Farcaster reshapes SocialFi under the encryption night night

Author: Chen Mo CMDEFI, Source: Twitter @cmdefi

Core point: Farcaster is a decentralized social media agreement that provides developers, creators and ordinary users with an open and combined social layer.

The user level focuses on privacy protection and independent control. The agreement level focuses on open source and does not require licenses. The product level advocates the interaction of “small programs” level. Through Frames, it directly access diversified services and applications in social media posts.

Decentralization architecture: It does not rely on the central server and runs on the blockchain.
User control: Users can fully control their data and social maps. Even if the application is limited, the user still has identity.
Open source and no license: Anyone can access FarCaster’s API or applications to build new applications.
Combination: Provide platform -level social layers, combined applications and support the use of unified social identity access.
Hybrid architecture: Combined with the upper and lower chain systems, the efficiency and response speed of the system is improved.
Frames function: allow users to embed small applications in the post to enhance interaction and user experience.

Research report

1. Plan analysis

There are currently two main directions of SocialFi:

Financial -Friend Tech
Original Reconstruction -FarCaster

Farcaster is essentially the transformation of the original layer, and it is closer to the concept of “layer”. Therefore, it is also possible to build financially melting services based on “layer” and can derive more and more widely used application scenarios.

Farcaster is realized through the mixed architecture on the chain+under the chain, key information such as user identity and keys is processed on the chain, and the content of content storage verification and communication is processed under the chain.For example, Alice can create a message “Hello Bob” and sign her with her key.The message is stored on a server node called “Hub”. Each HUB stores a copy of the entire network. These HUBs form a new social consensus layer. Users can post a message to a HUB.To the entire network.

1. The upper part of the chain

Farcaster’s chain elements mainly include smart contracts. These contracts run on Layer 2 (Optimism) in Ethereum. These contracts handle some core functions, including:

ID registration: generate a key pair associated with its Ethereum address for new users to ensure the uniqueness and security of identity.
Storage registration: Manage the distribution of user data storage space and annual fees to ensure the reliable storage of data.
Key registration: Manage the user’s public key and private key, allows users to authorize and revoke the control of accounts, thereby conducting security message signatures and authentication.

Regarding storage registration, it is equivalent to a concept of buying space to post. The Farcaster account must pay the rent to keep the message on the FarCaster network.The purpose of collecting rent is to prevent users from sending spam on the Internet.In other words, the threshold of using Farcaster is to pay $ 5-7 each year. In the early days, it may be a settings that are not very friendly to ordinary users, but this is also a way to maintain efficiency and performance during the period when the network is not strong enough.

2. Lower part of the chain

Farcaster’s linked elements include a set of servers called Hubs. These servers are running on traditional hardware and responsible for processing data operations that do not require confirmation on the chain to speed up the response and reduce transaction costs.Specific functions include:

Message processing: Hubs is responsible for receiving, verifying and storing CASTS (content published by users) from users.They check whether the signature of each message is effective and whether the identity information of the user registered on the chain.
Data synchronization and dissemination: Once the message is verified, Hubs stores the message locally and synchronizes with other hubs in the network to ensure the consistency and reliability of the data.
Performance optimization: By processing a large amount of data interaction under the chain, HUBS can significantly reduce the demand for transactions on the chain, thereby reducing delay and cost.This is especially important for social network platforms because it needs to deal with a large number of instant interaction.

Social optimization

The user’s social relationship and interaction on Farcaster has obtained a lot of optimization through this hybrid architecture:

