In a bold experiment, Dan Finlay, co-founder of MetaMask, minted two tokens: “Consent” using Ethereum’s Clanker bot and “I Don’t Consent” using Solana’s Pump.fun platform. By launching these tokens on different Blockchains, Finlay sought to test the limits of consent in the Web3 ecosystem.
In fact, the results, according to Finlay himself, were “deeply unpleasant,” revealing an alarming disconnect between user expectations and the realities of the memecoin market. This experiment became a case study in the need to establish clear standards of consent in an increasingly complex and volatile digital space.
Now, the conclusions that Finlay reached after his experiment transcend the scope of Web3. Their discoveries reveal a much more general problem: the growing gap between the public perception of a product or service and the real expectations of users.
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Regarding this fact, Finlay said: “This is not a call for ethics, but for making better products. Your app doesn’t have to become a toxic waste dump. Your community doesn’t have to be filled with people making personal threats. Your shares do not have to be diluted by anonymous whales.
Indeed, Dan Finlay said: “Last night I created an experiment in Farcaster that went beyond what was planned. What began as a platform investigation revealed truths about incentives, limits, consent and human impact on the Web3.
Last night I created an experiment on Farcaster that went further than intended. What started as platform research revealed truths about incentives, boundaries, consent, and human impact in web3. Some lessons and thoughts on building better systems: https://t.co/KtC8yzJxyD
— Dan FinIay (@danfinlay) November 28, 2024
By the way, the experiment revealed several problems within the memecoin ecosystem. Due to the lack of clear positioning and purpose for the tokens, investors attempted to assign greater meaning to them, with some even demanding a long-term development plan from Finlay.
Evaluating the experiment and its results, Dan Finlay wrote: “The only act of consent that seems unequivocal in this memecoin environment is that buyers definitively consent to put their money into something. But without that thing being well defined, what kind of consent is that, anyway?
A parallel with AI and a call to action
Finlay compared this phenomenon to the problem of consent for data use in the field of Artificial Intelligence, specifically mentioning Bluesky’s practice of using publications for AI training without explicit user consent. And called for the establishment of a more robust trust mechanism and user consent framework in the Web3 ecosystem.
In turn, Finlay stated that the memecoin ecosystem urgently needs better tools and incentive mechanisms. He suggested creating new systems that allow token issuers to have precise control over their tokens, including restricting trading within specific communities and providing structured sales methods.
The paradox of consent
Now, this experience led Dan Finlay to a paradox: “If I want to create a token about consent, I need to carefully consider who can own it. But in the current system, I cannot control who can buy these tokens.”
Worse still, according to Finlay, token holders may have no idea what they have in their hands. They may not have even read the token description. If so, how can we ensure true informed consent?
“There should be better ways to build and maintain communities, rather than focusing solely on price gouging. “None of these solutions are perfect, but they may be steps in the right direction.”
Dan Finlay
In closing, Dan Finlay said: “In the end, I found the experience deeply unpleasant in predictable ways, but at least I had first-hand exposure to the current scene. I hope that by sharing these experiences and thoughts I can foster a meaningful dialogue about how to make this space better, more responsible, and more meaningful.”
I say goodbye with this phrase from Jean-Jacques Rousseau: “Freedom does not consist in doing what you want, but in being responsible for what you do.”
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