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What is Farcaster? Things to know about the Farcaster project
What is Farcaster?
Today, social networks are becoming a place where people all over the world can connect with each other. However, some platforms perform nefarious acts, such as buying and selling personal information of users. The advent of decentralized social networks has created a potential solution to this problem. By eliminating 3rd party interference, the decentralized social network will provide greater privacy and security to its users.
Farcaster is a decentralized social networking platform that helps solve the problems facing social networks today. The project leverages the benefits of Ethereum's blockchain technology to enable users to manage identities in a secure and scalable manner, as well as to grant decentralized access to all data on the blockchain network . .
Farcaster is designed with 2 layers:
- Layer 1 is responsible for managing and making the user's identity the most secure, as well as preventing data tampering.
- Layer 2 uses a delta graph to reach consensus forming a decentralized storage network.
When joining the Farcaster social network, each user will have an identifier to identify his or her identity. An identifier consists of the following components:
- Farcaster ID's: Also known as fid, represents each person's unique identifier.
- Farcaster Names: This is the name of the user, they can give any name to display on the Farcaster social network.
- An ECDSA key pair: Consisting of 1 public key and 1 private key, this key pair will be used to generate authentic and tamper-proof signatures during message sending.
The Farcaster difference
What makes Farcaster different is that it uses a Delta graph to reach consensus on the state of the network. This is a data structure that helps synchronize the state of a social network between multiple replicas.
Each vertex on the Delta graph is called a Farcaster Hub, similar to a node in the blockchain. Users only need to upload signed messages to Farcaster Hub, Farcaster will take over the task of sharing messages via P2P protocol. At the same time, each Farcaster Hub will store all messages on the network.
Project development team
Merkle Manufactory Company is the founding company of Farcaster, with core members such as:
Dan Romero – Co Founder: Dan Romero became the CEO of Coinbase from 2014. Until 2019, Dan Romero decided to found the company Markle Manufactory with Varun Srinivasan.
Varun Srinivasan – Co Founder: Varun Srinivasan used to hold the position of PM for OneNote – a software developed by Microsoft in 2010. After 3 years of working, he decided to develop SoundFocus – an audio and video platform. photos and media. In 2015, Varun Srinivasan decided to leave SoundFocus to take the position of Chief Technical Officer at Coinbase. After more than 4 years at Coinbase , he decided with Dan Romero to start his own company called Markle Manufactory.
Investors
On June 13, 2022, Farcaster successfully raised $30 million led by A16Z. In addition, there are a number of other investment funds such as Coinbase Ventures , Scalar Capital, etc.
Tokenomics
Currently the Farcaster project is still quite new, so the information about Tokenomics has not been published yet. TraderH4 team will monitor and update after receiving information from the project.
summary
Above is some basic information about the Farcaster project. The project has been helping the Wed3 industry become more and more popular because of the value the project brings to users. On the other hand, today's decentralized social networks are still relatively new and haven't been tested much. However, with the solutions that decentralized social networks bring, Farcaster promises to become a bright star in the future. If readers are interested in the project, more information can be found at social networking sites such as:
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