Towns Protocol: Is The New Social Communication Protocol Worthy Of Attention?

Key Points:

• The Towns Protocol intends to establish a digital town square where members can design the environment they desire.
• Towns applies the idea of a town square, combining community, NFT and games to provide users with an Ethereum-based smart contract system and end-to-end encrypted chat.
• There is already a growing list of projects participating in Towns looking to move Web3 projects off platforms.

Using decentralization and Web3, Towns protocol intends to establish a digital town square where members may define borders, make laws, and design the environment they desire. Users will become lords of the digital town square.

The NFT community, gaming community, and DAO groups are getting more active as web3 develops. They can utilize Discord, but it is not built for the web3 community. Several plug-ins and bots are required during the usage procedure. Execute numerous governance behaviors. Towns were created with the goal of resolving this issue. Towns is a $25.5 million round headed by a16z. What issue does it address? How does it function? Learn about this topic with Coincu.

Farcaster is a16z’s new breakthrough in the social field

Towns protocol is an online community-focused group chat system and application. It is based on Ethereum and divided into smart contracts, decentralized node networks, and Towns-based apps. Town’s market positioning is remarkably similar to that of Farcaster, a social communication technology in which Multicoin has invested. We may even consider the two as top encryption venture capitalists competing in the same area.

The most notable aspect of Towns protocol is that it takes the concept of a town square and combines it with the community, NFT, and games to give users an Ethereum-based smart contract system and end-to-end encrypted conversation. Towns empowers community members to actually control their town squares while also allowing them to speak freely with others via a completely decentralized, end-to-end encrypted chat system.

Towns give customers the key building elements they need to develop their perfect community. Each Town has ownership on the chain, thus it may be moved, sold, or held by another smart contract (such as DAO or multi-signature).

Create additional clients or APIs while maintaining complete control and modification, allowing any group to utilize the Towns organization and chat freely, as well as establish rules to meet their own requirements.

Furthermore, community owners can design some unique community, NFT, and gaming experiences, such as selling access keys to certain channels, paying members for their contributions, or enabling users to exchange NFTs directly in chat, among other things.

The Towns team argues that throughout the previous decade, Internet users have been like a bunch of “tenants,” and walled gardens held by “landlords have enclosed the gathering digital town squares.”

The most pressing issue confronting most communities today is how to coordinate and collaborate to unleash the aggregate thoughts of each user to achieve sharing. Using decentralization and Web3, Towns protocol intends to establish a digital town square where people can define borders, make regulations, and construct their desired world. Users will become lords of the digital town square and have a genuine sensation of belonging to the online community.

An increasing number of projects have already joined Towns in an effort to transfer Web3 projects away from platforms like Discord and Telegram, including Den, Matrix, Console, and Nansen Connect from analytics firm Nansen’s Dragonchain.

Towns Mechanism

Node & Decentralized Chat Server

Towns’ node is a node package that contains a server, a database, and a node resolver. For ease of deployment, Node packages will be packaged as Docker files.

In a future Towns version, a node operator handbook will be accessible. The Towns backend will first function on the somewhat centralized POW proof-of-work algorithm before transitioning to the Ethereum 2.0 POS proof-of-stake mechanism over time.

Towns smart contracts may be used by developers to create social apps. Towns nodes operate on a decentralized proof-of-stake network, and communications are encrypted and saved as events in a replicated DAG for verification.

Smart contracts for towns are extendable, composable, and upgradeable, and each community may create and implement its own rules to determine who can join, what can participate, and how to participate.

The application code will be stored in the sample-app directory of the GitHub repository in the future. Developers will be able to study the Towns protocol and deploy native components and tools, as well as change the sample apps to match the demands of your community, create their own use cases, and contribute to the protocol’s evolution.

Each Towns node has its own chat server. Chat message communication takes place on a peer-to-peer network, with each node linked to a number of other nodes. One of the benefits of a decentralized chat server is that messages are encrypted and disseminated around the network, which improves privacy and security. It also assures that no centralized control or censorship exists. We believe that all Towns users should be free of monitoring and repression.

Towns Protocol & App

Towns is a composable Ethereum-based smart contract that gives you ownership over your own online territory. Contracts are extendable, composable, and upgradeable, allowing the community to create its own censorship, access, and monetization restrictions. The Towns Network is a decentralized, distributed proof-of-stake network that provides end-to-end encrypted near real-time communication. It is regulated by the Towns smart contract and powered by nodes.

The Towns app implements the protocol’s technical features in an open-source, end-to-end encrypted, enjoyable conversation experience. Using smart contracts, the experience connects user identification and Town ownership to represent access, restriction, privacy, and reputation.

Seamless integration of apps with the Web3 environment enables users to connect with communities in previously unimaginable ways.

Anything from DAO governance to on-chain gaming involvement to NFT trading may be done directly in the Village of the continuing communication community. While this is the first Towns application, it will not be the last, as anybody may create a Towns protocol client to meet their individual needs.

Towns DAO

The Towns DAO, a group devoted to supporting the protocol’s growth and progress, will control and maintain towns. DAOs make critical choices such as voting on key development roadmaps, upgrading technology, and managing cash. The Towns ecosystem’s primary stakeholder groups, including users, node operators, space owners, and core contributors, will be represented by the DAO.

Team, Funds, and Stage of Development

Here Not There Labs, co-founded in 2020 by Rubin, previously CEO and co-founder of Houseparty and Meerkat, and Brian Meek, is Towns protocol’ founding team, former CTO of STRIVR Labs and former GM of Engineering at Skype. Towns closed a $25.5 million Series A funding headed by a16z Crypto, with participation from Benchmark and Framework Ventures on February 23, 2023, and also bought the Towns.com domain name for a modest price of a few hundred thousand US dollars.

Towns protocol have currently launched the Alpha version. Users may access the application from the Towns protocol official website, where they can provide their name, email address, and wallet address to get alpha NFT. After getting the alpha NFT, you may visit the official website to register for Towns Alpha, create your own town, and explore Pioneer Town, Towns’ early adopter community.

Towns protocol intends to launch a larger beta in six months, allowing anybody to utilize the protocol to construct their own community, followed by a mobile web app and a native app in the next months. Towns intends to include compatibility with Apple’s next-generation login password key technology as well.

Although Here Not There Labs is initially responsible for maintaining Towns, as the project progresses towards decentralization, governance and control of Towns will progressively shift to Towns DAO. Members’ voting governance can be carried out per the protocol’s roadmap, technical updates, and DAO’s money management procedures once Towns plans to give authority to DAO.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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