Web3 social platform secures $2 million in funding, testing version to launch in December

A platform focused on Web3 instant messaging and social networking recently announced that it will launch an invite-only beta version on December 2, 2023. The platform uses advanced end-to-end encryption technology to enable seamless 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 functionalities.

The company's CEO stated: "The release of the beta version is an important step for us to provide a secure, reliable, community-owned communication platform for the Web3 community. We are not just launching a product; we are ushering in a new era of Web3 participation and even setting new standards for Web2 chat platforms. We will focus on collecting user feedback and continuously improving the platform to meet user needs and our vision for the future."

In recent years, Web2 platforms have faced numerous challenges. Centralized control and advertising-driven models often harm user privacy, while weak authentication systems lead to a proliferation of impersonation, undermining trust among users. Moreover, these platforms are also susceptible 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 originated from traditional Web2 social platforms, highlighting the urgency of transparency and security issues.

This emerging Web3 platform utilizes blockchain technology to directly link wallets with users, enhancing trust and security, allowing users to communicate confidently. The platform's Communication Delivery Graph (DG) facilitates decentralization and user data control. The innovative "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 allows users to earn points through interaction, accumulating chat room shares based on active contributions. The higher the user engagement, the more chat room shares are obtained, ensuring that the revenue generated by the chat room (including entrance 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. Additionally, the "Discover" feature connects users to relevant communities through wallet analysis, ensuring that users are aware of their communication partners.

This new platform aims to provide secure and decentralized wallet-to-wallet communication for the Web3 community. It emphasizes user privacy, security, and engagement, redefining how users connect and interact in the digital age as a platform owned by the community.