Dan Romero, co-founder of the popular decentralized social media protocol Farcaster, made the announcement on Friday. New in-app purchase feature. A new tool built for the Farcaster client Warpcast uses: USDC
-0.15%
A stablecoin that allows payments to be made with a single tap from the user profile or the app’s messaging platform.
This feature solves one of the ongoing problems in paying people with cryptocurrency: finding someone’s alphanumeric wallet address. The Farcaster identity makes that process easier because it is human-readable.
“Our goal is to make it easy to pay people with cryptocurrency from the apps you use on your phone every day. No need to look up addresses or remember how to spell someone’s ENS.” Romero said in a direct message to The Block.
Romero also confirmed to The Block that at launch the application will only use USDC on the underlying Ethereum scaling layer built by Coinbase, reducing fees and confirmation times. But because Farcaster is an open protocol, “we allow other apps in the ecosystem to power other currencies and chains,” he said.
Launched in 2020, Farcaster has been steadily gaining traction in the cryptocurrency world. Launch of ‘Frames’ in early 2024, which will allow people to launch applications such as web3 games or interactive NFTs directly into people’s news feeds, eliminating the need to leave the app Drive adoption.
“It’s really hard for a new player to replace a strong network effect (like Twitter), so[Romero]knew that for the Farcaster protocol to succeed, one particular app, Warpcast, had to be a killer. They focused primarily on building features that made Warpcast a good client.” Haun Ventures Partner Breck Stoddhill In a recent interview with The Block, he said:
Last May, Paradigm $150 million funding round Large VCs such as a16z, Haun Ventures, USV, Variant, and Standard Crypto participated in Farcaster.
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