In a world where censorship is on the rise and the right to privacy is undermined, Web3, the next iteration of the World Wide Web, seems to some to be the solution that users of online platforms have been waiting for. As some state-of-the-art Web3 products and solutions have shown, when users are in control, there are fewer incidents of breach or unauthorized use or transfer of their data.
Decentralized Finance Communication (DCFI)
Building on this success, some Web3 startups are now attempting to create solutions that allow for the combination of decentralized finance and decentralized communications. One such startup, Pravica Club, a Web3 company based in Egypt, recently launched such a messaging platform.
According to the startup’s co-founder and CEO, Mohamed Abdou, Pravica Club, a Web3 messaging app, self-custody, decentralized identity and blockchain-enabled conversations, offers users “the opportunity to build their communities in a safe place”.
Abdou told Bitcoin.com News how Pravica Club’s eternal message and crypto payment features make the app competitive. In addition to sharing information about the messaging app, the co-founder expressed his views on crypto regulations and the emergence of the United Arab Emirates (UAE) as a blockchain and crypto hub.
Below are Abdou’s written answers to the questions sent to him.
Bitcoin.com News (BCN): You recently launched a decentralized communications funding platform (dcfi) that you call the Pravica Club. Can you explain what this “dcfi” is about and why do you think such a platform is needed?
Mohamed Abdou (MA): DCFI is a new term emerging in the crypto space and explains the nature of platforms that enable decentralized communication and decentralized finance under a single platform to serve a wide range of users.
Pravica Club fits this term perfectly, we enable end-to-end encrypted private, decentralized and secure messaging with user-owned encryption keys. Our users use their own decentralized identities (DIDs) to log into the Pravica Club without the need for a username / password, mobile number or email such as your Name. ETH or your name. BTC and so on.
We are offering people in the age of the Web3 the opportunity to build their communities in a safe place and they can earn from multiple channels such as Value Weighted Messages (VWM), where community members are enabled not only to like people. post but also to “evaluate” the post with a small fraction of cryptographic tokens to show appreciation to those who have published it.
Additionally, community builders can earn bitcoins by introducing premium features to community members and followers who stack (not staking) for a certain amount of crypto tokens and redirect rewards to community owners.
BCN: According to your company’s recent blog post, the messaging platform has a so-called “eternal message” feature. How does this feature make your platform different or better than centralized messaging platforms?
BUT: We all know that by using any messaging app like WhatsApp or Telegram, every message is stored on servers owned and controlled by the service provider. What if you want to save a piece of conversation so that it stays forever even when you stop using the service? In the web2 world there is no way to do this, but in the web3 and using smart contract, people can take a conversation piece and put it plain on the chain, this conversation piece will be converted to a single transaction ID that you can share with anyone and it will stay on the blockchain forever where you can verify it and show it as chat proof.
It is a message that can never be deleted or changed and is in an NFT [non-fungible token] format that allows owners to perhaps benefit from it someday.
So, for example, when Vitalik Buterin announced the success of the Ethereum merger, and if he shared it with his community via the Pravica Club, the same statement announcing the success could be turned into an everlasting message and possibly in 100 years, this message will have value and can be seen not in the history books but on the blockchain.
BCN: Based on what you said in a recent statement, users of the DCFI platform can also send payments in cryptocurrencies. Can you shed more light on this?
BUT: Since you are already authenticated with your crypto wallet, you will have the ability to interact with your crypto assets directly while you are chatting. This phenomenal functionality allows our users to send and receive crypto assets while they are chatting and we call this CASH_TAG function. There is no need to log out of the chat session and then ask the other party for their crypto address and go to your crypto wallet to complete a transaction, instead of this long process, in just a few clicks you can get the task done easily. Thanks to web3.
BCN: Your company is based in Eygpt, where monetary authorities recently reiterated their opposition to cryptocurrencies. Plus, you have prominent personalities like Egyptian billionaire Naguib Sawiris who denounce cryptocurrencies like bitcoin. How does this affect or affect your attempt to encourage the use of cryptocurrencies as a payment method by Egypt-based Pravica Club users?
BUT: This is a very good question. Thank you for putting the spotlight on this issue. Pravica is a company registered in Egypt, UAE and USA, our mission is to solve a big problem when it comes to data privacy. Yes, we are using the power of blockchain technology to address these issues, but we do not promote any cryptocurrency and we do not operate using tokens and have not released any tokens for use in our tools and services.
So, since we are working within the guidelines set by the Egyptian regulator, there is no problem. If there is a service that deals directly with any crypto assets, we warn our users to make sure they follow the regulations they come from.
Pravica is a global product and is not dedicated to any specific country or region, we are reaping the benefit of being in Egypt by hiring great talent and using cost efficiency when it comes to operating costs, and we are very proud to be the only one Egyptian company that started working in the blockchain space for three years and that still operates despite all the challenges.
BCN: In your opinion, are there more Egyptians embracing cryptocurrencies today than, say, four years ago (2018) when the central bank initially warned against their use?
BUT: I have no confirmed statistics on this point, but as I follow the industry news, I read an article from months ago which indicated that Egypt has about 2% of the population owning cryptocurrencies (more than 2 million people), I have not I know if it’s a correct number or not.
Personally, I believe that Egypt is no different from the rest of the world, and more and more people are starting to embrace cryptocurrencies, this is one of the reasons why we have built a fully web3 native Pravica Club platform for cryptocurrencies, because if [there are users] today they are not in cryptocurrencies, tomorrow they will be.
BCN: While many regulators in the Middle East and North Africa (MENA) region have generally taken a very conservative approach towards cryptocurrencies and blockchain, those in the UAE have broadly embraced the technology. As a result, the UAE has emerged as a hub for cryptocurrency and blockchain startups in the MENA region. In your opinion, what does the emergence of the UAE as a hub for cryptocurrencies and blockchain say about the country’s approach to cryptocurrency regulation?
BUT: I believe this is the best way to adopt and use this great technology. The UAE is aggressively racing towards the adoption of the technology and this is what encouraged us in Pravica to register in the UAE under DMCC, the crypto center.
The UAE is pioneers and adopts blockchain technology in the region by enacting regulations that organize how people approach the technology and I believe many countries will follow, I see there is a big initiative in Saudi Arabia nowadays for start issuing the necessary regulations that organize how people manage cryptographic and virtual assets.
Finally, cryptocurrency is here to stay and as fast as possible to adopt it as a country, to maximize the income you will earn. We at Pravica will continue to expand our offering and geographic presence and are currently looking to raise a $ 5 million seed round.
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