Web3 social platform secures $2 million in funding, plans to launch a beta version in December

A new emerging Web3 instant messaging and social platform has recently announced that it will launch an invite-only beta version on December 2, 2023. The platform utilizes 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 pre-seed funding round led by several well-known investment institutions. This funding will be used to enhance user experience and improve platform functionality. The company's CEO stated that the release of the Beta version is an important step in providing a secure, reliable, and community-owned 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 and even set new standards for Web2 chat platforms.

In recent years, Web2 platforms have faced numerous challenges. Centralized control and ad-driven models often undermine user privacy, while inadequate authentication systems lead to rampant impersonation, eroding trust among users. These platforms are also vulnerable to data breaches and censorship, lacking transparency in data practices and encryption methods. In the first half of 2023, the amount of fraud reached as high as $334 million, a significant portion of which is related to traditional Web2 social media platforms, highlighting the severity of security and transparency issues.

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

The platform has also introduced an innovative user incentive mechanism. Users can earn points through interaction and accumulate shares in the chat room based on their positive contributions. The higher the participation, the more shares in the chat room, ensuring that any revenue (including entry fees) is fairly distributed among members. Points can be redeemed for future airdrops, access to premium features, or donated to other users to foster community awareness. In addition, the "Discover" feature connects users to relevant communities through wallet analysis, enhancing the network effects in the Web3 space.

This emerging platform is tailored for the Web3 community, emphasizing user privacy, security, and engagement. As a community-owned platform, it redefines the way users connect and interact in the digital age by rewarding active participation and contributions.