Autonomous identity and key management: On Farcaster, users create a unified identity on the chain (register for contracts through ID). This identity is associated with their Ethereum address and generated key, and through the key on the face, pass the key on the faceManagement allows users to safely manage the access and authorization of their accounts. It does not depend on any third -party service to ensure that only users themselves can control their identity.So in traditional social software, your Username is officially recovered by officials and will never happen.
Data isolation on the chain and under -chain: By processing core security functions on the chain (such as authentication and authorization) and processing non -sensitive social interaction data under the chain (such as message transfer and social map construction), FarCaster can maintain user privacy.At the same time, provide a fast application experience.
Decentralization storage: The storage method of user data is decentralized in FarCaster, which means that data is not stored on a single server, but is protected by distributed networks.This increases the ability of data anti -review and anti -attack capabilities. At the same time, this will establish a new social consensus. As this consensus becomes stronger and stronger, storage will become more decentralized, providing a better underlying layer for FarCaster as a wholesupport.Similar to the establishment of a distributed prophet network in the CHAINLINK, as its DON node becomes more and more mature, the safety and stability of the entire predictor will also greatly improve.
Data access and shared independent control: Farcaster can achieve precise control of data access permissions through smart contracts.Users can set up who can see their social activities and personal data. These settings are directly embedded on the chain and executed by smart contracts.This method allows users to fully control the sharing level of their information. Different applications can access the user’s social map data based on user authorization.
Cross -application interoperability and combination: Since Farcaster provides API and developer tools, third -party developers can create applications compatible with FarCaster, and users can use the same identity between different social media applications to interact.This is an embedded interaction similar to WeChat mini -programs, which is equivalent to logging in different applications using the unified identity of WeChat account. Farcaster does not need to enter the way.

Recently (May 2024), Farcaster’s daily active users reached a new high.

3. Frames

Frames is essentially a small application embedded in Farcaster’s post. They make the post not only a display of static content, but also an interactive platform.Users can access various functions and services directly in social media interaction, without having to leave the FarCaster platform.

For example:

NFT interaction: Users can cast, display or trade non -homogenized token (NFT) through Frames.For example, an artist can directly show the NFT of his artistic works in the post and provide options for purchasing or bids.
Games: Developers can directly embed the simple game into the post, and users can play games while browsing social media.
Content subscription: allow users to subscribe to NEWSLETTER or other media content.Content creators can provide special subscription buttons through Frames.

Fourth, asset issuance

From a certain perspective, a new asset issuance method born on Farcaster breaks through the concept of traditional SocialFi.FI in SocialFi usually designed economic models for social projects to motivate creators and users’ participation, and use Friend Tech as an example to create income for them by creating tokenization+content tokens.

Farcaster’s “layer” attribute not only completes the underlying transformation of Social, but also provides a new method of issuance of assets, completely changing the “FI” attribute in the concept of traditional SocialFi.The structure, but provides this openness to the community and developers, becoming Launchpad, the community tokens, community culture, and community ecology.

At the same time, although Farcaster’s user threshold is not conducive to the expansion of the user, it has obtained a very high user purity. Basically, more than 90%of daily work comes from the Crypto native users.

In the end, the Farcaster provided good soil from providing an asset issuance environment to relying on the precipitation of its own high -purity users.

5. Ecological economy-$ degen tokens

$ DeGen

It is an extremely special tokens in the FarCaster ecosystem. It is not issued by the official, but a community -driven Memecoin. It has now become the first generation of the FarCaster community and builds peripheral applications and ecology around Degen.

Share and reward: Degen can be used to reward content creators in the community to promote content sharing and community participation.
Casting NFT: On the Zora and Highlight platforms, users can use Degen to cast NFT, thereby adding its liquidity to the art and collectible market.
Transaction: Degen is used for various applications and in -game transactions, such as Drakula and Bracket Game.
Community construction: Degen is also used to support and fund community projects, such as development and operation on Degen L3.

Drakula: A short video application similar to TIKTOK, users can use Degen for content rewards and interaction

ClubCast: Similar to the Patreon ’s OnChain platform, the content creator provides exclusive content through Token-Gated Channels.

Consensys: When Consensys faced SEC warnings, its founder Joseph Lubin collected DEGEN in FarCaster, and said that any receiving DEGEN tip will be used to defend the Ethereum ecosystem.Essence

6. Ecological economy -warps points

In the Farcaster ecosystem, WarPS points are an important part to motivate and reward users’ social interaction and participation.As an internal integration system, the WARPS points not only increase the interaction of the platform, but also provide an incentive mechanism to encourage users to actively participate in community activities.

