Diana Gromara
@idasverterris
156 Following
121 Followers
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“Actions are performed onchain only when security and consistency are critical. Use of onchain actions is kept at a minimum to reduce costs and improve performance,” Farcaster’s website says. Storing user identities onchain offers another way to verify that people are who they say they are, since their profile will be connected to the other activities they do with that wallet. Of course, it’s possible for the same person to create multiple wallets, so this isn’t foolproof — but if someone’s wallet is relatively blank, then any sketchy behavior will be met with more skepticism.
On the social front, one key feature for Farcaster is its individual channels for specific topics. So, if you want to liveblog the NBA finals, you can do that in a specific channel with other basketball fans, rather than clogging up your other followers’ feeds (X also supports a Communities feature, which it’s been pushing more heavily to users recently). 0 reply
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Farcaster, a blockchain-based social protocol founded by two Coinbase alumni, announced on Tuesday that it closed a $150 million fundraise. Led by Paradigm, the platform also raised money from a16z crypto, Haun Ventures, USV, Variant, Standard Crypto and others, according to a blog post by founder Dan Romero.
Farcaster, the social protocol, invites developers to build other apps on top of it; the most popular app is the social network Warpcast, which is similar to Twitter. What does it mean to build a social experience on Ethereum? Farcaster is taking a hybrid approach, storing user identities onchain, while data like public posts, follows, reactions and more are stored offchain. Users have to “pay rent” to Farcaster to store their data — as of now, that’s about $7 worth of ETH for 5,000 posts. If a user doesn’t want to pay, then their older casts (that’s what they call posts) will be deleted as they make new casts.
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