Decentralized social community protocol startup Farcaster mentioned in the present day it has raised $150 million in new funding on a $1 billion valuation to additional develop its person base and add new in-protocol options similar to channels and direct messaging.
Based in 2021, Farcaster presents a decentralized social community protocol that enables builders to construct interoperable functions the place customers personal their id and information. The thought behind Farcaster is to offer an open platform the place a number of social functions can coexist and customers are usually not locked right into a single platform, such is the case with providers similar to Fb and X.
The important thing options of what Farcaster has constructed embody full person management and possession. Customers have full management over their identities and information, permitting them to modify between totally different functions and providers with out dropping their social content material graph.
Interoperability is core to the service, with Farcaster permitting totally different functions to work together with one another seamlessly. The thought right here is that permitting totally different apps to work together helps promote a extra open and related social net.
Decentralization is the opposite key characteristic. Forecaster leverages blockchain know-how to scale back the reliance on centralized platforms, thereby enhancing privateness and safety for customers.
Below the hood, Farcaster runs on “Optimism” blockchain infrastructure to make sure transparency, safety and decentralization. By not counting on central servers, the service offered by Farcaster is claimed to reduce the danger of knowledge breaches and censorship.
Farcaster additionally makes use of sensible contracts — self-executing contracts written into the code — to manipulate interactions inside the community, from posting content material to social engagements. As famous by Decrpyt, this not solely automates sure processes but additionally introduces a layer of programmability and customization to social networking.
Whereas removed from a family title, Farcaster says it has seen robust progress, with 350,000 paid signups since October and a 50-fold improve in community exercise. “There are lots of of builders constructing on the protocol and a rising variety of apps and frames for individuals to make use of,” mentioned co-founder Dan Romero.
Paradigm Operations LP led the spherical, with a16z crypto, Haun Ventures LLC, Union Sq. Ventures LLC, Variant Fund LP and Commonplace Crypto Holdings Ltd. additionally taking part. Together with the brand new funding, Farcaster has raised $180 million up to now, based mostly on information from Tracxn.
Picture: Farcaster
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