1. How to obtain points

Active participation: The active interaction of users on Farcaster, such as publishing content, comments, sharing, etc., can get WarPS points.This design encourages users to use platforms and share value content more frequently.
Complete the task: FarCaster may set specific social tasks or challenges. After the user completes these tasks, you can get WarPS points.
Community contributions: users who contribute to the community, such as content creators or technical supporters, can get WARPS points through the form of community recognition or direct rewards.

2. How to use points

Payment fee: Users can use WarPS points to perform specific activities on FarCaster, such as participating in specific social activities or purchasing social functions.
Open a new channel: Users can use points to create new social channels, which may focus on specific themes or interest organizations.
Gift points: Users can give points to other users as rewards for their content or interaction.

3. Point management and distribution

The WarPS integration system is centrally managed by the FarCaster team, which means that the distribution, distribution and rules of points are formulated and controlled by the platform administrator.So WarPS is not the same as Token, it is a functional point that belongs to the internal Farcaster ecosystem.

7. Open and combination

Farcaster is essentially a large ecological database under the chain+under the chain. Based on these “data”, it can build any form of front end and provide users with different experiences. This has a few benefits:

Decentralization, even if a certain front end is limited, it will not affect the user’s access to other front -end
Ecological diversification, developers can focus on developing front -end in a certain field for users to use, such as the content platform, live broadcast platform, friends circle platform, etc. At the same timeEssence

At present, Warpcast is the most popular and most useful front end. Its experience is very close to Twitter, but other front -end is becoming more and more popular, such as

Bountycaster: As a working committee, users can publish or complete tasks in exchange for bounty or money rewards.
UNLONLY: Focus on live broadcast to provide users with real -time interaction and content sharing platforms.
Kiosk: A new Farcaster client has recently received 10 million US dollars in A16Z and Electric.

8. Advantages and challenges

The challenge of the SocialFi track is that the question of “why stay” is usually unavoidable, because the Social of the Web3 World has the innate weakness of experience and threshold compared to the experience and threshold, so the previous solution was based on “FI”.To inspire users, the first to attract the creator’s settlement is essentially a solution that helps the creator’s value tokens to help the creator realize.Because you can make money, you have to attract your fans to the platform to interact.

Farcaster is more like a Social Layer. This can be developed by FI, NFT, music, games, etc. This part can be done by developersParticipate the ecosystem.

What is the advantage of Farcaster?

To be honest, the idea of Farcaster is not novel, but its advantage is that it has completed the preliminary user precipitation, and a large number of Crypto native users have been reserved. These users really “play”.New high.At present, Farcaster has not issued its own tokens, but basically the common+attraction of pinching creators, developers, and ordinary people, rather than relying on “FI” to retain users.

What are the challenges faced by Farcaster?

If from the perspective of the Chinese district, the “entry fee” of registered storage current needs to be paid through credit cards and does not support encrypted native payment methods. This is a threshold for a Chinese user group. If you can pay directly through cryptocurrenciesExpansion is more favorable.In the long run, the growth of user volume accompanies the test capacity of Hubs and the social consensus of the Hubs network.In ecology, how to form a positive cycle in content is critical, because the characteristics of Social products are usually mainly visual elements, and any content (good/garbage) will be very intuitive to users, so the spam in the Social comparisonThe negative impact of garbage code on the intelligent contract network has more serious impacts. For example, N web3 Social products have been born with pornographic and fraud information, and gradually out of control and dying.However, the characteristics of decentralization are often the production of content without manual intervention. Therefore, how to balance and form sustainable development on this seemingly contradictory point is also a challenge facing in the future. Long -term continuous positive cycleIt is the key to changing user habits.

How does Farcaster come out?

On the issue of “out of the circle”, Farcaster’s current task is to attract and retain Web3 users on Twitter. For creators, the autonomous control of the account is increasingly valued, especially the Twitter blocking accountPeople can deeply understand the significance of decentralization and autonomous control.At this stage, Farcaster is not a product that can attract people outside the circle like NFT Summer to enter and consume. It is precisely its goal is to be users in the circle. At the same time, for users in the circlePerfectly fits the spirit of encryption, and pulls users in the circle to the Social Layer belonging to Web3 is the “out of the circle” of FarCaster.