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​​The Next Web 3.0 Social Media Will Be Built on Solana

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​​The Next Web 3.0 Social Media Will Be Built on Solana
​​The Next Web 3.0 Social Media Will Be Built on Solana
  • Seven Seven Six Ventures has identified as the prototypical blockchain for building the next social media network.
  • Solana has gained recognition for becoming the next center of Web 3.0 gaming and decentralized social networking.

Lisbon, Portugal, has become an epicenter of the blockchain space. Between November 7th – 10th, 2021, Solana is hosting its first annual, global conference called Breakpoint. Over the many panels, the common consensus is that Solana is an ideal platform to develop the next internet on.

Solana Is Preferred for Web 3.0

Coincidently, the price of Solana reached an all-time high of $260 on November 7th, the opening day of Breakpoint 2021. What’s more, Solana is gaining a reputation for its future use case, fitting the characteristics upon which Web 3.0 social networks can be built.

Reddit’s co-founder, and the founder of Seven Seven Six Ventures, Alexis Ohanian, stated on Monday, during the Solana conference, that the latter company will be creating a $50 million fund to develop social media projects on Solana.

His statement comes a day after Sam-Bankman Fried also identified Solana as the future hub for Web 3.0 gaming and social media. According to TheBlockCrypto, Bankman stated that social media on blockchain could be “absolutely huge.”

In truth, everyone believes that Web 3.0 can improve the quality of our digital interactions and create a more collaborative internet. However, it would require a decentralized structure to not fall into the same pitfalls as centralized Web 2.0 governors, such as Facebook (NASDAQ:), who rebranded to “Meta,” did.

On The Flipside

  • Reddit is actively looking for a B2B lead marketing manager to handle Web 3.0 and decentralized gaming partnerships.

Why You Should Care?

Ohanian, who created Reddit, firmly believes that this new iteration of the internet should be built from the ground up, and Web 3.0 offers innovators and tech personalities this very possibility.

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Cryptocurrency

Russia will inevitably legalize crypto payments says trade minister

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Russia will inevitably legalize crypto payments says trade minister

Russia will legalize crypto payments “sooner or later” according to the Ministry of Industry and Trade of the Russian Federation, Denis Manturov.

The country’s government has been exploring various crypto adoption plays throughout 2022, but is yet to finalize any concrete policy concerning digital asset payments. However, its legalization has been recommended by Russia’s finance ministry via its “On Digital Currency” bill from April.

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‘Grim Reapers’ financial crimes unit revived to investigate Terra collapse

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‘Grim Reapers’ financial crimes unit revived to investigate Terra collapse

Legal troubles are mounting for the co-founder of failed Terra crypto project Do Kwon as the South Korean government revives the dormant “Grim Reapers of Yeoui-do” to investigate Terra’s fall.

The special investigative and prosecutorial team consists of members from various financial regulators, and is designed to prosecute securities fraud and unfair trading schemes. Potentially at risk are co-founders Do Kwon and Shin Hyun-seong, along with core members of the Terra team. Yeoui-do is the financial center of Seoul.

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Cryptocurrency

$3B flows to Metaverse and Web3 gaming this month as A16z’s tips in $600M

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$3B flows to Metaverse and Web3 gaming this month as A16z’s tips in $600M

Venture capital firm Andreessen Horowitz (a16z) has launched a $600 million fund dedicated to gaming startups with a focus on Web3 saying it believes “games infrastructure and technologies will be key building blocks of the Metaverse.”

Dubbed “GAMES FUND ONE” the fund will invest in three main areas: game studios, consumer applications which support player communities with Discord used as an example, and gaming infrastructure providers.

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