With $150 million in financing, can Farcaster become the leader of the new generation of social networks?

Recently, Farcaster, a decentralized social protocol led by Paradigm and a16z, completed a $150 million financing, with a valuation of $1 billion, which has attracted widespread attention. According to Dune statistics, Farcaster currently has 510,000 users, 57,000 daily active users, 580,000 connection addresses, 640,000 signed users, and users publish nearly 890,000 Casts per day.

 What is Farcaster?

 Farcaster is a decentralized social network protocol that supports developers to create applications based on this protocol. It is open and has multi-client support.

 Pain points of Web2 social platforms

1. User data privacy is almost unprotected.

2. Large platforms monopolize the market.

3. Strict content review.

4. User data is used for advertising monetization, and users have no benefits.

5. The information cocoon effect is serious, and users are restricted by algorithms.

 Competitive status of Web3 social products

1. Friendtech: Strong financial attributes, users pursue short-term returns.

2. Lens: poor execution.

3. Bihu: closed due to policy supervision.

4. Mirror: Buddhist operation, poor user retention.

5. Major trading platforms: social functions and trading platforms do not match.

 Farcaster's advantages

1. Long-termism: balance content and financial speculation to ensure user retention and community activity.

2. Data autonomy: users have control over their data and can keep and carry it when using ecological projects.

3. Open source concept: anyone can build applications through APIs to ensure security.

4. Seamless connection with Web2 users: simple registration process, easy for users to get started.

5. Reject low-quality users: registration requires $5, blocking advertising parties and water armies, and keeping the community pure.

6. Community driving force: content creators can create channels, get incentives, and enhance user participation.

 Problems that Farcaster needs to solve

1. Registration threshold for the Chinese area: a cryptocurrency payment channel needs to be opened to attract Chinese users.

2. Content distribution and discovery mechanism: ensure that users can find content of interest, and the recommendation algorithm must be fair and transparent.

 Summary

Web3 social track is not easy, but Farcaster's decentralization, user data autonomy and open source concept show the prototype of the future. More excellent products based on Farcaster will continue to emerge, and the future is worth looking forward to.#内容挖矿