The Bitcoin network has gained its own community-based social token ecosystem with the emergence of a project called Alpha.
Alpha is a decentralized social network protocol similar to the well-known Ethereum-based platform Friend.tech. It allows users to monetize their online persona and content creation through the use of social tokens.
️Alpha α is officially here
More than the @friendtech of Bitcoin, Alpha is set out to be one of the leading SocialFi dApps
Built on BitcoinFully decentralized & permissionlessOptimized UX for Key trading & alpha calls sharing
Get Alpha Now: pic.twitter.com/q6j4IrGic7
— New Bitcoin City (@NewBitcoinCity) September 16, 2023
However, Alpha differs from Friend.tech in its makeup. The finality of Alpha is anchored on the Bitcoin blockchain, while the Polygon blockchain is used for data storage. The project also utilizes Trustless Computer as its own scaling network for Bitcoin.
Punk3700, a pseudonymous user and co-founder of the project, described Alpha as “a rollup that rolls up to another rollup that rolls up to Bitcoin.”
Cointelegraph interviewed Punk3700 to gain a better understanding of the developments behind the launch of this new Bitcoin-based social token network.
“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.”
According to Punk3700, the optimistic rollup layers work in tandem to provide security and efficiency for the deployment of decentralized applications.
“NOS is configured with a hybrid design that uses Bitcoin for data validity,” he said, “and then uses Polygon for data storage — in the end, we settle 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.”
Punk3700 stated that building Alpha in this way helps lower transaction fees for users. He emphasized that the platform is driven by its users and community, and it was developed and launched within just 48 hours.
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Punk3700 stated, “Alpha has a strong community-driven development approach.” He also mentioned an upcoming referral program that will allow users to earn 1% of their friends’ trading volume.
“This will encourage users to invite their friends into the platform and also inspire content creators to create more valuable content.”
Alpha operates by users purchasing tokens connected to content creators themselves, which grants access to exclusive content.
While Alpha is rapidly attracting new users, Friend.tech recently announced its decision to penalize users who utilize forks of copycat versions of its platform.
“To ensure that loyal users are rewarded fairly during our beta, users moving to forks and copies will automatically opt out of earning Points and forfeit existing points,” the company posted.
This announcement came shortly after critics declared the platform “dead” following a decline in key metrics such as user activity, inflows, and volume. Friend.tech also faced rumors of a data leak, which the company refuted, involving over 100,000 pieces of user’s personal data.
Additional reporting by Tom Mitchelhill
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