Decentralized platforms enable users to build their communities in a safe place – Bitcoin News Interview

In a world where censorship is increasing and the right to privacy is being undermined, Web3 – the next version of the World Wide Web – looks like the solution users of online platforms have been waiting for. As some of Web3’s leading products and solutions have shown, when users are in control, there are fewer incidents of abuse, unauthorized use, or transfer of their data.

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 communications. 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 Abdo, Pravica Club – a Web3 messaging, self-custodial, decentralized, and blockchain-powered chat app – gives users “a chance to build their own communities in a safe place.”

Abdo told Bitcoin.com News how Pravica Club’s functionality, perpetual messaging, and crypto payments are making the app competitive. In addition to sharing information about the messaging app, the co-founder offered his perspective on crypto regulations and the emergence of the United Arab Emirates (UAE) as a hub for blockchain and crypto.

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

Bitcoin.com News (BCN): It has recently launched a decentralized communication finance (dcfi) platform that Pravica Club has contacted. Can you explain what “dcfi” is all about and why you think such a platform is necessary?

Mohamed Abdo (Master): Dcfi is a new emerging term in the field of cryptography and explains the nature of platforms that enable decentralized communication and decentralized finance under a single platform to serve a wide range of users.

Pravica Club perfectly fits this term, we enable private, decentralized and secure end-to-end encrypted messaging using user-owned cryptographic keys. Our users use their Decentralized Identities (DIDs) to log into Pravica Club without the need for a username/password, mobile number or email, for example, your name. ETH or yourName. BTC and so on.

We are giving people in the age of Web3 the opportunity to build their communities in a safe place and they can earn money from multiple channels like Value Weighted Messages (VWM), where community members are empowered to not only like posts but also to ‘rate’ the post with a small portion of crypto tokens to show Appreciation to the person who posted it.

Also, community creators can earn bitcoins by offering premium features to community members and followers who stack (not staking) a certain amount of crypto tokens and forward the rewards to community owners.

BCN: According to your recent company blog, the messaging platform comes with a so-called “eternal message” feature. How does this feature make your platform different or better than central messaging platforms?

Master’s: 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 part of the conversation in a way that stays forever even when you stop using the service? In the world of web2 there is no way to do this, but in web 3 and with smart contracts people can have a conversation and put it in plain text on the chain, that part of the conversation will be converted into a single transaction ID that you can share with anyone and it will stay forever on the blockchain where You can check it and show it as a chat proof.

It is a message that cannot be deleted or changed and is in the NFT [non-fungible token] A form that will allow owners, perhaps one day, to benefit from it.

For example, when Vitalik Buterin announced the success of the Ethereum merger, and if he had shared this with his community via the Bravika Club, the very statement announcing the success could be turned into an eternal message and maybe 100 years from now, that message would have value and could be seen not in History books but on the blockchain.

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

Master’s: Since you are already authenticated with your crypto wallet, you will have the ability to interact with your crypto assets directly while chatting. This awesome feature allows our users to send and receive crypto assets while chatting, we call this feature CASH_TAG. You don’t need to leave the chat session and then ask the other side for their crypto address and go to your crypto wallet to complete the transaction, instead of this long process, you can do the job easily in a few clicks. Thanks web3.

BCN: Your company is based in Egypt, where monetary authorities have recently reiterated their opposition to cryptocurrencies. In addition, you have prominent personalities such as Egyptian billionaire Naguib Sawiris who owe cryptocurrencies such as Bitcoin. How does this affect or affect your attempt to encourage the use of cryptocurrency as a payment method by Pravica Club users in Egypt?

Master’s: This is a great question. Thank you for highlighting this issue. 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 address these issues, but we do not promote any cryptocurrency, we do not work with tokens, and we have not issued any token for use in our tools and services.

So, since we are operating according to the guidelines set by the Egyptian regulatory authority, there is absolutely no problem. If there is any service that deals directly with any crypto asset, we warn our users to ensure that they follow the regulations they belong to.

Pravica is a global product and is not intended for any specific country or region, we are leveraging our presence in Egypt by hiring great talents and utilizing cost-effectiveness when it comes to the cost of operations, and we are very proud of that. To be the only Egyptian company that started working in the blockchain field three years ago and is still working despite all the challenges.

BCN: In your opinion, are there more Egyptians embracing cryptocurrencies today than, say, four years ago (2018) when the central bank initially warned against their use?

Master’s: I don’t have definitive stats on this point, but as I follow the news about the industry, I read an article months ago stating that Egypt has about 2% of the population owning crypto (over 2 million people), I don’t know if the number is correct.

Personally, I think Egypt is no different from the rest of the world, and more and more people are starting to adopt crypto, and that’s one of the reasons why we built the all-original Pravica Club platform for web 3 crypto, because if [there are users] Today they are not in coding, tomorrow they will be.

BCN: While many regulators from the Middle East and North Africa (MENA) region have generally taken a very conservative approach to cryptocurrency and blockchain, those from the UAE have largely embraced this technology. As a result, the UAE has emerged as a hub for crypto and blockchain startups in the MENA region. In your opinion, what does the emergence of the UAE as a hub for cryptocurrency and blockchain say about the country’s approach to regulating cryptocurrency?

Master’s: I think this is the best way to adopt and benefit from this great technology. The UAE is aggressively working towards technology adoption and this is what encouraged us at Pravica to register in the UAE under the DMCC, the crypto center.

The UAE is pioneering and adopting blockchain technology in the region by issuing regulations that regulate the way people deal with technology and I think a lot of countries will follow, and I see a big initiative nowadays in Saudi Arabia to start issuing the necessary regulations that regulate the way they deal People with crypto and virtual assets.

Finally, the cryptocurrency is here to stay and as soon as you can adopt it as a country, the maximum amount of money you will earn. At Pravica we will 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, Crypto Assets, Cryptocurrencies, Decentralization, Decentralized Communications Finance, Decentralized Identity, Crypto Center DMCC, Naguib Sawiris, Pravica Club, Proof Chat, Web3

What do you think of this interview? Tell us what you think in the comments section below.

Terence Zimoara

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







photo credits: Shutterstock, Pixabay, Wikicommons

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