On May 6, 2024, Kiosk, a new Web3 social application based on the Farcaster protocol, announced that it had successfully completed a $10 million financing round, led by Electric Capital, with participation from a16z Crypto, USV and Variant Fund. The participation of these well-known venture capital companies marks the capital market's high recognition of the on-chain social and business model advocated by Kiosk.
$10 million in financing opens up new prospects for the Web3 social track
Kiosk was designed to enhance community building and commercial activities within the app, aiming to create a new social and commercial interaction platform. Kiosk provides a unique platform that allows creators to not only share rich media content and mint NFTs, but also interact with like-minded individuals and conduct seamless transactions through custom channel economies. The application emphasizes the combination of on-chain assets and social interactions, envisioning a more inclusive and connected Web3 experience through this fusion.
According to Web3 asset data platform RootData, Kiosk, as a Farcaster client, provides creators with tools to build communities from scratch. Here, creators can share creative media content, mint it as NFT, gather like-minded people in channels, build a new type of channel economy such as tipping and distribution, and interact with community members in real time, all without leaving the application.
The funds raised will be used to further expand Kiosk's product features and user base. Farcaster plans to use the funds to continue investing in marketing and user acquisition to strengthen the competitiveness and influence of its products in the Web3 space. This strategic investment not only shows investors' confidence in Kiosk's future development potential, but also indicates that Kiosk may become a key force in promoting the integration of social media and blockchain technology.
With the popularity of blockchain and cryptocurrency, the market demand for digital assets is growing. Kiosk provides users with a new way to interact through its innovative social and business integration solutions, which helps to drive the entire cryptocurrency industry forward. In addition, the participation of heavyweight investors not only enhances the market's confidence in Kiosk, but also adds an optimistic expectation for the future of the entire cryptocurrency industry.
Overall, the successful financing of Farcaster's Kiosk application is an important validation of its innovative social and business model, demonstrating its great potential in promoting the development of Web3 social media. With the further development and improvement of Kiosk, it is expected to have a profound impact on the social media and blockchain industries.
Introduction to Kiosk: Farcaster Network's Social Commerce Platform
As an important client of the Farcaster network, Kiosk aims to provide a brand new social media and business platform for creators and communities. This application not only supports creators to build their own communities from scratch, but also enables them to share rich media content with social graphs and convert these contents into NFTs. Through its unique features, Kiosk allows creators to gather like-minded collectors and collaborators on the platform, while building customized channel economies such as tipping and distribution, to achieve true community-driven and economic benefit sharing.
The design concept of Kiosk stems from the forward-looking perspective of its founder Denis Nazarov. Nazarov is not only the founder of Mirror, but also a consultant to Uniswap Labs and an investment partner of a16z. His experiences have injected deep industry experience and broad vision into the development of Kiosk. It is worth mentioning that Mirror has been acquired by Paragraph and will shift its focus to the development of Kiosk. Currently, users can enter the waiting list by subscribing to Kiosk and minting NFTs of official announcement articles, which provides a new way for Kiosk promotion and user participation.
The main innovation of Kiosk is that it enables users to more easily embed digital assets directly into social media posts. This means that users can not only display and reference NFTs in posts, but also take advantage of Kiosk's embedded blockchain features, such as directly viewing the NFT's blockchain address or purchasing NFTs directly through posts. The integration of these features greatly simplifies the user's operation process and improves the efficiency and convenience of interaction.
Through these features, Kiosk not only promotes the integration of social media and blockchain technology, but also provides users with a more dynamic and interactive platform, making the socialization and commercialization of on-chain assets more intuitive and easy to achieve. Kiosk's goal is to create a more inclusive and connected Web3 experience through these innovative features, bringing users unprecedented social and commercial interaction methods.
Overall, Kiosk, through its revolutionary design and functionality, heralds that social media and blockchain transactions will become more and more seamlessly integrated, opening up new directions and possibilities for the development of Web3. As this platform continues to mature and improve, it is expected to bring more innovation and development opportunities to the social media and blockchain industries.
Farcaster: A highly secure decentralized online community
Farcaster is not just another social networking platform, but a decentralized social protocol. It uses the power of blockchain technology to create a more open, transparent and user-centric online community. Built on Optimism, an Ethereum second-layer scaling solution, Farcaster not only ensures users' data sovereignty and agency, but is also at the forefront of a new generation of social media platforms.
Farcaster was designed to address the shortcomings of traditional social media platforms in terms of data control and privacy. For example, common cookie tracking, geo-fencing, and cross-site tracking methods not only violate user privacy, but also may put user data at risk of leakage. Through a decentralized architecture, Farcaster eliminates the need to rely on centralized servers, thereby reducing the risk of data leakage and censorship.
Farcaster's technical architecture focuses on protecting user privacy and improving interoperability. The protocol uses smart contracts to manage user identities and social interactions, ensuring the security and privacy of user data. In addition, Farcaster focuses on performing off-chain operations to improve efficiency. This design can not only ensure the immutability of on-chain transactions, but also provide flexible interaction methods.
Smart contracts are one of Farcaster's core components, managing user accounts and social interactions on-chain. For example, the identity registry manages account creation, the storage registry oversees where user data is stored, and the key registry handles the encryption keys required for users to interact with the network. The combined effect of these contracts not only ensures the security and verifiability of user identities, but also increases the flexibility of interacting with the network.
Farcaster's social media platform also pays special attention to user experience. It uses Optimism as its technical foundation, ensuring the smoothness of user operations while maintaining decentralization and security. To further enhance the user experience, Farcaster has also developed the Hub system, a peer-to-peer server network for storing and replicating messages. When users generate messages, these messages are first uploaded to the Hub, where they are verified and propagated to other Hubs in the network, forming a causally consistent network that ensures data consistency and reliability.
In general, Farcaster provides a new social media solution that is safe, efficient and user-friendly through its innovative decentralized architecture and smart contract technology. It not only solves the core problems of existing social media platforms, such as privacy protection and data control, but also brings a new online social experience to global users, heralding a new direction for the development of social media.