In a world where censorship is on the rise and the right to privacy is being eroded, Web3 – the next iteration of the World Wide Web – seems to some to be the solution that online platform users are waiting for. As some pioneering Web3 products and solutions have demonstrated, there are fewer incidents of security breaches or unauthorized use or transfer of their data when users are in control.
Decentralized Communications Finance (DCFI)
Building on this success, some Web3 startups are now trying to create solutions that make it possible to combine decentralized finance and decentralized communication. One such startup, Pravica Club – an Egypt-based Web3 company – recently launched such a messaging platform.
According to the startup’s co-founder and CEO, Mohamed Abdou, Pravica Club — a Web3 app for messaging, self-custody, decentralized identity, and blockchain-enabled conversations — offers users the “opportunity to build their communities in one secure place.”
Abdou told Bitcoin.com News how Pravica Club’s perpetual messaging and crypto payment features make the app competitive. Along with 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 communications finance (dcfi) platform that you call Pravica Club. Can you explain what this ‘dcfi’ is about and why you think such a platform is needed?
Mohamed Abdou (MA): Dcfi is a new emerging term in the crypto space and explains the nature of platforms that enable decentralized communication and funding under one platform to cater to a wide range of users.
Pravica Club fits perfectly under this term, we enable private, decentralized and secure messaging encrypted end-to-end with the user’s own encryption keys. Our users use their own Decentralized Identities (DIDs) to log into Pravica Club without requiring a username/password, mobile number or email address e.g. B. YourName. ETH or your name. BTC and so on.
We empower people in the Web3 era to build their communities in one safe place and earn from multiple channels like Value Weighted Messages (VWM), where community members not only like posts, but also rate them ‘ can be used with a small fraction of crypto tokens to show appreciation to whoever posted it.
Also, community builders can earn bitcoin by rolling out premium features for the community members and followers who stack (not stake) for a certain amount of crypto tokens and forward the rewards to the community owners.
BCN: According to your company’s recent blog post, the messaging platform has what’s called the “Eternal Message” feature. How does this feature make your platform different or better than the centralized messaging platforms?
MA: We all know that with 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 conversation so that it stays forever even if you stop using the service? In the web2 world there is no way to do this but in the web3 and through the use of smart contracts people can take a conversation and put it up the chain in plain text, that conversation is converted into a one a single transaction ID that you can share with anyone and stays on the blockchain forever where you can verify it and show it as proof of chat.
It’s a message that can never be deleted or changed, and it’s in an NFT [non-fungible token] Format that allows owners to perhaps benefit from it one day.
For example, when Vitalik Buterin announced the success of the Ethereum merger and he would have shared this with his community via the Pravica Club, the very statement announcing the success could become an eternal message and maybe in 100 years this message will be one Have value and cannot be seen in history books but on the blockchain.
BCN: Based on what you recently said in a statement, Dcfi platform users can also send crypto payments. Can you shed some light on that?
MA: Because you are already authenticated with your crypto wallet, you have the ability to directly interact with your crypto assets while chatting. This phenomenal feature allows our users to send and receive crypto assets while chatting and we call this feature CASH_TAG. You don’t have to leave the chat session and then ask the other side for their crypto address and go to your crypto wallet to complete a transaction instead of this long process, just few clicks you can easily complete the task. Thanks to web3.
BCN: Your company is based in Egypt, where monetary authorities recently reiterated their opposition to cryptocurrencies. On top of that, you have prominent figures like Egyptian billionaire Naguib Sawiris denouncing cryptocurrencies like Bitcoin. How does this affect your attempt to promote the use of cryptocurrencies as a payment method by Egypt-based Pravica Club users?
MA: That’s a great question. Thank you for bringing this topic into the spotlight. Pravica is a company registered in Egypt, UAE and USA. Our mission is to solve a big problem related to privacy. Yes, we harness the power of blockchain technology to address these issues, but we do not mine or token cryptocurrency, and we have not issued any tokens to be used in our tools and services.
So since we are working within the guidelines of the Egyptian regulator, there is no problem at all. If there is a service that deals directly with a crypto asset, we caution our users to ensure they follow the regulations of their place of origin.
Pravica is a global product and not dedicated to any specific country or region. We take advantage of being in Egypt by hiring great talent and taking advantage of the cost efficiencies in terms of operating costs and we are very proud to be the only company from Egypt that has been working in the blockchain space for three years and despite the all the challenges is still active.
BCN: Do you think there are more Egyptians adopting cryptocurrencies today than say four years ago (2018) when the central bank first warned against using them?
MA: I don’t have any confirmed stats on this point, but while following the news about the industry, I read an article from months ago that says about 2% of the population owns crypto in Egypt (more than 2 million people), I know don’t know if it’s a real 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 accept crypto, that’s one of the reasons we built a fully web3 crypto native Pravica Club platform, because if [there are users] who are not into crypto today, will be tomorrow.
BCN: While many regulators from the Middle East and North Africa (MENA) region have generally taken a very conservative approach to cryptocurrencies and blockchain, those from the United Arab Emirates have largely embraced the technology. As a result, the UAE has emerged as a hub for crypto and blockchain startups in the MENA region. What do you think the UAE’s emergence as a crypto and blockchain hub says about the country’s approach to cryptocurrency regulation?
MA: I believe this is the best way to adopt and use this great technology. The UAE is aggressively adopting the technology and this has encouraged us at Pravica to register in the UAE under DMCC, crypto center.
The UAE is pioneering and adopting blockchain technology in the region by enacting regulations governing how people interact with the technology and I believe many countries will follow. I see that there is a great initiative in Saudi Arabia these days to start issuing the necessary regulations that govern how people deal with crypto and virtual assets.
After all, crypto is here to stay and as fast as you can adopt it as a country, so big is the profit you will earn. At Pravica, we continue to expand our offering and geographic footprint and are currently seeking to raise a seed round of $5 million.
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