A new project called Alpha has emerged overnight, creating a community-based social token ecosystem within the Bitcoin network. Similar to the Ethereum-based platform Friend.tech, Alpha is a decentralized social network protocol that allows users to monetize their online persona and content creation through social tokens.
However, there are some differences between Alpha and Friend.tech. While Friend.tech operates solely on the Ethereum blockchain, Alpha’s finality is anchored on the Bitcoin blockchain. In addition, the Polygon blockchain is used for data storage, and Trustless Computer serves as the project’s own scaling network for Bitcoin.
One of the co-founders of Alpha, known as Punk3700, described the project’s makeup as “a rollup that rolls up to another rollup that rolls up to Bitcoin.” In an interview with Cointelegraph, Punk3700 explained that Alpha incorporates a layered architecture that includes NOS-TC, an optimistic rollup layer that focuses directly on the Bitcoin blockchain. The NOS layer provides additional scalability by utilizing Polygon for data storage.
This unique design aims to address the high transaction fees associated with Bitcoin. By using a hybrid approach that combines Bitcoin for data validity and Polygon for data storage, Alpha lowers transaction costs while still benefiting from the security and efficiency of the Bitcoin blockchain.
According to Punk3700, the main driving force behind Alpha is its community. The project was developed and launched in just 48 hours, with a strong focus on user experience and incentivizing content creation. A new referral program is currently being built, which will allow users to earn 1% of their friends’ trading volume, encouraging them to invite others onto the platform and create valuable content.
Alpha operates by allowing users to purchase tokens connected to content creators, granting them access to exclusive content. Since its launch, Alpha has quickly gained a large user base, attracting individuals seeking an alternative to platforms like Friend.tech.
Meanwhile, Friend.tech recently faced challenges as it posted a warning to users who were utilizing forks and copycat versions of its platform. These users would be excluded from earning points and forfeit any existing points. Critics also deemed the platform as “dead” due to a decline in key metrics, including user activity, inflows, and volume. Furthermore, rumors of a data leak involving over 100,000 user records added to Friend.tech’s troubles, although the platform denied the validity of these claims.
In conclusion, the emergence of Alpha as a social token ecosystem within the Bitcoin network provides users with new opportunities to monetize their online presence and content creation. By leveraging the Bitcoin and Polygon blockchains, Alpha aims to offer a more affordable and scalable solution than its competitors. With a strong community focus and ongoing development to improve user experience, Alpha is poised to become a leading player in the social finance decentralized applications (SocialFi dApps) space.
Sources:
– Cointelegraph: https://cointelegraph.com/news/friendtech-generates-over-1m-fees-surpassing-uniswap-bitcoin-networks
– Twitter: https://twitter.com/NewBitcoinCity/status/1703056333250113666?ref_src=twsrc%5Etfw
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