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What is Farcaster, the crypto-centric social network that just raised $150 million ?

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Like the protocols used by Mastodon or Bluesky, Farcaster is a decentralized platform. But to stand out, it combines this notion of decentralization with the world of cryptocurrencies, since certain functionalities depend on the Ethereum blockchain. As the Fascaster documentation explains, actions that require more security and consistency are performed on-chain. But the use of blockchain is kept to a minimum in order to reduce costs and improve network performance.

On this hybrid architecture, the creation of accounts, for example, is done on the blockchain, and requires a wallet as well as an Ethereum address. On the other hand, public messages, or even reactions, are made outside the blockchain. Otherwise, the social network has a rather particular economic model, since it asks its users to pay a “rent” equivalent to 7 dollars in Ethereum, for data storage (rent for 5,000 publications).

Huge $150 million fundraising

Farcaster allows developers to create apps using on its protocol and also offers a client called Warpcast. The latter offers a social network quite similar to X (the former Twitter), but which also includes a feature called Frames: this allows developers to integrate apps into publications.< /p>

In any case, the idea is attractive in the crypto community. And recently, Farcaster creator Dan Romero announced a $150 million fundraising round led by Paradigm, which also includes a16z crypto, Haun, USV, Variant and Standard Crypto. This investment is quite impressive. However, in an article, the TechCrunch site points out that most investors are specialized in cryptocurrencies.

“This will support our work on Farcaster for many years to come”, we read in the announcement from the creator of this protocol. According to him, since the network became “permissionless” in October, it has seen the arrival of 350,000 paying users. Among Farcaster users, there is Vitalik Buterin, the creator of Ethereum.

  • Farcaster is a social network decentralized like Bluesky or Mastodon, but which also uses the Ethereum blockchain
  • Recently, it raised 150 million dollars
  • < li>Farcaster has already registered 350,000 paying users, and Vitalik Buterin, the creator of Ethereum, is one of those users

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Teilor Stone

By Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116