.

[00:01:39] Preston Pysh: Hey everyone, welcome to the show. I’m here with William. William, I am thrilled to have you here. I really, I’m really excited about this conversation.

[00:01:47] William Casarin: Yeah, it’s great to be here. It’s the first time I’ve . I haven’t watched too many podcasts, but yeah, I’m excited to be on and chat about Nostr.

[00:01:54] William Casarin: So this

[00:01:54] Preston Pysh: topic is incredible and I think we just need to start for everybody in our audience.

[00:01:59] Preston Pysh: I would, I would imagine most are not familiar with what we’re talking about. Give them a, just a basic overview of what Nostr is.

[00:02:07] William Casarin: So Nostr is an idea that started from someone named Fiatjaf. He was a a Bitcoiner. He is a Bitcoiner in the Bitcoin community and he was just trying to come up with a way to build a, a social network like Twitter, but make it decentralized so that it’s not in control of a single party.

[00:02:22] William Casarin: Cause we were starting to see the issues crop up around that recently. So he just came together with like the simple, it was just like a markdown document. Like, Hey, how could we do this? And that’s where it started. And I saw this technology a while back and I’m just, Hey, let’s try to build a client and then started building on it.

[00:02:35] William Casarin: And I’ve just been like blown away at how how impressive it is and how simple it is.

[00:02:38] Preston Pysh: So, so for people that are hearing that, they, I think the use case is really obvious. Decentralized social media, you. Both parties, political parties, trying to gain control. I think you see a lot of large banks trying to control the boards of like Facebook and Twitter and trying to control the messaging.

[00:02:58] Preston Pysh: That’s really what you’re after, right? But doing it in practice is the difficult part. Talk to us a little bit about why that’s so hard to solve from just a technical standpoint, from a broad brush over.

[00:03:11] William Casarin: So when you’re trying to build a network that like everyone in the world can connect to and communicate with each other, you naturally have centralizing effects just because to, to even pull that off, you need to some beefy servers and those people are run, those servers are run by someone.

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