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Blockstack’s Muneeb Ali says user data in popular social media platform gets monetized negatively




Blockstack's Muneeb Ali says user data in popular social media platform gets monetized negatively
Source: Pixabay

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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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.


Binance Chain’s ‘decentralization’ questioned by Bitcoin enthusiast; calls Binance DEX just an app




Binance Chain's "decentralization" questioned by Bitcoin enthusiast; calls Binance DEX as just an "app"
Source: Unsplash

Udi Wertheimer, an independent developer and a “Bitcoiner” posted a series of tweets taking a jab at Binance Chain, which is slated to launch on April 23.

According to Wertheimer’s tweets, Binance has not updated the “source code” or “binaries” for the Binance Chain; and despite enquiring about it on the official telegram group of Binance, he was offered any source code.

He said that Binance recommended users, who want to migrate tokens to Binance chain, use the official SDK, which will be done via official HTTP API using Binance’s trusted servers. Binance DEX, which will make use of the Binance Chain, also has no source code or binaries which are open source. He stated:

“There’s almost nothing there. So I looked for the source code. Guess what, THERE’S NO SOURCE CODE. They only have binaries, and only for a light client, no full node at all!”

He commented on the Binance Chain and the Dex that all Binance did was release an “app that connects to the API of your new centralized infrastructure”. In addition, the “Light Node” is a program that helps users access and interact with the Binance Chain in a secure and decentralized manner; the source code for which is “closed source” according to Wertheimer.

Wertheimer further added:

“Just releasing the binaries won’t be enough, and there’s no indication I could find anywhere that they intend to release the source code, like, ever. In any case, regardless of what may happen in the future, what’s released so far amounts to nothing more than a new website.”

A Twitter user, @bag_holder commented:

“Lol seems like a very Chinese thing to do. “BORROW” IP, make some edits, then keep it to oneself”

Another Twitter user, @thecryptostefan commented:

“There’s a branch with the full node implementation, no? I thought they just hadn’t merged it to master yet when I was looking last night. I think it’s the prerelease branch or one of those.”

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