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Decentralized Platforms Enable Users ‘to Build Their Communities in a Safe Place’ – Interview Bitcoin News

Decentralized Platforms Enable Users ‘to Build Their Communities in a Safe Place’ – Interview Bitcoin News

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In a world where censorship is increasing 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 users of online platforms have been waiting for. As some pioneering Web3 products and solutions have demonstrated, when users are in control, there are fewer security breaches or unauthorized access or transfer.

Decentralized Communication Finance (Dcfi)

Building on this success, some Web3 startups are now trying to create solutions that enable the combination of 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 messaging, self-care, distributed identity and blockchain-based chat app – gives users “an opportunity to build their communities in a safe place.”

Abdou told News how Pravica Club’s timeless message and crypto payment functionality make the app competitive. In addition to sharing information about the messaging app, the co-founder shared 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 responses to questions sent to him. 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 emerging term in the crypto space and explains the nature of platforms that enable decentralized communication and decentralized finance under one platform to serve a wide user base.

Pravica Club fits this term perfectly, we enable private, decentralized and secure communication that is end-to-end encrypted with user-owned encryption keys. Our users use their own Distributed Identities (DID) to log into Pravica Club without a username/password, mobile number or email address, for example yourName. ETH or your name. BTC and so on.

We allow people in the Web3 era to build their communities in a safe place and earn from multiple channels, such as Value Weighted Messages (VWM), where community members can not only like messages, but also “rate” a post. with a small fraction of crypto tokens to show appreciation to its sender.

Community builders can also earn bitcoins by introducing premium features to community members and followers who stake (not stake) a certain amount of crypto tokens and direct rewards to community owners.

BCN: According to your company’s recent blog post, the messaging platform has a so-called “forever message” feature. How does this feature make your platform different or better than centralized messaging platforms?

MA: We all know that 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 the conversation so that it remains forever, even if you stop using the service? In the web2 world it doesn’t work, but in web3 and using smart contracts people can take a piece of conversation and put it as plain text on a chain, that conversation is converted into a single transaction token that you can share with anyone and stays forever on the blockchain where you can verify it and show as its proof of conversation.

It is a message that can never be deleted or changed and it is in NFT [non-fungible token] in a form that allows owners to sometimes benefit from it.

So, for example, when Vitalik Buterin announced the success of the Ethereum merger, and if he had shared this with his community through the Pravica Club, already the statement announcing the success could be made an eternal message, and maybe 100 years from now this message will have value, and it can be seen not in the history books, but in the blockchain.

BCN: Based on what you said in a recent statement, Dcfi platform users can also send crypto payments. Can you shed more light on this?

MA: Since you are already authenticated with your crypto wallet, you have the opportunity to interact with your crypto assets directly during the conversation. This phenomenal feature allows our Users to send and receive crypto-resources while chatting, and we call this feature CASH_TAG. You don’t need to leave the chat session and then ask the other side for his crypto address and go to the crypto wallet to complete the transaction, instead of this long process, you can easily do the task in a few clicks. Thanks web3.

BCN: Your company is based in Egypt, where monetary authorities recently reiterated their opposition to cryptocurrencies. In addition, you have prominent figures such as Egyptian billionaire Naguib Sawiris denouncing cryptocurrencies such as bitcoin. How does this affect or affect your business to encourage the use of cryptocurrencies as a means of payment for users of Pravica Club in Egypt?

MA: This is a great question. Thanks for shining a spotlight on this issue. Pravica is a company registered in Egypt, United Arab Emirates and the United States whose mission is to solve a huge data protection problem. Yes, we use the power of blockchain technology to solve these problems, but we do not promote any cryptocurrencies, we do not use tokens, and we have not issued any tokens for use in our tools and services.

Since we work according to the guidelines set by the Egyptian regulatory authority, there is no problem. If any service deals directly with any crypto-asset, we caution our users to make sure they follow the rules where they come from.

Pravica is a global product and is not dedicated to any specific country or region. We take advantage of our presence in Egypt by hiring great talent and leveraging cost efficiency in operating costs, and we are very proud to be the only Egyptian company that started working in the blockchain space three years ago and is still operating despite all the challenges.

BCN: Do you think there are more Egyptians adopting cryptocurrencies today than, say, four years ago (2018), when the central bank initially warned against using them?

MA: I don’t have a confirmed statistic on this, but when I follow the news about the industry, I read an article months ago that about 2% of the Egyptian population owns crypto (over 2 million people). i don’t know if it’s the right 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 adopt crypto, this is one of the reasons why we built a fully web3 crypto native Pravica Club platform, because if [there are users] today that are not crypto, tomorrow they are.

BCN: While many regulators in the Middle East and North Africa (MENA) region have generally taken a very conservative approach to cryptocurrencies and blockchain, the UAE has 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 emergence of the UAE as a hub for crypto and blockchain says about the country’s approach to cryptocurrency regulation?

MA: I believe this is the best way to implement and utilize this great technology. The UAE is aggressively pushing towards adoption of the technology and this encouraged us at Pravica to register in the UAE under DMCC, the crypto hub.

The UAE is leading the way and adopting blockchain technology in the region by issuing regulations that regulate the way people deal with the technology, and I believe many countries will follow suit. I see that there is a great initiative in Saudi Arabia today to start publishing. the necessary regulations that organize the way people deal with crypto and virtual assets.

Finally, crypto is here to stay and as fast as you can adopt it as a country, the maximum profit you will earn. At Pravica, we continue to expand our offering and geographic presence and are currently looking to raise a $5 million seed round.

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Tags in this story

blockchain technology, BTC, cryptoassets, cryptocurrencies, decentralization, decentralized communication finance, decentralized identity, DMCC cryptocenter, Naguib Sawiris, Pravica Club, proof of chat, Web3

What do you think of this interview? Let us know what you think in the comment section below.

Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, writer and author. He has written extensively on the economic problems of some African countries and how digital currencies can provide Africans with an escape route.

The authors of the picture: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for information only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or endorsement of any product, service or company. does not provide investment, tax, legal or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damages or losses caused or alleged to be caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.

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