• Farcaster utilizes blockchain technology to diminish dependence on centralized platforms, thus bolstering users’ privacy and security.
  • Farcaster employs smart contracts within its network, governing interactions from content posting to social engagements.

Recently, the decentralized social network protocol startup Farcaster secured USD 150 million in new funding, bringing its valuation to USD 1 billion. The funds will be used to expand its user base and introduce new in-protocol features like channels and direct messaging.

Founded in 2021, Farcaster provides a decentralized social network protocol enabling developers to create interoperable applications where users maintain ownership of their identity and data. Farcaster aims to offer an open platform where various social applications can coexist, preventing users from being confined to a single platform, unlike services such as Facebook and X.

Farcaster’s key features include full user control and ownership. Users have complete authority over their identities and data, enabling them to seamlessly switch between different applications and services without losing their social content graph.

Interoperability lies at the heart of the service, with Farcaster facilitating seamless interaction among different applications. The concept is to foster a more open and interconnected social web by enabling diverse apps to communicate with each other effectively.

Decentralization stands as another pivotal feature. Farcaster utilizes blockchain technology to diminish dependence on centralized platforms, consequently bolstering privacy and security measures for users.

Farcaster operates on the “Optimism” blockchain infrastructure, ensuring transparency, security, and decentralization behind the scenes. By eschewing dependence on central servers, Farcaster’s service is purportedly designed to mitigate the chances of data breaches and censorship.

Farcaster also employs smart contracts—self-executing contracts embedded in the code—to regulate interactions within the network, spanning from content posting to social engagements. As highlighted by Decrypt, this not only automates specific procedures but also introduces a level of programmability and adaptability to social networking.

Although not widely recognized, Farcaster claims notable expansion, boasting 350,000 paid signups since October and a 50-fold surge in network activity. Co-founder Dan Romero stated, “There are hundreds of developers building on the protocol and a growing number of apps and frames for people to use.”

The funding round was led by Paradigm Operations LP, with participation from a16z crypto, Haun Ventures LLC, Union Square Ventures LLC, Variant Fund LP, and Standard Crypto Holdings Ltd. With this latest investment, Farcaster has amassed a total of USD 180 million in funding thus far, according to Tracxn data.