Blockstack’s Muneeb Ali says user data in popular social media platform gets monetized negatively
Muneeb Ali, the Co-Founder of Blockstack, in a recent conversation with Anthony Pompliano, boasted the firm to be a new internet for decentralized apps. He went on to say that the Blockstack project raised venture capital [VC].
According to the founder, the firm is essentially trying to create a technology that would ultimately replace cloud or decentralized computing. It will require a lot of R&D work, Ali said. He outlined that initially, it is important to get accustomed to the all-new developed technology, which has a solid foundation that the firms are developing. Following which, he revealed that they will slowly start building a decentralized open-sourced ecosystem.
He didn’t spare the social networking sites while talking about the relationship between the big companies and its user base. He said that there is an evident battle between large companies like Twitter or medium and its users. He added that the relationship is not a healthy one. According to him, these companies rip off users of their own content. He said that the user data is getting monetized in negative ways.
“The users help the company but there is no financial upside for the users.”
Ali and his team have been working to conduct a regulated token offering under the Reg A+ Exemption and have reportedly filed their application recently. The New York-based company also announced its plans to raise an extra $50 million via a token sale. Around 295 million STX tokens will be offered at a value starting from $0.30 each. The firm intends to infuse the fresh rounds of funds to broaden its newly developed decentralized forum.
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It’s been just over one month since we first introduced Essentia at Devcon3, that seems like an eternity between new forks, market growth, and media coverage. But what is the most exciting is for us to finally introduce Essentia to the public today! Here we go!
After extensive researches and starting as an underground project in Amsterdam a long time ago, Essentia is now the framework to create, store, access and operate your decentralized digital life.
From one seed. In short, Essentia is a modular framework that empowers the user with the full ownership and control over his identities, data, wallets, and assets, dApps and to operate in the decentralized web easily, anywhere and from any device.
Let’s take a closer look at some of the features of Essentia.
Logins
If you are like us then you are sick of having to re-enter passwords, save backups and change devices to access your decentralized and centralized accounts. Having one seed grants you instant access to all of your personal and business-critical logins.
Identities
This is a big one: we let you take control of your identities with custom profile settings. You decide what details to share and whether you would prefer to be anonymous, pseudo-anonymous or KYC compliant within your identities.
Multiple wallets and multi-currency
In one place? Surely not. Yup, no need to bounce between multiple wallets. We have integrated with your favorite currencies like bitcoin, Ethereum, ERC20 Tokens, IOTA, Litecoin, and Ripple. You can also monitor cold storage assets that are not present in our framework, accessible only by you, all through your seed.
Storage
We have integrated with powerful decentralized storage systems as Swarm, Ipfs, Storj, giving you access to the new backbone of digital storage. Where data is encrypted, persistent and censorship-resistant.
Exchanges
We integrate and partnered with Ether Delta and Flyp.Me to unlock your decentralized prosperity. Multi-chain minimizes downtime and secures your assets across secure, decentralized networks.
Any platform. Any device.
Essentia works on any platform. You can access it via browser, desktop app, mobile app, or command line interface
Integration
The team report that they’ve already successfully integrated into Essentia: Ethereum, bitcoin, and IOTA, as well as Status.im, EtherDelta, IPFS, Swarm, Storj, Flyp.me, Aragon and announced to integrate several others projects in the coming weeks.
Wrapping up
It’s exciting times ahead for all of us which is why we are so happy to introduce Essentia! We want everyone to make use of the value of storing, accessing and operating your decentralized world from one seed, on any platform, at any time.
This is only the beginning of a new adventure, and of a series of article to deepen into Essentia and how it can be useful in users lives.
See you with the next articles and updates! All Your Data. Truly Yours. In Just One Seed.
has been an underground project in Amsterdam created by two early bitcoin adopter Matteo Gianpietro Zago and Mirco Mongiardino.
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What do you think of Essentia’s platform? Do you like the idea of being able to manage all of your digital assets and identification data from one place? Let us know in the comments below.
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