In a world where censorship is growing and the right to privacy is being undermined, Web3 — the next iteration of the world wide web — looks to some like the solution users of online platforms are waiting for. As some pioneering Web3 products and solutions have demonstrated, when users are in control, there are fewer incidents of breaches or unsanctioned use or transfer of their data.
Decentralized Communication Finance (Dcfi)
Building on this success, some Web3 startups are now attempting to create solutions that make it possible to combine decentralized finance and decentralized communications. One of such startup, Pravica Club — an Egypt-based Web3 firm — recently launched such a messaging platform.
According to the startup’s co-founder and chief executive officer, Mohamed Abdou, Pravica Club — a Web3 messaging, self-custody, decentralized identity and blockchain-enabled conversations app — gives users an “opportunity to build their communities in a safe place.”
Abdou told Bitcoin.com News how Pravica Club’s eternal message and crypto payments functions make the app competitive. In addition to sharing information on the messaging app, the co-founder gave his perspective on crypto regulations and the emergence of the United Arab Emirates (UAE) as a blockchain and crypto hub.
Below are Abdou’s written responses to questions sent to him.
Bitcoin.com News (BCN): You recently launched a decentralized communication finance (dcfi) platform that you call Pravica Club. Can you explain what this “dcfi” is all about and why you think such a platform is needed?
Mohamed Abdou (MA): Dcfi is a new rising term in the crypto space and explains the nature of platforms that enable decentralized communication and decentralized finance under one platform to service a wide range of users.
Pravica Club totally fits under this term, we enable private, decentralized and secure messaging that is end-to-end encrypted with the user’s owned encryption keys. Our users are using their own decentralized identities (DIDs) to log in to Pravica Club without any need for a username/password, mobile number or email, for example, yourName. ETH or yourName. BTC and so on.
We are giving people in the Web3 era the opportunity to build their communities in a safe place and can earn from multiple channels like Value Weighted Messages (VWM), where community members are enabled to not only like posts but also to “value” the post with a small fraction of…
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