In a world where censorship is on the rise and the right to privacy is being violated, 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 leading Web3 products and solutions have demonstrated, when users are in control, their data is less likely to be compromised or used or transferred without permission.
Decentralized Communications Finance (Dcfi)
Building on this success, some Web3 startups are now trying to create solutions that enable the integration of decentralized finance and decentralized communications. One such startup, Pravica Club – an Egypt-based Web3 firm recently launched such a messaging platform.
According to Mohamed Abdou, the startup’s co-founder and CEO, Pravica Club – a Web3 messaging, self-protection, decentralized identity and blockchain-powered chat app – enables users to “build their communities in a safe place”.
Abdou told Bitcoin.com News how Pravica Club’s timeless message and crypto payments features make the app competitive. In addition to sharing information about the messaging app, the co-founder shared his perspective on crypto regulations and the emergence of the United Arab Emirates (UAE) as a blockchain and cryptocurrency 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. What is this “dcfi” and why do you think such a platform is needed?
Mohamed Abdu (MA): Dcfi is a newly emerging term in the cryptocurrency space and describes the nature of platforms that enable decentralized communication and decentralized finance under one platform to serve a wide range of users.
Pravica Club fully lives up to this term, we enable private, decentralized and secure messaging encrypted end-to-end with user-specific encryption keys. Our users use their own Decentralized Identifier (DID) to access Pravica Club without the need for a username/password, mobile number or email, for example yourName. ETH or Your Name. BTC etc.
We enable people in the Web3 era to build their communities in a safe place and earn from multiple channels, such as Value-Weighted Messages (VWM), which allow community members to not only like posts, but also “rate” a post. with a small portion of cryptocurrency to show gratitude to whoever posted it.
Also, community builders can earn bitcoins by providing reward features to community members and followers who pool (without staking) for a certain amount of cryptocurrency tokens and forward the rewards to the community owners.
BCN: According to your company’s recent blog post, the messaging platform comes with a so-called “perpetual message” feature. How does this feature make your platform different or better than centralized messaging platforms?
MA: We all know that every message using any messaging app like WhatsApp or Telegram is stored on servers owned and controlled by the service provider. What if you want to keep a part of your conversation forever, even when you stop using the service? In the web2 world there is no way to do this, but in web3 and using smart contracts, people can take part of a conversation and put it in plain text on the chain, which will become one. a single transaction ID that will last forever on the blockchain that you can share with anyone and verify and show as proof of the conversation.
It is a message that can never be deleted or changed and is in NFT [non-fungible token] format that allows its owners to perhaps one day benefit from it.
So, for example, if Vitalik Buter announced the success of the Ethereum merger and shared it with his community through the Pravica Club, the announcement of the success itself could become an eternal message, and maybe 100 years from now, this message would have value and appear on the blockchain, not in the history books.
BCN: Based on your recent announcement, users of the Dcfi platform can also send cryptocurrency payments. Can you shed more light on this?
MA: Since you’re already verified with your crypto wallet, you’ll have direct access to 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. No need to leave the chat session, then ask the other party for their crypto address and go to your crypto wallet to complete the transaction, instead of this lengthy process, you can easily complete the task with just one click. Thanks to web3.
BCN: Your company is based in Egypt, where monetary authorities have recently reiterated their opposition to cryptocurrencies. In addition, there are well-known figures such as Egyptian billionaire Naguib Sawiris who have condemned cryptocurrencies such as bitcoin. How does this affect or affect your attempt to encourage Pravica Club users living in Egypt to use cryptocurrencies as a payment method?
MA: This is a great question. Thank you for your attention to this matter. 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 use the power of blockchain technology to solve these problems, but we do not promote any cryptocurrencies or use tokens, and we have not issued any tokens for use in our tools and services.
So, given that we work within the guidelines set by the Egyptian regulator, there is no problem. If there is any service that deals directly with any cryptocurrency, we warn our users to make sure they follow the rules of where they are from.
Pravica is a global product and it is not dedicated to any specific country or region, we benefit from and pride ourselves on being in Egypt by hiring great talent and leveraging cost efficiencies when it comes to cost of operations. Be the only company from Egypt that started working in the field of blockchain three years ago and is still operating despite all the difficulties.
BCN: Do you think there are more Egyptians accepting cryptocurrencies today than, say, four years ago (2018) when the central bank warned against using them?
MA: I don’t have confirmed statistics on this point, but as I follow industry news, I read an article a few months ago that indicated that about 2% of the population in Egypt (over 2 million people) owns cryptocurrency. I don’t know if it’s a real number or not.
I personally believe that Egypt is no different from the rest of the world and more and more people are starting to adopt crypto, this is one of the reasons why we built the full web3 crypto Pravica Club platform, because if [there are users] Those who are not involved in cryptocurrency today will be tomorrow.
BCN: While many regulators from the Middle East and North Africa (MENA) region generally take a very conservative approach to cryptocurrencies and blockchain, those from the UAE have largely embraced the technology. As a result, the UAE has emerged as a hub for cryptocurrency and blockchain startups in the MENA region. What do you think the emergence of the UAE as a cryptocurrency 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 working aggressively towards the adoption of the technology and this encouraged us at Pravica to register under DMCC, the UAE cryptocurrency hub.
The UAE is pioneering and adopting blockchain technology in the region by issuing regulations that govern how people interact with the technology, and I believe many countries will follow suit. necessary rules governing how people deal with crypto and virtual assets.
Ultimately, cryptocurrency is here to stay and the sooner you can adopt it as a country, the more profit you will make. We will continue to expand our offering and geographic presence at Pravica and are currently looking to raise a seed round of US$5 million.
Register your email here to receive a weekly update of Africa news delivered to your inbox:
What are your thoughts on this interview? Let us know what you think in the comment section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Refusal: This article is for informational purposes only. This is not a direct offer or an offer to buy or sell or a recommendation or endorsement of any products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or use of any content, goods or services mentioned in this article. .