A new version of the web5 app decentralized social media app, Zion has been launched with a funding of $6 million from investors, raising its valuation to $53 million.
Zion app is a social media platform that’s built to connect content creators and consumers without the need for an intermediary organization. The app will help users monetize their experience online and also control who has access to their data and what it is used for.
Zion is a Web5 infrastructure-based network designed to utilize the architecture of the bitcoin blockchain, and the lightning network. Web5 seeks to grant irrevocable custody and control of data and identity of users in a peer-to-peer network.
Details from the announcement showed there are more than 60,000 users on the waitlist of Zion. The round that attracted an extra $6 million was backed by XBTO Humla Ventures, footballer Aaron Rodgers, and Tony Robbins.
Decentralized social media
The arrival of Web3 came with the vision for decentralization with Bitcoin taking the lead. This has seen the development and release of several platforms that facilitated financial transactions without any central governing body. While this is changing how society views and interacts with finance, the way we use and engage on social media is also being disrupted.
Social media has always been about a company that creates a platform where users can connect, create content, consume content, and monetize content. However, the company has control over everything that’s created in its platform including the data created by each user over time. But the narrative is changing with the help of decentralized technologies and innovations.
Justin Rezvani, founder and CEO of Zion explained that the business model incorporated for Zion is to help creators build, own, and monetize the communities they build. It was necessary to have a platform that resists the censorship of speech seen in most social platforms around the world, he added.
Read also;
Jack initiates $1m yearly fund for “decentralized” social media
Jack Dorsey: building an internet decentralized identity layer & payment infrastructures
