July 21, 2024
Bitcoin Network Witness 'Alpha' Resembling Friend.tech Unveiled
Latest Cryptocurrency News

Bitcoin Network Witness ‘Alpha’ Resembling Friend.tech Unveiled

The Bitcoin network welcomed a new community-driven social token ecosystem with the sudden emergence of a project known as Alpha. Alpha is a decentralized social network protocol similar to the well-known Ethereum-based platform Friend.tech, offering users the opportunity to monetize their online presence and content through social tokens. However, Alpha distinguishes itself through its unique architecture. It relies on the Bitcoin blockchain for finality while utilizing the Polygon blockchain for data storage, and it integrates Trustless Computer as its proprietary scaling network for Bitcoin.

https://twitter.com/NewBitcoinCity/status/1703056333250113666?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1703056333250113666%7Ctwgr%5Ef3254ca258d9368ce9f1521b868304cae271c9ce%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Ffriend-tech-look-alike-alpha-bitcoin-network

Punk3700, one of the project’s co-founders, described Alpha’s makeup as “a rollup that rolls up to another rollup that rolls up to Bitcoin.” Punk3700 shed light on the project’s development. He explained,

“Alpha implies a layered architecture that includes NOS-TC. Trustless Computer (TC) is an optimistic rollup layer that centers directly on the Bitcoin blockchain. NOS is implemented as another optimistic product of layers to provide additional scalability on Bitcoin.”

These optimistic rollup layers work collaboratively to ensure security and efficiency for the deployment of decentralized applications.

Punk3700 further elaborated, “NOS features a hybrid design that leverages Bitcoin for data validity and employs Polygon for data storage, ultimately settling on Bitcoin.”

“​​This will allow for flexibility with data storage for different needs because the fee on Bitcoin is insanely expensive. We believe that for those kinds of actions, we shouldn’t pay a lot.”

Building Alpha in this manner aims to reduce transaction fees for users, with a strong focus on community-driven development.

Punk3700 mentioned a new referral program in development, allowing users to earn 1% of their friends’ trading volume. This initiative encourages users to invite others to the platform and motivates content creators to produce valuable content.

Alpha’s operation revolves around users purchasing tokens linked to content creators, granting them access to exclusive content.

Meanwhile, Friend.tech recently addressed its community on X (formerly Twitter) regarding its stance on users migrating to forked or copied versions of its platform. They stated, “To ensure fair rewards for loyal users during our beta phase, users transitioning to forks and copies will opt out of earning Points and forfeit existing points.”

These developments came on the heels of criticism labeling the platform as “dead” due to declines in key metrics, such as user activity, inflows, and volume. Additionally, rumors of a data leak affecting over 100,000 user profiles circulated, although Friend.tech denied these allegations.

Image by macrovector on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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