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Former Coinbase Exec To Launch DeFi Social Media Project

Despite the massive volatility in the crypto market, there are all kinds of exciting things that are taking place these days. Check out the latest reports below.

Juicy news from the DeFi space

It’s been just revealed that there is a former executive from top US crypto exchange Coinbase has raised funds for a new decentralized social network protocol.

In an announcement on his website, former Coinbase vice president Dan Romero just explained that Farcaster, a protocol for building social networks, has secured funding from a series of venture capitalists.

According to the announcement, the $30 million funding round was led by a16 Crypto, Andressen Horowitz’s crypto arm with over $4.5 billion in assets, as of May.

“Our goal was to build a credibly-neutral protocol where users have direct relationships with their audiences and developers have the freedom to permissionlessly build new clients.”

He continued and said the following:

“We went through a few iterations and ultimately built Farcaster, a sufficiently decentralized protocol for building social networks.”

More than that, according to the startup’s documents, anyone can broadcast short text messages on the network and connect their Ethereum address.

It’s also worth noting the fact that verifying ownership of an ETH address enables features like showcasing non-fungible tokens (NFTs) and using them as your profile picture.

“Farcaster is a skin-in-the-game social network that’s not just about what you say but also about what you can prove on-chain.”

It’s also worth noting the fact that, according to the same notes, anyone can build a client application to broadcast messages on the Farcaster network.

“We have a tutorial that will show you how to build a simple app to read messages from any user. We’re also building the first client application to make it easy for people to get started, which is in beta.”

We suggest that you check out the complete data in order to learn more details about this exciting move.

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