The Farcaster ecosystem is having a dreamlike start with the help of third parties such as Base, Coinbase Ventures, Polychain Capital, A16Z, Paradigm,… So what is interesting about the Farcaster ecosystem and what are the benefits? Let’s find out any potential projects with us in the article below.
To better understand the Farcaster ecosystem, people can refer to some of the articles below:
- What is SocialFi? TOP 5 Most Outstanding SocialFi Projects Currently
- What is Social Graph? An Indispensable Piece of SocialFi Platforms
- What is Farcaster? Farcaster Cryptocurrency Overview
- SocialFi Three Horse Race Between Lens Protocol, CyberConnect And Farcaster
- Farcaster – What’s Special About the SocialFi Project Launched by Vitalik Shill?
Farcaster Overview
Farcaster is a Social Graph platform similar to other platforms such as Lens Protocol or CyberConnect. Farcaster also introduced to the community the .id offline domain name set to help projects easily build DApps and Protocols on Farcaster’s platform. Farcaster himself has also successfully called for $30M from many large investment funds such as A16Z, Coinbase Ventures, Scalar Capital,…
In addition, Farcaster has some outstanding features such as:
- Farcaster’s development team includes Dan Romero and Varun Srinivasan who worked as CEO and CTO at Coinbase – one of the prestigious Crypto exchanges in the world and was listed on the Nasdaq exchange.
- Farcaster allows offline domains similar to regular Twitter and Telegram handles and supports on-chain domains such as Ethereum Name Service.
- Farcaster allows users to log in to the protocol through Web2 accounts such as Google, Phone number,…
- Farcaster’s ecosystem is relatively diverse and there are projects that have successfully called for capital. Initial projects have an extremely smooth experience for users.
Farcaster is having a dream start when receiving strong support from Coinbase Ventures and the Layer 2 Base platform. And now let’s learn about potential projects on the Farcaster ecosystem in the next section.
Summary of Potential Projects on the Farcaster Ecosystem
Warpcast – The first Social Web3 platform on Farcaster Ecosystem
Warpcast is a decentralized social networking platform that has many similarities to Twitter before changing ownership but also has many differences, first built and developed on the Farcaster ecosystem. Warpcast was developed by Farcaster’s own team, including two key figures, Dan Romero and Varun Srinivasan.
Some of the interesting and different points of the Warpcast platform include:
- Warpcast greatly improves user experience such as not worrying about losing private keys, no need to sign transactions for each activity on the platform,…
- Users have the ability to manage their data, choose their level of anonymity, and determine who can access their content.
- Based on Blockchain technology, Warpcast brings users many optimal points such as decentralization, securely stored data,…
Currently, Warpcast has officially been expanded for everyone to participate by downloading the App on CH Play and Appstore platforms.
Up to the time of writing (October 30, 2023), although the number of regular users on Warpcast each week is nearly 5K people and more than 8K people each month. Besides, the total number of users participating in Warpcast is 192K users with a total of more than 1.4M interactions taking place on Warpcast. However, recently the number of users has become less active.
Paragraph – Web3 Substack on the Farcaster ecosystem
If you are in Web2 and you are definitely someone interested in the Crypto market, you must know the Substack platform. Substack is a social networking platform that helps developers distribute content to their subscribers. All users will pay money (membership fee) to be able to read content creators’ content, and content creators also have free content to attract new users, as well as demonstrate their ability. force.
Paragraph is considered a Substack platform but the version is completely decentralized. Paragraph’s ambition is to build a platform that helps creators make money in a transparent and fair way. Paragraph uses Arweave as its permanent data storage platform for its content creators.
Some other outstanding information about Paragraph includes:
- The project’s founder, Colin Armstrong, has spent a long time holding high positions at Google such as Technical Director and Senior Software Engineer. Besides, Colin Armstrong also had a short time working at Coinbase.
- At the Pre Seed round, Paragraph successfully called for $1.6M with the participation of FTX Ventures, Binance Labs, Blobal Coin Research,… Besides, Paragraph was invested by Base Ecosystem Fund led by Coinbase Ventures.
Unlonely – Decentralized Livestream platform on Farcaster
Unlonely is a live streaming platform, also known as decentralized Livestream, built and developed on Base’s ecosystem. Unlonely’s ambition will be to become Twitch – the largest Livestream platform on Web2 today, in the near future.
An interesting point is that Unlonely allows content creators to create Creator Tokens that represent themselves on this platform. Creator Token is an ERC 20 with a default total supply of 1,000,000 tokens and a price of $1 per token. The token price will be calculated based on the content creator’s performance such as live broadcast time, number of viewers, average viewing time, etc. All revenue from Creator Token sales will be Direct access to content creators.
Content creator tokens are used with a number of use cases as follows:
- Users can use Creator Token to donate to content creators themselves.
- Participate in betting during the content creator’s livestream. The amount the winner receives will be deducted 10%, of which 5% goes to the platform and 5% goes to the Creator.
- Creator Token holders allow it to demand action from content creators on its demands.
- Holding the Creator Token allows users to have a badge on the content creator’s chat box.
However, to issue tokens on the Unlonely platform, certain requirements must be met such as owning a channel on the platform, streaming for at least 10 hours within 1 – 2 weeks and having at least 25 viewers at the same time. point.
Currently, Unlonely is being strongly introduced by Base itself.
Some other potential projects on the Farcaster ecosystem
Besides projects such as Unlonely, Paragraph and Warpcast, there are a number of potential projects on the Farcaster ecosystem such as:
- Frens: A decentralized messaging platform is introduced to replace current centralized messaging platforms that are full of actions of stealing user information, eavesdropping on information,…
- Ponder: A Sociall Survey (survey) platform built and developed on the Farcaster ecosystem.
Summary
The Farcaster ecosystem is off to a dream start with projects that already have products and first users. Hopefully through this article, everyone will have more perspective on the Farcaster ecosystem.
