Founder of Web3 Messaging App: Decentralized Platforms Enable Users ‘to Build Their Communities in a Safe Place’

In a world the place censorship is rising and the best to privateness is being undermined, Web3 — the subsequent iteration of the world broad net — appears to be like to some like the answer customers of on-line platforms are ready for. As some pioneering Web3 merchandise and options have demonstrated, when customers are in management, there are fewer incidents of breaches or unsanctioned use or switch of their knowledge.

Decentralized Communication Finance (Dcfi)


Building on this success, some Web3 startups are actually trying to create options that make it attainable to mix decentralized finance and decentralized communications. One of such startup, Pravica Club — an Egypt-based Web3 agency — not too long ago launched such a messaging platform.

According to the startup’s co-founder and chief government officer, Mohamed Abdou, Pravica Club — a Web3 messaging, self-custody, decentralized id and blockchain-enabled conversations app — offers customers an “alternative to construct their communities in a secure place.”

Abdou instructed Bitcoin.com News how Pravica Club’s everlasting message and crypto funds features make the app aggressive. In addition to sharing info on the messaging app, the co-founder gave his perspective on crypto laws and the emergence of the United Arab Emirates (UAE) as a blockchain and crypto hub.

Below are Abdou’s written responses to questions despatched to him.

Bitcoin.com News (BCN): You not too long ago launched a decentralized communication finance (dcfi) platform that you simply name Pravica Club. Can you clarify what this “dcfi” is all about and why you suppose such a platform is required?

Mohamed Abdou (MA): Dcfi is a brand new rising time period within the crypto house and explains the character of platforms that allow decentralized communication and decentralized finance beneath one platform to service a variety of customers.

Pravica Club completely matches beneath this time period, we allow personal, decentralized and safe messaging that’s end-to-end encrypted with the consumer’s owned encryption keys. Our customers are utilizing their very own decentralized identities (DIDs) to log in to Pravica Club with none want for a username/password, cellular quantity or e mail, for instance, yourName. ETH or yourName. BTC and so forth.

We are giving folks within the Web3 period the chance to construct their communities in a secure place and might earn from a number of channels like Value Weighted Messages (VWM), the place neighborhood members are enabled to not solely like posts but additionally to “worth” the submit with a small fraction of crypto tokens to point out appreciation to the one who posted it.

Also, neighborhood builders can earn bitcoin by introducing premium options to the neighborhood members and followers who do stacking (not staking) for a specific amount of crypto tokens and redirect the rewards to the neighborhood homeowners.

BCN: According to your organization’s latest weblog submit, the messaging platform comes with the so-called “everlasting message” function. How does this function make your platform completely different or higher than the centralized messaging platforms?

MA: We all know that utilizing any messaging app like WhatsApp or Telegram, each message is saved on servers which are owned and managed by the service supplier. What if you wish to save a chunk of dialog in such a means that it stays perpetually even whenever you cease utilizing the service? In the web2 world, there is no such thing as a technique to do it, however within the web3 and through the use of good contracts, folks can take a chunk of dialog and put it in plain textual content on the chain, this piece of dialog can be transformed right into a one single transaction ID you could share it with anybody and can keep perpetually on the blockchain the place you’ll be able to confirm it and present it as a proof-of-chat.

It is a message that may by no means be deleted or modified and it’s in an NFT [non-fungible token] format that enables the homeowners to perhaps at some point profit from it.

So for instance, when Vitalik Buterin introduced the success of the Ethereum merge, and if he had shared this together with his neighborhood through Pravica Club, the very assertion saying the success could possibly be made into an everlasting message and perhaps 100 years from now, this message could have a price and will be seen not in historical past books however on the blockchain.


BCN: Based on what you stated in a latest assertion, customers of the Dcfi platform are additionally capable of ship crypto funds. Can you shed extra mild on this?

MA: As you’re already authenticated together with your crypto pockets, you’ll have the flexibility to work together together with your crypto belongings immediately if you are chatting. This phenomenal function permits our customers to ship and obtain crypto belongings whereas they’re chatting, and we name this function CASH_TAG. You don’t want to go away the chatting session after which ask the opposite aspect for his crypto tackle and go to your crypto pockets to finish a transaction, as a substitute of this lengthy course of, simply in a matter of clicks you are able to do the duty simply. Thanks to web3.

BCN: Your firm is predicated in Eygpt, the place financial authorities not too long ago reiterated their opposition to cryptocurrencies. In addition, you might have outstanding people like Egyptian billionaire Naguib Sawiris denouncing cryptocurrencies like bitcoin. How does this affect or have an effect on your try and encourage using cryptocurrencies as a fee technique by Egypt-based customers of Pravica Club?

MA: This is a good query. Thank you for shining a highlight on this situation. Pravica is an organization that’s registered in Egypt, UAE and USA, our mission is to resolve an enormous downside in terms of knowledge privateness. Yes we’re using the facility of blockchain expertise to sort out these points but we don’t promote any cryptocurrency and we don’t function utilizing tokens and we didn’t situation any token for use in our instruments and companies.

So, provided that we’re working inside the pointers set by the Egyptian regulator there is no such thing as a downside in any respect. If there may be any service that offers immediately with any crypto asset, we’re warning our customers to make it possible for they’re following the laws the place they’re from.

Pravica is a worldwide product and it’s not devoted to any particular nation or area, we’re taking the benefit of being in Egypt by hiring nice skills and using the fee effectivity in terms of the price of operations, and we’re very proud to be the one firm from Egypt that began to work within the blockchain house since three years in the past and nonetheless working regardless of the entire challenges.

BCN: In your opinion, are there extra Egyptians embracing cryptocurrencies right this moment than, say, 4 years in the past (2018) when the central financial institution initially warned towards utilizing them?

MA: I don’t have confirmed statistics about this level, however as I’m following the information concerning the trade, I learn an article from months in the past indicating that Egypt has about 2% of the inhabitants proudly owning crypto (greater than 2 million folks), I don’t know if it’s a right quantity or not.

Personally, I imagine that Egypt is just not completely different from the remainder of the world, and increasingly more individuals are beginning to embrace crypto, that is likely one of the causes we constructed a totally web3 crypto native Pravica Club platform, as a result of if [there are users] right this moment that aren’t into crypto, tomorrow they are going to be.

BCN: While many regulators from the Middle East and North Africa (MENA) area have usually adopted a really conservative method in direction of cryptocurrencies and blockchain, these from the UAE have largely embraced the expertise. As a outcome, the UAE has emerged as a hub for crypto and blockchain startups within the MENA area. In your opinion, what does the emergence of the UAE as a hub for crypto and blockchain say concerning the nation’s method to the regulation of cryptocurrencies?

MA: I imagine that that is one of the best ways to undertake and make the most of this nice expertise. UAE is working aggressively towards the expertise adoption and that is what inspired us at Pravica to register in UAE beneath DMCC, crypto centre.

The UAE is pioneering and adopting the blockchain expertise within the area by issuing laws that manage the best way individuals are coping with the expertise and I imagine that a number of international locations will comply with, I see there’s a nice initiative these days in Saudi Arabia to start issuing the wanted laws that manage the best way individuals are coping with crypto and digital belongings.

Finally, crypto is right here to remain and as quick as you’ll be able to undertake it as a rustic, as max the achieve you’ll earn. We at Pravica will proceed to develop our providing and our geographical presence and are presently trying to elevate a seed spherical of $5 million.

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