May 29, 2024
Alpha: A New Social Token Experience Built on Bitcoin and Ethereum
Bitcoin News

Alpha: A New Social Token Experience Built on Bitcoin and Ethereum

A Friend. tech clone called Alpha debuted on top of Bitcoin this past weekend after a 48-hour programming sprint, giving users of the renowned blockchain a social token experience.

Alpha is a decentralized social network protocol that enables users to tokenize and monetize their online presence and content via tokens. Like Friend. tech, which is built on the Ethereum scaling network Base and experienced a burst of activity last month (and a subsequent resurgence), Alpha is based on the Ethereum blockchain.

To gain access to unique material, people can purchase price-variable tokens linked to specific producers. It’s a new iteration of the “social token” idea, and social finance initiatives like these are frequently promoted as a means of attracting new users to the cryptocurrency market.

After Friend. tech’s recent growth, pseudonymous Alpha creator Punk3700 referred to his platform’s use of Bitcoin as “the next big leap in the world of social finance.” He claimed the initiative, despite being built for a single weekend, “aims to bring a luxurious and exclusive experience to social interactions.”

At the time of writing, new individuals are entering the network every several minutes, many of whom have tens of thousands or even hundreds of thousands of followers on Twitter.

Punk3700 is also a key figure in New Bitcoin City, an ecosystem that experiments with art, on-chain gaming, decentralized finance (DeFi), and artificial intelligence (AI) to “explore Bitcoin beyond just a currency.”

The collective’s newest project is called Alpha, but its distinctive technology stack isn’t just focused on Bitcoin. The founder of Alpha claims that it “runs a rollup that rolls up to another rollup that rolls up to Bitcoin.”

What even does that mean? In a nutshell, it’s a technique for using many blockchain networks to provide a responsive and scalable experience. In this instance, the project makes use of a hybrid blockchain architecture made up of three different blockchains: Bitcoin, the Polygon scaling network for Ethereum, and the initiative’s own Trustless Computer scaling network for Bitcoin.

According to the website of New Bitcoin City, a Trustless Computer is a layer-2 blockchain that is constructed on top of Bitcoin and is inexpensive, quick, and capable of supporting decentralized exchanges (DEXs), tokenized communities known as decentralized autonomous organizations (DAOs), and NFT markets.

It is a no-code tool that enables developers to select between Optimistic rollups and zero-knowledge rollups (zkRollups) to assist apps built on top of Bitcoin.

To scale, Alpha’s hybrid design moves computation and data storage off-chain from the Bitcoin network and instead employs optimistic rollups. For data storage, it presently uses the Ethereum scaling network Polygon, while Punk3700 claims that data availability can someday run entirely on Bitcoin “if needed.”

One of the ways that Alpha and Friend. tech differ in this regard is that Friend. tech, which is based on Base, uses rollups directly on Ethereum and inherits the network’s security. Alpha is forced to turn elsewhere for answers.

“Rollups on Bitcoin right now aren’t true rollups because Bitcoin can’t verify proofs,” said Bob Bodily, CEO of Bioniq, a marketplace for Ordinals that utilizes a Bitcoin sidechain. A certain level of centralization will occur because of Bitcoin’s lack of verification.

Despite this, he asserted that “people don’t usually wait around for full decentralization,” citing the enormous sums of money locked up in layer-2 networks on Ethereum. “People are keen to experiment with new tech.”

Bodily isn’t convinced by Alpha’s team’s responses, though, regarding some of the project-related worries that were voiced. He claimed that, among other things, he still doesn’t know who is in charge of the smart contracts used by the Ethereum Virtual Machine (EVM) rollups.

Additionally, tokenomics presents some major red flags that the team has not yet addressed. The token supply is around $100 million TC, with 99.8% of it lying in one address, according to the Trustless Computer website.

“I’ve been digging in the Explorer, but it’s very hard to figure it all out,” Bodily stated.

Despite these worries, the debut of Alpha has sparked enthusiasm within the Bitcoin community, much like the NFT-similar Ordinals system and its BRC-20 token standard did earlier this year.

The rollout has been spearheaded by Jake Gallen, strategic lead at Emblem Vault. With the help of Emblem Vault, users can store tokens across many blockchains without the necessity of a bridge.

There is a “more authentic feel to it,” Gallen stated, citing a nicer user experience and the fact that “there is no point in airdrop farming.”

“If you’re building a brand, the goal is to distribute awareness across platforms. Just as most people have multiple social media accounts across multiple apps, crypto users will use SocialFi on whichever blockchain they prefer.” He concluded.

Image: Unsplash

Related posts

Block, Led by Jack Dorsey, Reports 90% Surge in Bitcoin Gross Profits

Kevin Wilson

Bhutan Boosts Bitcoin Mining Capacity Ahead of Halving

Eva Moore

German Authorities Seize 50K BTC from Piracy Probe

Robert Paul

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.