Kiosk raised $10 million in financing, will the decentralized social track usher in a major change?
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By:Chaincatcher
How Web3 social iterates over traditional Web2 social, projects that have received massive funding will provide you with the answer.
On May 6, 2024, Kiosk, a new Web3 social application based on the Farcaster protocol, announced the successful completion of a $10 million financing round. The round was led by Electric Capital, with participation from a16z Crypto, USV, and Variant Fund. The involvement of these well-known venture capital firms signifies the high recognition of Kiosk's on-chain social and business model in the capital market.
$10 million financing opens up new possibilities for Web3 social track
Kiosk was designed to enhance community building and commercial activities within the app, aiming to create a new social and business interaction platform. Kiosk provides a unique platform that allows creators to share rich media content, mint NFTs, interact with like-minded individuals, and conduct seamless transactions through custom channel economics. The app emphasizes the integration of on-chain assets and social interactions, envisioning to drive a more inclusive and connected Web3 experience through this fusion.
According to the Web3 asset data platform RootData report, Kiosk, as a Farcaster client, provides tools for creators to build communities from scratch. Here, creators can share creative media content, mint it as NFTs, gather like-minded individuals in channels, establish a new form of channel economics such as tips and distribution, and interact in real-time with community members, all of which can be done without leaving the application.
The funds raised in this financing round will be used to further expand Kiosk's product features and user base. Farcaster plans to continue investing in market promotion and user acquisition with this funding, strengthening the competitiveness and influence of its product in the Web3 space. This strategic investment not only demonstrates investors' confidence in Kiosk's future development potential but also indicates that Kiosk could become a key force driving the integration of social media and blockchain technology.
With the increasing popularity of blockchain and cryptocurrencies, the market's demand for digital assets is growing. Kiosk, through its innovative social and business integration solutions, provides users with a new way of interaction, helping to advance the entire cryptocurrency industry. In addition, the participation of heavyweight investors not only enhances market confidence in Kiosk but also adds to optimistic expectations for the future of the entire cryptocurrency industry.
Overall, the successful financing of Kiosk under Farcaster is an important validation of its innovative social and business model, demonstrating its significant potential in driving the development of Web3 social media. With further development and improvement of Kiosk, it is expected to have a profound impact on the social media and blockchain industries.
Kiosk Overview: Social Business Platform of the Farcaster Network
Kiosk, as an important client of the Farcaster network, aims to provide a new social media and business platform for creators and communities. This application not only supports creators in building their communities from scratch but also allows them to share rich media content with social graphs and convert these contents into NFTs. Through its unique features, Kiosk enables creators to gather collectors and collaborators with similar interests on the platform, establish custom channel economics such as tips and distribution, and achieve true community-driven and shared economic benefits.
The design concept of Kiosk stems from its founder Denis Nazarov's forward-looking perspective. Nazarov, the founder of Mirror and a former advisor at Uniswap Labs and investment partner at a16z, has injected deep industry experience and broad vision into Kiosk's development. It is worth mentioning that Mirror has been acquired by Paragraph, shifting its focus to Kiosk's development. Currently, users can enter a waiting list by subscribing to Kiosk and minting NFTs of official announcement articles, providing a new way for Kiosk's promotion and user engagement.
One of Kiosk's main innovations is that it allows users to easily embed digital assets directly into social media posts. This means that users can not only showcase and reference NFTs in posts but also utilize blockchain features embedded in Kiosk, such as viewing NFT blockchain addresses directly or purchasing NFTs through posts. The integration of these features greatly simplifies the user's operation process, enhancing interaction efficiency and convenience.
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 achievable. Kiosk aims to create a more inclusive and connected Web3 experience through these innovative features, bringing unprecedented social and business interaction methods to users.
Overall, with its revolutionary design and features, Kiosk heralds a seamless integration of social media and blockchain transactions, paving the way for new directions and possibilities in 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: Highly Secure Decentralized Online Community
Farcaster is not just another social networking platform but a decentralized social protocol. Leveraging the power of blockchain technology, it has created a more open, transparent, and user-centric online community. Built on Optimism (an Ethereum Layer 2 scaling solution), Farcaster not only ensures user data sovereignty and agency but also stands at the forefront of the next generation of social media platforms.
Farcaster was designed to address the shortcomings of traditional social media platforms in data control and privacy. For example, common tracking methods like cookies, geofencing, and cross-site tracking not only infringe on user privacy but also expose user data to the risk of leakage. Through its decentralized architecture, Farcaster eliminates the need for centralized servers, reducing the risks of data leakage and censorship.
Farcaster's technical architecture focuses on protecting user privacy and enhancing interoperability. The protocol uses smart contracts to manage user identities and social interactions, ensuring the security and privacy of user data. Additionally, Farcaster focuses on executing off-chain operations to improve efficiency, a design that guarantees the immutability of on-chain transactions while providing flexible interaction methods.
Smart contracts are one of the core components of Farcaster, managing user accounts and social interactions on-chain. For instance, the identity registry manages account creation, the storage registry oversees the storage location of data, and the key registry handles the encryption keys required for user-network interactions. The combined action of these contracts not only ensures the security and verifiability of user identities but also enhances the flexibility of interactions with the network.
Farcaster's social media platform also places special emphasis on user experience. It adopts Optimism as its technical foundation, ensuring smooth user operations while maintaining decentralization and security. To further enhance user experience, Farcaster has developed the Hub system, a peer-to-peer server network used for storing and replicating messages. When users generate messages, these messages are first sent to
Transmit to the Hub, verify here, and propagate to other Hubs in the network, forming a causal consistent network to ensure the consistency and reliability of the data.
Overall, Farcaster provides a secure, efficient, and user-friendly new social media solution through its innovative decentralized architecture and smart contract technology. It not only addresses core issues of existing social media platforms such as privacy protection and data control but also brings a new global social networking experience to users, heralding a new direction in the development of social media.
Project Introduction and Analysis: Introducing cutting-edge projects in the cryptocurrency market.
Associated Labels:
Web3 Social, Decentralized Social, Decentralized Social Network, NFT.
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Disclaimer: everything in the article represents the author's point of view and has nothing to do with this platform. This article is not intended to be used as a reference for making investment decisions.
