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

In a world where censorship is growing and the right to privacy is being undermined, Web3 — the next iteration of the world wide web — looks to some like the solution users of online platforms are waiting for. Web3’s pioneering products and services have proven that when people are in control of their data, breaches are less likely.

Decentralized Communication Finance, (Dcfi).

Some Web3 startups have taken this as a starting point and are working to develop solutions to allow decentralized communication and finance to be combined. One of such startup, Pravica Club — an Egypt-based Web3 firm — recently launched such a messaging platform.

According to the startup’s co-founder and chief executive officer, Mohamed Abdou, Pravica Club — a Web3 messaging, self-custody, decentralized identity and blockchain-enabled conversations app — gives users an “opportunity to build their communities in a safe place.”

Abdou told Bitcoin.com News how Pravica Club’s eternal message and crypto payments functions make the app competitive. The co-founder shared information about the messaging app and his views on crypto regulations, as well as the rise of the United Arab Emirates in crypto and blockchain hubs.

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

Bitcoin.com News, (BCN),: Recently you launched Pravica Club (decentralized communication finance) on Bitcoin.com. Can you explain what this “dcfi” is all about and why you think such a platform is needed?

Mohamed Abdou (MA):Dcfi stands for decentralized financial integration and is an emerging term in the crypto world.

Pravica Club totally fits under this term, we enable private, decentralized and secure messaging that is end-to-end encrypted with the user’s owned encryption keys. Pravica Club users log in using their decentralized identities, DIDs (decentralized identity), without the need to use a username/password or mobile number. BTC or ETH. BTC, and other cryptocurrency.

We are giving people in the Web3 era the opportunity to build their communities in a safe place and can earn from multiple channels like Value Weighted Messages (VWM), where community members are enabled to not only like posts but also to “value” the post with a small fraction of crypto tokens to show appreciation to the one who posted it.

Community builders may also earn bitcoin for offering premium features to their community members.

BCN: According to your company’s recent blog post, the messaging platform comes with the so-called “eternal message” feature. Is this a feature that makes your platform more or less effective than the central messaging platforms?

MA:All messages sent through messaging apps like WhatsApp and Telegram are stored on servers controlled by their service providers. How can you save conversation pieces so that they are available forever, even if the user stops using them? It is impossible to save a conversation in web2 but you can do so in web3. By using smart contracts and taking a portion of the conversation, you can convert it into one transaction ID which you can then share with others and it will remain forever on the Blockchain where you can prove it.

This message is permanent and cannot be changed or deleted. It’s in an NFT [non-fungible token]Format that will allow the owners to possibly one day profit from it.

This means that, for instance, Vitalik Buterin announcing success in the Ethereum merge could have been made an immortal message. And maybe even 100 years down the line, it will be possible to see this message on the blockchain.

BCN Please elaborate on this.

MA:Because you’re already signed in with your crypto wallet you can interact directly with your assets as you talk. Our users can send and get crypto assets from their chats, and this is called CASH_TAG. You don’t need to leave the chatting session and then ask the other side for his crypto address and go to your crypto wallet to complete a transaction, instead of this long process, just in a matter of clicks you can do the task easily. Web3.

BCN: Your business is located in Eygpt. There, monetary authorities are reaffirming their opposition to cryptocurrencies. You also have Naguib Sawiris, an Egyptian billionaire, who denounces cryptocurrencies such as bitcoin. This could impact your attempts to encourage cryptocurrencies use by Pravica Club users based in Egypt.

MA:That is an excellent question. This is a great question. Pravica, a registered company in Egypt, UAE, and USA has the mission to address a major problem regarding data privacy. Yes we are utilizing the power of blockchain technology to tackle these issues yet we do not promote any cryptocurrency and we don’t operate using tokens and we didn’t issue any token to be used in our tools and services.

There is nothing to worry about, as long as we follow the Egyptian regulatory guidelines. We warn our customers to ensure that any services that deal directly with crypto assets comply with all regulations.

Pravica, a global product, isn’t geared towards any particular country. We are making the most of our time in Egypt, by employing great talent and using the cost efficiency to operate. It is very impressive to have been the first company to start working in blockchain three years ago, and to still be operating in spite of all the challenges.

BCN – Do you believe that there is more Egyptians now using cryptocurrency than in 2018, four years prior to the initial warnings by the central banks?

MA: I don’t have confirmed statistics about this point, but as I am following the news about the industry, I read an article from months ago indicating that Egypt has about 2% of the population owning crypto (more than 2 million people), I don’t know if it is a correct number or not.

Personally, I think Egypt is no different than the rest of world. More people embrace crypto. That is why we created a web3-based crypto native Pravica club platform. [there are users]Cryptocurrency is a growing industry.

BCN The UAE is now a major hub for blockchain and crypto startups within the MENA region. In your opinion, what does the emergence of the UAE as a hub for crypto and blockchain say about the country’s approach to the regulation of cryptocurrencies?

MA:This is my opinion on how to best adopt this amazing technology. UAE is aggressively moving towards the adoption of technology. Pravica was inspired to register under DMCC in UAE, crypto centre.

UAE is leading the adoption of blockchain technology in the region. The UAE issued regulations which organized the way that people dealt with the technology.

The crypto currency is here to stay. It’s as easy as adopting it as your country and you will make the most of it. Pravica intends to continue expanding our offerings and geographical reach. We are looking for a $5 million seed round.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.