Favoom Launches First Fully Decentralised SocialFi Platform

Summary:
• Favoom is built on Coinbase's Ethereum Layer 2 chain BASE and it offers social media experience integrated with access to the crypto market.

Favoom, a social media platform built on the BASE blockchain, has launched the world’s first fully decentralised social media service that integrates with Web3. This innovative platform combines digital networking with the advantages of blockchain technology. The platform has prioritised the protection of user privacy, giving users more say over their data, and making it easier to monetize their content.

An all-encompassing social media ecosystem

Favoom is an all-inclusive platform that lets users choose the exact communities they would like to interact with, based on factors like tokens, discussion topics, and languages. Through the integration of Web3 and cryptocurrencies, the decentralised platform offers a distinctively empowering ecosystem for its expanding user base. In addition, its users can store, pay with, and transfer fiat currency and over 2 million digital assets on the crypto market, expanding utility.

The BASE Network-based platform offers attractive content monetization potential and places an emphasis on user privacy and data control in an effort to compete with Facebook, Telegram, and Twitter.

Among Favoom’s many deployed products are Post-to-Earn (P2E) and Refer-to-Earn (R2E), and users can access them using the platform’s utility token, FAV. Furthermore, this allows users to earn tokens by just using the platform. Additionally, users can engage in multiple low-cost transactions on the platform, thanks to its foundation on the BASE Network, an Ethereum Layer-2 network created by Coinbase.

As a break from the governance systems of popular social networks like Facebook and Twitter, Favoom has been fully decentralised. This means it is free from the control of central authority, and users have full control over their data and how it is used with Favoom, which helps alleviate the increasing fears about data privacy.

There is no fear of censorship or prohibitions on this platform, so users can post whatever they want. In addition to discovering new features and options, users can participate in discussions similar to the way they do on popular social media platforms.