New: What is Farcaster, and why did a16z value it at 1 billion dollar?

#Farcaster is a decentralised social network that has seen significant growth recently, with currently around 80k daily active users. The network has strong ties with crypto and Ethereum. They got an investment of $150M recently by (among others) a16z.

I take a closer look at how Farcaster works, and why some crypto VCs think its worth a billion dollars.