2 years ago
In a satellite wherever censorship is increasing and the close to privateness is being undermined, Web3 — the adjacent iteration of the satellite wide web — looks to immoderate similar the solution users of online platforms are waiting for. As immoderate pioneering Web3 products and solutions person demonstrated, erstwhile users are successful control, determination are less incidents of breaches oregon unsanctioned usage oregon transportation of their data.
Decentralized Communication Finance (Dcfi)
Building connected this success, immoderate Web3 startups are present attempting to make solutions that marque it imaginable to harvester decentralized concern and decentralized communications. One of specified startup, Pravica Club — an Egypt-based Web3 steadfast — precocious launched specified a messaging platform.
According to the startup’s co-founder and main enforcement officer, Mohamed Abdou, Pravica Club — a Web3 messaging, self-custody, decentralized individuality and blockchain-enabled conversations app — gives users an “opportunity to physique their communities successful a harmless place.”
Abdou told Bitcoin.com News however Pravica Club’s eternal connection and crypto payments functions marque the app competitive. In summation to sharing accusation connected the messaging app, the co-founder gave his position connected crypto regulations and the emergence of the United Arab Emirates (UAE) arsenic a blockchain and crypto hub.
Below are Abdou’s written responses to questions sent to him.
Bitcoin.com News (BCN): You precocious launched a decentralized connection concern (dcfi) level that you telephone Pravica Club. Can you explicate what this “dcfi” is each astir and wherefore you deliberation specified a level is needed?
Mohamed Abdou (MA): Dcfi is simply a caller rising word successful the crypto abstraction and explains the quality of platforms that alteration decentralized connection and decentralized concern nether 1 level to work a wide scope of users.
Pravica Club wholly fits nether this term, we alteration private, decentralized and unafraid messaging that is end-to-end encrypted with the user’s owned encryption keys. Our users are utilizing their ain decentralized identities (DIDs) to log successful to Pravica Club without immoderate request for a username/password, mobile fig oregon email, for example, yourName. ETH oregon yourName. BTC and truthful on.
We are giving radical successful the Web3 epoch the accidental to physique their communities successful a harmless spot and tin gain from aggregate channels similar Value Weighted Messages (VWM), wherever assemblage members are enabled to not lone similar posts but besides to “value” the station with a tiny fraction of crypto tokens to amusement appreciation to the 1 who posted it.
Also, assemblage builders tin gain bitcoin by introducing premium features to the assemblage members and followers who bash stacking (not staking) for a definite magnitude of crypto tokens and redirect the rewards to the assemblage owners.
BCN: According to your company’s caller blog post, the messaging level comes with the alleged “eternal message” feature. How does this diagnostic marque your level antithetic oregon amended than the centralized messaging platforms?
MA: We each cognize that utilizing immoderate messaging app similar WhatsApp oregon Telegram, each connection is stored connected servers that are owned and controlled by the work provider. What if you privation to prevention a portion of speech successful specified a mode that it stays everlastingly adjacent erstwhile you halt utilizing the service? In the web2 world, determination is nary mode to bash it, but successful the web3 and by utilizing astute contracts, radical tin instrumentality a portion of speech and enactment it successful plain substance connected the chain, this portion of speech volition beryllium converted into a 1 azygous transaction ID that you tin stock it with anyone and volition enactment everlastingly connected the blockchain wherever you tin verify it and amusement it arsenic a proof-of-chat.
It is simply a connection that tin ne'er beryllium deleted oregon changed and it is successful an NFT [non-fungible token] format that allows the owners to possibly 1 time payment from it.
So for example, erstwhile Vitalik Buterin announced the occurrence of the Ethereum merge, and if helium had shared this with his assemblage via Pravica Club, the precise connection announcing the occurrence could beryllium made into an eternal connection and possibly 100 years from now, this connection volition person a worth and tin beryllium seen not successful past books but connected the blockchain.
BCN: Based connected what you said successful a caller statement, users of the Dcfi level are besides capable to nonstop crypto payments. Can you shed much airy connected this?
