Web3 is the next generation of the internet. In an era where privacy rights are being compromised and censorship is increasing, it seems like Web3 is the solution that users have been waiting for. Web3 solutions and products have shown that users can be in control of their data, resulting in fewer breaches.
Decentralized Communication Finance (Dcfi).
Some Web3 startups have taken this as a starting point and are working to develop solutions that allow for decentralized finance to be combined with decentralized communications. Pravica Club, an Egypt-based Web3 company, recently launched a messaging platform.
Mohamed Abdou (the startup's cofounder and chief executive officer) said Pravica Club, a Web3 messaging, self custody, and blockchain-enabled conversation app, gives users the "opportunity" to create their communities in a safe environment.
Bitcoin.com News' Abdou explained how the app is competitive due to Pravica Club’s eternal message, and its crypto payments functions. 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 (UAE), a crypto hub and blockchain.
Below are Abdou’s written responses to the questions he was asked.
Bitcoin.com News (BCN). You have recently launched a decentralized communications finance (dcfi), platform you call Pravica Club. Could you please explain the "dcfi" and why such a platform is necessary?
Mohamed Abdou MA: DCFI is a term that has been rising in crypto and describes the nature of platforms that allow decentralized communication as well as decentralized financing under one platform. This allows a broad range of users to access the same platform.
Pravica Club fits perfectly under this description. We enable secure, private, and decentralized messaging that is encrypted at all times with the user's own encryption keys. Pravica Club users log in using their own decentralized identities, DIDs (decentralized identities), without the need to use a username/password or mobile number. BTC or ETH. BTC, and so forth.
We offer people in the Web3 era an opportunity to build their communities safely and earn through multiple channels such as Value Weighted Messages. VWM allows community members to like posts and also "value" them with a fraction of crypto tokens to show their appreciation to the person who posted them.
Community builders can also earn bitcoin by offering premium features to their community members and followers. They will stack (not staking), for a certain amount crypto tokens, and then redirect the rewards to community owners.
BCN: Your company recently posted that the messaging platform includes the "eternal messages" feature. What makes your platform better or more efficient than the centralized messaging services?
MA Every message sent via messaging apps like WhatsApp and Telegram is stored on servers owned by the service provider. What if you wanted to save a conversation so that it remains forever, even if you discontinue using the service? It is impossible to save a conversation in the web2 world. However, smart contracts allow people to take a portion of conversation and place it in plain text on a chain. This will convert it into a single transaction ID that can be shared with anyone. The blockchain will keep it forever where you can verify it and use it as proof-of-chat.
It is a message that cannot be deleted or modified and is in an NFT (non-fungible token) format, which allows owners to possibly benefit from it.
For example, Vitalik Buterin's announcement of the success with the Ethereum merge was a great example. If he shared it with his Pravica Club community, that statement could become an everlasting message. Maybe 100 years later, that message will still have value.
BCN: According to what you stated in a recent statement users of Dcfi are now able send crypto payments. Could you please clarify this?
MA Once you have authenticated with your cryptocurrency wallet, you can interact directly with your crypto assets while you're chatting. This amazing feature, which we call CASH_TAG, allows users to send and get crypto assets while they chat. It is not necessary to quit chatting and ask for the crypto address of the other party. You can then go to your crypto wallet and complete the transaction in just a few clicks. Web3.
BCN: Your company is based Eygpt where monetary authorities have recently reaffirmed their opposition to cryptocurrencies. You also have prominent Egyptian billionaires Naguib Sawiris and others denouncing bitcoin. What does this mean for your efforts to encourage cryptocurrencies as a payment option by Pravica Club members based in Egypt?
MA What a great question. We are grateful for shining a light on this matter. Pravica is an Egyptian, UAE, and USA-registered company. Our mission is to address a major problem in data privacy. While we use blockchain technology to address these issues, we don't promote cryptocurrency. We also don't allow tokens to be used in our tools or services.
There is no problem, as long as we follow the Egyptian regulator's guidelines. We warn our users that any service dealing directly with crypto assets should ensure that they comply with all regulations.
Pravica is a global company and is not aimed at any particular country. We are taking advantage of Egypt's position by employing great talent and using the cost efficiency to operate. We are proud to have been the first company in Egypt to start working in the blockchain space three years ago, and are still in operation despite all the challenges.
