Farcaster distinguishes itself as a decentralized social network built on an open protocol, facilitating seamless identity transfers across applications and enabling Ethereum-linked messaging with NFT functionalities. Currently without its own token, there's buzz about an upcoming airdrop. Governed by a rough consensus and running code, it involves a collaborative process among developers, hub runners, app developers, and users, with decisions made through the Farcaster Improvement Proposal (FIP) process. Financially supported by a $30 million funding round led by a16z and including notable investors like Coinbase Ventures and Multicoin Capital, Farcaster stands out for its innovative approach to governance and strong backing, marking its place in the decentralized social networking realm.
Value Proposition:
Farcaster is a decentralized social networking platform that operates on an open protocol, allowing for a variety of clients, much like email services. It enables users to seamlessly transfer their social identities across different applications while giving developers the liberty to create new applications with innovative features on its network. Users on Farcaster can post brief text messages linked to their Ethereum addresses. Ownership verification of these addresses unlocks several functionalities, such as displaying NFTs, using NFTs as verified profile pictures, and additional features.
Governance:
Farcaster is governed through a model of rough consensus and running code, where changes are implemented following proposals that gain community buy-in and result in active, deployed code. Governance involves various stakeholders: protocol developers (who merge changes), hub runners (who deploy changes), app developers (who select hubs), and users (who choose apps). Consensus is reached as these groups either accept or reject new code, without a formal voting system, official roles, or veto power, promoting action, diversity of viewpoints, and decentralization. Governance primarily occurs through the Farcaster Improvement Proposal (FIP) process, ensuring a flexible and community-driven approach to making decisions
Tokenomics:
Currently, Farcaster does not have its own token. However, there are rumors circulating about a potential airdrop for Farcaster in the near future.
Previous Funding:
Farcaster has closed a $30 million round of funding led by a16z with participation from Coinbase Ventures, Multicoin Capital, Ribbit Capital and others. Farcaster closed its last funding round on Jan 1, 2023 from a Seed round.
