Twitter Investor Helps Develop Blockchain-based Social Media Platform

Pioneering Twitter investor Naval Ravikant has announced that he plans to sponsor a prize that is similar to the prestigious XPRIZE in his bid to create a Blockchain-based alternative to the globally famous social media platform.

Under the plan of the co-founder of AngelList, the proposed Twitter version will have no central authority and the users will be able to monetize their contributions.

Ravikant’s sponsorship is being made available as part of a program that will offer financial assistance to entrepreneurs who want to create Blockchain applications on the platform established by New York-based Blockchain startup company Blockstack.

1/ Blockchains will replace networks with markets.

— Naval Ravikant (@naval) June 21, 2017

According to Ravikant, he has donated a small amount to Blockstack’s initiative:

"I am indeed helping the Blockstack team and will be donating a small prize for a decentralized microblogging service."

Blockstack’s initiative

In addition to $25M fund, investors like @naval & @albertwenger are putting up "XPRIZE"-style prizes for decentralized apps on Blockstack.

— Muneeb Ali (@muneeb) August 16, 2017

The initiative of the Blockchain startup is based on the prestigious XPRIZE, a global competition that was launched by entrepreneur Peter Diamandis and Google director Ray Kurzweil in 1995.

The competition aims to encourage the development of disruptive technologies that could resolve major problems in the world and eventually benefit humanity.

Under Blockstack’s program, builders are mandated to use the company’s suite of tools for developing decentralized applications (apps). The project is a part of a bigger plan by the firm to connect developers to the venture capital community.

Blockchain initiatives

Moreover, Blockstack has also launched its $25 mln venture capital fund called Blockstack Signature Fund, to jumpstart the development of a decentralized version of the Internet. The fund will only distribute money from active venture capitalists.

Ravikant is optimistic about Blockchain technology, considering that it solves several governance-related problems, but cautions about projects that were not initially poised for ICO and decide to include tokens into their monetization models just because of the money to be made.

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