MA: As you are already authenticated with your crypto wallet, you volition person the quality to interact with your crypto assets straight portion you are chatting. This phenomenal diagnostic allows our users to nonstop and person crypto assets portion they are chatting, and we telephone this diagnostic CASH_TAG. You don’t request to permission the chatting league and past inquire the different broadside for his crypto code and spell to your crypto wallet to implicit a transaction, alternatively of this agelong process, conscionable successful a substance of clicks you tin bash the task easily. Thanks to web3.
BCN: Your institution is based successful Eygpt, wherever monetary authorities precocious reiterated their absorption to cryptocurrencies. In addition, you person salient individuals similar Egyptian billionaire Naguib Sawiris denouncing cryptocurrencies similar bitcoin. How does this interaction oregon impact your effort to promote the usage of cryptocurrencies arsenic a outgo method by Egypt-based users of Pravica Club?
MA: This is simply a large question. Thank you for shining a spotlight connected this issue. Pravica is simply a institution that is registered successful Egypt, UAE and USA, our ngo is to lick a immense occupation erstwhile it comes to information privacy. Yes we are utilizing the powerfulness of blockchain exertion to tackle these issues yet we bash not beforehand immoderate cryptocurrency and we don’t run utilizing tokens and we didn’t contented immoderate token to beryllium utilized successful our tools and services.
So, fixed that we are moving wrong the guidelines acceptable by the Egyptian regulator determination is nary occupation astatine all. If determination is immoderate work that deals straight with immoderate crypto asset, we are informing our users to marque definite that they are pursuing the regulations wherever they are from.
Pravica is simply a planetary merchandise and it is not dedicated to immoderate circumstantial state oregon region, we are taking the vantage of being successful Egypt by hiring large talents and utilizing the outgo ratio erstwhile it comes to the outgo of operations, and we are precise arrogant to beryllium the lone institution from Egypt that started to enactment successful the blockchain abstraction since 3 years agone and inactive operating contempt the full challenges.
BCN: In your opinion, are determination much Egyptians embracing cryptocurrencies contiguous than, say, 4 years agone (2018) erstwhile the cardinal slope initially warned against utilizing them?
MA: I don’t person confirmed statistic astir this point, but arsenic I americium pursuing the quality astir the industry, I work an nonfiction from months agone indicating that Egypt has astir 2% of the colonisation owning crypto (more than 2 cardinal people), I don’t cognize if it is simply a close fig oregon not.
Personally, I judge that Egypt is not antithetic from the remainder of the world, and much and much radical are starting to clasp crypto, that is 1 of the reasons we built a afloat web3 crypto autochthonal Pravica Club platform, due to the fact that if [there are users] contiguous that are not into crypto, time they volition be.
BCN: While galore regulators from the Middle East and North Africa (MENA) portion person mostly adopted a precise blimpish attack towards cryptocurrencies and blockchain, those from the UAE person mostly embraced the technology. As a result, the UAE has emerged arsenic a hub for crypto and blockchain startups successful the MENA region. In your opinion, what does the emergence of the UAE arsenic a hub for crypto and blockchain accidental astir the country’s attack to the regularisation of cryptocurrencies?
MA: I judge that this is the champion mode to follow and utilize this large technology. UAE is moving aggressively toward the exertion adoption and this is what encouraged america astatine Pravica to registry successful UAE nether DMCC, crypto centre.
The UAE is pioneering and adopting the blockchain exertion successful the portion by issuing regulations that signifier the mode radical are dealing with the exertion and I judge that a batch of countries volition follow, I spot determination is simply a large inaugural nowadays successful Saudi Arabia to statesman issuing the needed regulations that signifier the mode radical are dealing with crypto and virtual assets.
Finally, crypto is present to enactment and arsenic accelerated arsenic you tin follow it arsenic a country, arsenic max the summation you volition earn. We astatine Pravica volition proceed to grow our offering and our geographical beingness and are presently looking to rise a effect circular of $5 million.
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