Web3 social platform raises $2 million in seed funding, launches beta version

A new emerging Web3 instant messaging and social platform recently announced that it will launch an invite-only beta version on December 2nd. The platform uses advanced end-to-end encryption technology to enable direct communication between wallets, providing users with a secure and decentralized experience.

The company recently completed a $2 million seed pre-round financing, with participation from several well-known investment institutions. This funding will be used to improve user experience and enhance platform functionalities. The company's CEO stated that the release of the beta version is an important step in providing a secure, reliable, and community-driven communication platform for the Web3 community. Their goal is not only to launch a product but also to usher in a new era of Web3 participation, even setting new standards for Web2 chat platforms.

In recent years, Web2 platforms have faced numerous challenges. Centralized control and ad-driven models often compromise user privacy, while inadequate verification systems lead to rampant impersonation issues, undermining trust among users. These platforms are also susceptible to data breaches and censorship, lacking transparency in data practices and encryption methods. In the first half of 2023, fraud losses reached as high as $334 million, a significant portion of which originated from traditional Web2 social media platforms, highlighting the urgent issue of current transparency and security deficiencies.

This new platform leverages blockchain technology to connect wallets directly with users, enhancing trust and security, allowing users to communicate with confidence. The platform's Communication Delivery Graph (DG) promotes decentralization and user data control, standing in stark contrast to Web2 platforms. Its innovative "Follow" feature not only simplifies contact list management but also provides a unique way to track and discuss wallet activities, playing a key role in verifying user identities.

The platform has also designed a user interaction points mechanism that allows users to accumulate shares in the chat room based on their positive contributions. The higher the participation, the more shares in the chat room, ensuring a fair distribution of chat room revenue (including entry fees) among members. These points can be exchanged for future airdrops, access to premium features, or gifted to other users to foster a sense of community. Additionally, the "Discover" feature connects users to relevant communities through wallet analysis, enhancing the social network within the Web3 space.

This emerging platform is dedicated to providing secure, decentralized wallet-to-wallet communication services for the Web3 community. It emphasizes user privacy, security, and engagement, and as a community-driven platform, it rewards active participation and contribution, redefining the way social interactions occur in the digital age.