Naval Ravikant, the co-founder of Angel List and an early investor in Twitter, intends to invest on a Blockchain alternative to the popular social media site.
While doing some regular research about Blockchain Technology at KryptoMoney, we got to know that Mr.Ravikant revealed his intentions to sponsor a prize to reward anyone who can develop a decentralized version of twitter, where users will be able to monetize their contributions. Leveraging the potential of Blockchain Technology, there will be no centralization of data and profits.
The amount is being offered under an initiative to provide financial support to entrepreneurs who are seeking to use Blockstack, a decentralized browser, platform for building Blockchain applications.
Blockstack is somewhat similar to the prestigious XPRIZE, founded by Peter Diamandis and Google director Ray Kurzweil, in 1995, with the intention to reward innovators who courageously accept to tackle some of the world’s major problems.
Builders who use Blockstack’s suite of tools for creating decentralized apps are entitled for the prizes, which are part of a larger push by the company to connect developers to capital.
The New York-based startup has also launched the Blockstack Signature Fund, which is a $25 million venture capital fund sponsored by OpenOcean, Lux Capital, RisingTide Capital, Compound and VersionOne.
Hope the announcement triggers mass attention and leads to some exciting innovations using Blockchain Technology.