BCN
MA Although I don’t have any statistics to confirm this, I was reading an article that indicated that Egypt had about 2% of its population holding crypto (more than 2,000,000 people). I don’t know if this is correct or not.
Personally, I think Egypt is no different to the rest of the globe. More people are beginning to embrace crypto. That is why we built the fully web3 crypto native Pravica Club platform. Because if there are users today who aren't into crypto, they will soon be.
BCN: Although regulators in the Middle East and North Africa (MENA), tend to be conservative when it comes to blockchain and cryptocurrency, many UAE regulators have embraced the technology. The UAE has become a major hub for blockchain and crypto startups in the MENA region. What does the UAE's emergence as a hub of crypto and blockchain tell you about the country’s approach to regulation of cryptocurrencies?
MA This is my opinion on how to best adopt and use this amazing technology. UAE is moving aggressively towards technology adoption. This is why Pravica registered in UAE under DMCC and crypto centre.
UAE is leading the adoption of blockchain technology in the region. They have issued regulations to organize how people deal with it. I believe many countries will follow their lead. I also see a tremendous initiative in Saudi Arabia to issue the regulations necessary to organize how people deal with virtual assets and crypto.
Crypto is here to stay. As soon as you adopt it as your country, the maximum amount of profit you'll earn. Pravica will continue expanding our offerings and geographical presence. We are currently seeking a seed round to fund $5 million.
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Frequently Asked Questions
Can I hold physical gold in my IRA?
Not just paper money or coins, gold is money. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Many Americans now invest in precious metals. It is possible to make money by investing in gold. However, it doesn't guarantee that you'll make a lot of money.
Gold has historically performed better during financial panics than other assets. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. During these turbulent market times, gold was among few assets that outperformed the stocks.
One of the best things about investing in gold is its virtually zero counterparty risk. Your stock portfolio can fall, but you will still own your shares. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, gold offers liquidity. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. Gold is liquid and therefore it makes sense to purchase small amounts. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
What is the best precious metal to invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. Gold is a traditional haven investment. However, it is not always the most profitable. Gold may not be right for you if you want quick profits. If you have the patience to wait, then you might consider investing in silver.
If you don’t want to be rich fast, gold might be the right choice. Silver may be a better option for investors who want long-term steady returns.
How much should precious metals make up your portfolio?
First, let's define precious metals to answer the question. Precious Metals are elements that have a very high relative value to other commodities. This makes them highly valuable for both investment and trading. Gold is currently the most widely traded precious metal.
But, there are other types of precious metals available, including platinum and silver. While gold's price fluctuates during economic turmoil, it tends to remain relatively stable. It also remains relatively unaffected by inflation and deflation.
All precious metals prices tend to rise with the overall market. They do not always move in the same direction. When the economy is in trouble, for example, gold prices tend to rise while other precious metals fall. This is because investors expect lower interest rates, making bonds less attractive investments.
However, when an economy is strong, the reverse effect occurs. Investors favor safe assets like Treasury Bonds, and less precious metals. They become less expensive and have a lower value because they are limited.
You must therefore diversify your investments in precious metals to reap the maximum profits. Furthermore, because the price of precious Metals fluctuates, it is best not to focus on just one type of precious Metals.
Statistics
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads. Example. And Risk Metrics
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
bbb.org
cftc.gov
How To
The growing trend of gold IRAs
Investors seek diversification and protection against inflation by using gold IRAs.
Gold IRA owners can now invest in physical gold bullion or bars. It can be used for tax-free growth and provides an alternative investment option for those concerned about stocks and bonds.
A gold IRA allows investors the freedom to manage their wealth without worrying about volatility in the markets. They can also use the gold IRA as a protection against potential problems like inflation.
Investors also benefit from physical gold's unique properties, such as durability and portability.
A gold IRA provides many additional benefits. One is the ability for heirs to quickly transfer ownership of gold. Another is the fact that gold is not considered a currency or a commodities by the IRS.
This means that investors who are looking for financial safety and security are becoming more interested in the gold IRA.
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By: Terence Zimwara
Title: Founder of Web3 Messaging App: Decentralized Platforms Enable Users ‘to Build Their Communities in a Safe Place’
Sourced From: news.bitcoin.com/founder-of-web3-messaging-app-decentralized-platforms-enable-users-to-build-their-communities-in-a-safe-place/
Published Date: Fri, 23 Sep 2022 10:30:32 +0000
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