Home
News
Farcaster is a new player in the space where social media platforms seek merger with blockchain technology.
Leading crypto exchange firm in the United States in the news, but not for something that it has done. It is because a former Coinbase executive is seeking to launch an all new decentralized project.
Dan Romero – former Vice President Coinbase, made an announcement through his website that a social network building protocol dubbed as Farcaster, has recently secured its funding. The fundraise of Farcaster was joined by a number of venture capitalists in the space. This funding round was led by a crypto subsidiary of prominent venture capitalist firm Andressen Horowitz – a16 Crypto.
Documents of the social media platform startup states that anyone can publish messages on this decentralized network. Users can also connect it with their Ethereum wallet addresses. The platform also has features that enable features for verifying any ETH address’ ownership. One such feature is permission to represent their own non-fungible tokens by different means such as using them to display on profile picture, etc.
Official website of Farcaster says that it’s a social network, decentralized enough. The protocol will be open to clients where they can use it like they use email. Moreover, users on the platform will be free to move their social identity across the applications. Also developers will be able to build further applications while using new features of the social media network.
Farcaster website also noted that it is a social network with skin-in-the-game features. On the social media platform, it’s not only confined to what a user can say but it gives wider abilities of what can be proven on-chain.
This move of a former Coinbase executive, creating a decentralized social media platform is just an instance. This concept has gradually attracted the attention of many industry giants. Many of them have started the merging process of blockchain technology and social media.
For instance, Chamath Palihapitiya – well known billionaire investor and CEO of Social Capital – has backed the blockchain project designed to create social media platforms dubbed as Decentralized Social (DeSo). Palihapitiya said the move of backing Deso as part of his move towards hedge against inflation investments.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
