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5Degrees

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News

Payward to Acquire Saldo Bank for European Banking Expansion

Payward, the parent company of Kraken, plans to acquire Lithuania-based Saldo Bank to enhance its banking capabilities and integrate banking products with crypto services.
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Maria Fernandez

Germany's Sparkassen Group Begins Cryptocurrency Trading Rollout

Germany's Sparkassen savings bank group is starting a phased rollout of cryptocurrency trading within its existing banking app, beginning on October 19, 2023.
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Gustavo Mendoza

CME Group to Launch Bitcoin Cash and Uniswap Futures on October 19

CME Group has scheduled the introduction of Bitcoin Cash and Uniswap futures for October 19, providing institutional traders with more cryptocurrency markets.
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Rajesh Kumar

What is 5Degrees?

5Degrees — a Web3 social networking protocol, deployed on a multi-chain. It aims to allow content creators to connect with their communities and friends via an ERC-1155 compliant token, creating a simple and easy-to-use, permission-free, composable, user-owned decentralized social network.

Contents:

5Degrees - dapp.expert

About the 5Degrees project

5Degrees — a Web3.0 social networking protocol and the team aims to focus on Profile+Follow. At the beginning of the development of the 5Degrees protocol, the developers believed that if the NFT representing user relationships could be transmitted arbitrarily, it could lead to abnormal user relationships. Therefore, some restrictions have been introduced to minimize the creation of invalid relationships. In other words, the NFT transfer can only take place between you and your fan who has subscribed to you on 5Degrees. It also highlights the social relationship between you.

To make the protocol easy to use, permissionless and composable, the team decided to build it within the existing ERC protocol.5Degrees

Being compliant with the ERC-1155 standard, it can be easily implemented into any Web3.0 protocol or business that supports ERC-1155, allowing more layout options for the current DEFI. An integrated protocol application can quickly support this protocol if it supports the ERC-1155 protocol.

Other features:

1 The 5Degrees protocol is completely open source and the protocol needs to be created by a large number of developers.
2 You no longer have to struggle with accessing user relationships.
3 Just focus on improving your product with a network of user interactions without permission.

The NFT profile is the main entity in the 5Degress protocol. You can take control of all contents of your NFT. Each individual address may have its own profile, and each address may have multiple NFT profiles other than the address itself.

The NFT profile follows the EIP-1155 metadata format. You can easily set your avatar, nickname, Twitter account, email address, profiles and so on. Any format is supported for your avatar. It could just be a link to an image or an NFT.

More about defi app

The "Subscribe" feature in 5Degrees is quite different from the Web2.0 social products feature. In the 5Degrees protocol, when a user follows a creator, they can simultaneously receive the creator's personal NFT. Various creators and communities can code it and even add value to it. The Follow NFT ID is serialized to the address of the creator, which ensures that the NFT ID is unique.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.