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Alpha, a Bitcoin-based social token platform, launches as a decentralized alternative to Friend.tech
The Bitcoin network has launched its own community-based social token ecosystem with the emergence of a new project called Alpha.
Alpha is a decentralized social network protocol similar to the Ethereum-based platform Friend.tech. It enables users to monetize their online personas and content creation through 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 BitcoinGet Alpha Now: https://t.co/V7GX7UReQ4 pic.twitter.com/q6j4IrGic7
— New Bitcoin City (@NewBitcoinCity) September 16, 2023
Unlike Friend.tech, Alpha utilizes a different technical architecture. Finality is anchored on the Bitcoin blockchain, while the Polygon blockchain is used for data storage. The project also employs Trustless Computer, its own scaling network for Bitcoin.
One of the project’s co-founders is a pseudonymous user known as Punk3700, who described Alpha’s structure as “a rollup that rolls up to another rollup that rolls up to Bitcoin.”
Cointelegraph spoke with Punk3700 to gain a deeper understanding of the developments behind the launch of this 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.”
He stated that the optimistic rollup layers “work in tandem” to provide security and efficiency for the environment used to deploy decentralized applications.
“NOS is configured with a hybrid design that uses Bitcoin for data validity,” he explained, “and then uses Polygon for data storage — in the end, we settle on Bitcoin.”
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“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.”
According to Punk3700, this architectural approach benefits users by lowering transaction fees. He noted that users and the community are the primary drivers for the Alpha platform’s creators, who developed and launched the project in just 48 hours.
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“Alpha has a strong community-driven development approach,” Punk3700 said. He mentioned that a new referral program is currently being built, which will allow users to earn 1% of their friends’ trading volume.
“This will encourage users to invite their friends into the platform and also will inspire content creators to create more valuable content.”
On Alpha, users purchase tokens linked to specific content creators, which grant access to exclusive content.
While Alpha is rapidly attracting new users since its launch, Friend.tech recently announced on X (formerly Twitter) that it would penalize users who migrate to forked or copycat versions of its platform.
“To make sure 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 followed reports from critics who declared the platform “dead” due to a slump in key metrics, including user activity, inflows, and trading volume. Friend.tech also faced rumors of a data leak involving over 100,000 users’ personal data, which the company refuted.
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