Kiosk raises US$10 million, will the decentralized social track usher in drastic changes?

On May 6, 2024, Kiosk, a new Web3 social application based on the Farcaster protocol, announced that it had successfully completed US$10 million in financing, led by Electric Capital, with participation from a16z Crypto, USV and Variant Fund. The joining 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 new horizons for Web3 social track

Kiosk is designed to strengthen in-app community building and Business activities aim to create a new social and business 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 transact seamlessly through a custom channel economy. The application emphasizes the combination of on-chain assets and social interaction, envisioning a more inclusive and connected Web3 experience through this integration.

According to a report by 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 NFTs, and gather peers in channels to build a new channel economy such as tipping and distribution, all while interacting with community members in real time. Activities can be completed without leaving the app.

The funds obtained from this financing will be used to further expand Kiosk’s product functions 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 day by day. Through its innovative social and commerce integration solutions, Kiosk provides users with a new way to interact, helping to drive the entire cryptocurrency industry forward. In addition, the participation from heavyweight investors not only enhances the market's confidence in Kiosk, but also adds optimism to the future of the entire cryptocurrency industry.

Overall, the successful financing of Farcaster’s Kiosk application is an important verification of its innovative social and business model, demonstrating its huge potential in promoting the development of Web3 social media. As Kiosk is further developed and improved, it is expected to have a profound impact on the social media and blockchain industries.

Kiosk Introduction: Farcaster Network’s social business platform

Kiosk, as an important client of Farcaster Network, aims to provide a new social media and business platform for creators and communities . This application not only enables creators to build their own communities from scratch, but also allows them to share rich media content with the social graph and convert this content into NFTs. Through its unique features, Kiosk allows creators to gather collectors and collaborators with similar interests on the platform while establishing customized channel economies such as tipping and distribution, achieving true community-driven and economic benefit sharing.

Kiosk’s design philosophy stems from the forward-looking vision of its founder, Denis Nazarov. Nazarov is not only the founder of Mirror, but also an advisor to Uniswap Labs and an investment partner of a16z. These experiences of his 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. This method provides a new way for Kiosk promotion and user participation.

Kiosk’s main innovation is that it makes it easier for users to 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 capabilities, such as directly viewing the NFT’s blockchain address or purchasing NFTs directly through posts. The integration of these functions greatly simplifies the user's operation process and improves the efficiency and convenience of interaction.

Through these functions, Kiosk not only promotes the integration of social media and blockchain technology, but also provides users with a more dynamic and interactive platform to socialize assets on the chain. and commercialization becomes more intuitive and easier to implement. Kiosk's goal is to create a more inclusive and connected Web3 experience through these innovative features, providing users with unprecedented ways to interact socially and commercially.

Overall, Kiosk, through its revolutionary design and functionality, heralds the increasingly seamless integration of social media and blockchain transactions, opening up new avenues for the development of Web3 New directions and possibilities. 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, it is a decentralized ized social protocols. It harnesses the power of blockchain technology to create a more open, transparent and user-centered 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 originally 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 may also expose user data to the 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 the core components of Farcaster, which manage user accounts and social interactions on the chain. For example, the identity registry manages the creation of accounts, the storage registry oversees where user data is stored, and the key registry handles the encryption keys needed 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 to ensure smooth user operations while maintaining decentralization and security. In order to further improve the user experience, Farcaster 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.

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 solves the core issues 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.

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