demigod.sui
@demigod99
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What is Farcaster?
Farcaster is a decentralized social media protocol( SocialFi ) designed to give users full control over their digital identities, content, and interactions.
What is SocialFi?
SocialFi stands for Social Finance, a fusion of social media and decentralized finance (DeFi), built on blockchain technology. It represents a new paradigm where users, content creators, and influencers can own, monetize, and control their social interactions and data directly, without relying on centralized platforms.
Key Concepts of SocialFi
1. Decentralization
Traditional social media platforms (e.g., Facebook, Twitter) are centralized; they control data, algorithms, and monetization. SocialFi platforms operate on blockchains, allowing content and data to be stored on-chain and governed by smart contracts.
2. User Ownership
In SocialFi, users own their content, identity, and data. They can prove ownership using blockchain tools like NFTs or decentralized identifiers (DIDs). 0 reply
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