Farcaster: Redefining Decentralization Social Web

Farcaster is an innovative decentralized social media protocol that provides developers, creators, and users with an open and composable social layer. It has unique advantages in user privacy protection, autonomy, open-source nature, and interactivity.

Core Features of Farcaster

1. Decentralization architecture: operates on the blockchain without relying on central servers.
2. User data control: Users have complete control over their data and social relationships.
3. Open source without permission: Anyone can access the API or applications to build new applications.
4. Highly Composable: Provides a unified social identity and supports interoperation between applications.
5. Hybrid Architecture: Combining on-chain and off-chain systems to improve efficiency and responsiveness.
6. Frames feature: Allows embedding small applications in posts to enhance interactivity.

Technical Implementation

Farcaster adopts a hybrid architecture of on-chain + off-chain:

On-chain part

Mainly includes smart contracts running on Ethereum Layer 2 (Optimism), handling:

• ID Registration: Generate a key pair associated with the user's Ethereum address
• Storage Registration: Manage user data storage space allocation and fees
• Key Registration: Manage user public and private keys to implement account authorization and control

Off-chain part

Consists of servers called Hubs, responsible for:

• Message processing: Receiving, verifying, and storing content posted by users
• Data synchronization: Syncing data between other Hubs in the network
• Performance optimization: Reducing latency and costs through off-chain processing

Social Web Experience Optimization

1. Self-sovereign identity management: Users have complete control over their identity and account access permissions.
2. Data isolation: Sensitive data is processed on-chain, while non-sensitive data is processed off-chain.
3. Decentralization Storage: Enhance the data's anti-censorship capability
4. Precise data access control: Users can set data sharing levels.
5. Cross-application interoperability: Unified identity can be used across different applications.

Frames Function

Frames are a major innovation of Farcaster, allowing for the embedding of small applications within posts, such as:

• NFT Interaction: Directly display, mint, or trade NFTs
• Game: Play mini-games while browsing the Social Web
• Content Subscription: Provides a dedicated subscription button

New Methods of Asset Issuance

Farcaster not only transforms the underlying social architecture but also provides a new way to issue assets. It has become a launchpad for community tokens, culture, and ecosystems, offering a favorable development environment for high-quality crypto user groups.

Ecological Economy

$DEGEN token

$DEGEN is a community-driven memecoin in the Farcaster ecosystem, which has become the first token of the community. Its uses include:

• Content Rewards
• NFT Minting
• In-app transactions
• Community Project Funding

Warps Points

Warps is the internal points system of Farcaster, designed to incentivize user participation and interaction:

• Acquisition method: active participation, completing tasks, community contributions
• Usage: Pay fees, open new channels, gift to others

Openness and Composability

Farcaster's open architecture allows developers to build various front-end applications, such as:

• Warpcast: A mainstream front-end experience similar to Twitter
• Bountycaster: Task Reward Platform
• Kiosk: A platform focused on live streaming.
• Unlonely: The emerging Farcaster client

Advantages and Challenges

Advantages:

• Complete the initial user retention and retain a large number of native crypto users.
• Balances the needs of creators, developers, and ordinary users

Challenge:

• The registration threshold needs further optimization.
• The system's capacity needs to be verified.
• The healthy cycle of content ecology needs to be maintained.

Farcaster is currently focused on attracting Web3 users from Twitter, emphasizing the importance of account self-control. Its openness, developability, and composability perfectly align with the spirit of cryptocurrency, aiming to migrate users from the circle to a social layer that truly belongs to Web3.