ETH has surpassed 4200, the power of Ethereum has made Wall Street collapse! Financial assets have gradually become decentralized, while social assets currently have a high degree of centralization. Do you still remember the bloody scene a while ago when many big V's were banned? For those who truly want to operate communities in the long term, centralized platforms lack sufficient security. Recently, @ TownsProtocol towns, which has been launched on Binance, wants to change everything. Can they really do it? Let me take you on a closer look ⭐ Mission This is an open-source, decentralized real-time messaging protocol that aims to enable everyone to freely, securely, and permissionless create and manage their own digital communities, and directly benefit from them. ⭐ Bottom layer architecture L2 (Towns Chain) compatible with EVM - specifically designed for social scenarios, achieving message speed comparable to centralized applications. Decentralized Stream Nodes - responsible for real-time message transmission and end-to-end encryption to ensure that no one can eavesdrop on chat content. Smart contracts deployed on Base - used to forge and manage each chat space, control access permissions, pricing, rules, etc. ⭐ Core functions one ️⃣ Comparable to centralized speed: Based on dedicated social chain optimization, message delivery can simultaneously reach thousands of users. two ️⃣ Fully Ownable Community: Space is minted on the chain, and you have permanent control over it. three ️⃣ Programmable gameplay: Supports access to any EVM compatible contract, with unlimited functionality expansion. four ️⃣ Built in payment mechanism: The on chain membership system directly allows creators to earn income without the need for advertising or intermediaries. five ️⃣ On chain social graph: User relationships and community data can be publicly verified. six ️⃣ Scalable reputation system: Based on peer evaluation, it forms a traceable reputation record on the chain. seven ️⃣ End to end encrypted communication: Ensuring privacy and security from a technical perspective, preventing censorship and eavesdropping. ⭐ Your Town community=on chain asset In Towns, each Space is an independent asset on the chain, and you are the sole owner who can freely set rules: -Who can read and who can write -Is there a fee for entry -Do I need to hold an NFT to participate -Is it allowed for members to rate each other and form a reputation system that can be verified on the chain You can directly monetize by selling on chain members, and users can only send and receive messages if they hold valid member tokens. All member transactions, tips, and transactions between users will incur protocol fees denominated in ETH. The Towns protocol will use the collected ETH for token repurchase and destruction, thereby offsetting the inflation of node rewards. As of July 26th, Towns has earned 9117 ETH in revenue, including 901 ETH in transaction fees. Repurchase not only ensures the stability of the token economy, but also provides long-term incentives for node operators to achieve sustainable development of the economic system. ⭐ Financing Background We have raised $46.3 million through three rounds of private placement and one round of public offering, and sold 16.36% of the total supply of tokens. Participants include a16z、Framework Ventures、Credibly Neutral、Benchmark、Coinbase Ventures、echo 。 At present, about 20.826% of the tokens are in circulation, which is the 30th BNB HODLer airdrop project. ⭐ Challenges and Prospects The Web3 world has always lacked a truly decentralized, programmable, and sustainable social protocol. Towns not only provide a free communication environment against censorship, but also offer an economic model for creators and community managers to directly monetize. The main challenge faced by Towns is the network effect of existing web2 platforms, which depends on whether the improvement in product experience for web3 users by Towns exceeds the migration cost for users. In the future where data sovereignty, digital identity, and decentralized economy gradually become mainstream, whether Towns will become the cornerstone of the next generation of social networks remains to be seen.