$100M Committed to Fund Decentralized Social Media on Solana
- Solana aiming to become home of decentralized social media platforms.
Alexi Ohania, the founder of SevenSevenSix, a Venture Capital firm based in the United States primarily seeking to invest in seed rounds has committed $50 Million to fund the development and growth of decentralized social communities on Solana
The future of social is web3. @alexisohanian, @sevensevensix, and Solana Ventures are committing $50M — scratch that, $100M! — to fund the future of decentralized social communities. #SolanaBreakpoint #BreakpointLisbon pic.twitter.com/VUv6rnCpNf
— Solana (@solana) November 9, 2021
The founder said this at a Solana event at Lisbon, Portugal. Seeing the amount Alexis had committed to the decentralized social platforms, the co-founder of Solana Raj Gokal also made a commitment to increase the amount.
“I realize $50M is not that much for the number of teams and staff working on this problem for months. So we’re going to increase it to $100M”
"$50M was not that much for the number of teams and staff working at this problem for 12 months… so we're going to increase it to $100M." – @rajgokal@alexisohanian, @sevensevensix, and Solana Ventures announced a fund to support the future of social: https://t.co/AWSjkKA9dL pic.twitter.com/gUvfRU1qKu
— Solana (@solana) November 9, 2021
Brave Browser and Solana Partner up
A day ago, the privacy browser Brave announced its partnership with Solana to make it default for DApp support and integrate it into the browser. According to Brave, it will soon bring “best-in-class wallet features for the Solana blockchain” into its desktop and mobile browsers.
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Brave browser currently has over 40 million active users monthly with more than 1.3 million verified Creators. Speaking on the partnership, Brave CEO and co-founder Brandan Eich said;
“with more and more users and creators requiring tools for fast and affordable access to the decentralized Web, this integration will seamlessly pave the way for the next billion crypto users to harness applications and tokens.”
We've partnered with @solana to integrate it into the browser and make it the default for DApp support. We will soon bring best-in-class wallet features for the Solana blockchain into our desktop & mobile browsers. #BreakpointLisbon https://t.co/tTB7NXKWjI
— Brave Software (@brave) November 8, 2021
Solana Lab’s CEO, Anatoly Yakovenko also spoke, he said mobile is the gateway for billions of people to Web3. And that;
“deep integration with browsers is key to helping DApps build the best web experiences. Braves’ announcement of Solana wallet support across all versions of their browsers is an important step to onboard the next billion users to Solana”.
There have been several attempts at creating decentralized social media platforms but these platforms have not been able to compete with the centralized platforms.
The issue ranges from complicated user interfaces and experiences to the cost of publishing posts.
Solana’s hope to become the home to decentralized social media may come true considering its network speed and transaction fee, however that may not be enough as users may demand more.
Whatever it will be, the blockchain industry isn’t the same as it was some years ago and Solana may just break the decentralized social media jinx.
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