Web3 is the next generation of the internet. In an era where privacy rights are being compromised and censorship is increasing, it seems like Web3 is the solution that users have been waiting for. Web3 solutions and products have shown that users can be in control of their data, resulting in fewer breaches.
Decentralized Communication Finance (Dcfi).
Some Web3 startups have taken this as a starting point and are working to develop solutions that allow for decentralized finance to be combined with decentralized communications. Pravica Club, an Egypt-based Web3 company, recently launched a messaging platform.
Mohamed Abdou (the startup's cofounder and chief executive officer) said Pravica Club, a Web3 messaging, self custody, and blockchain-enabled conversation app, gives users the "opportunity" to create their communities in a safe environment.
Bitcoin.com News' Abdou explained how the app is competitive due to Pravica Club’s eternal message, and its crypto payments functions. The co-founder shared information about the messaging app and his views on crypto regulations, as well as the rise of the United Arab Emirates (UAE), a crypto hub and blockchain.
Below are Abdou’s written responses to the questions he was asked.
Bitcoin.com News (BCN). You have recently launched a decentralized communications finance (dcfi), platform you call Pravica Club. Could you please explain the "dcfi" and why such a platform is necessary?
Mohamed Abdou MA: DCFI is a term that has been rising in crypto and describes the nature of platforms that allow decentralized communication as well as decentralized financing under one platform. This allows a broad range of users to access the same platform.
Pravica Club fits perfectly under this description. We enable secure, private, and decentralized messaging that is encrypted at all times with the user's own encryption keys. Pravica Club users log in using their own decentralized identities, DIDs (decentralized identities), without the need to use a username/password or mobile number. BTC or ETH. BTC, and so forth.
We offer people in the Web3 era an opportunity to build their communities safely and earn through multiple channels such as Value Weighted Messages. VWM allows community members to like posts and also "value" them with a fraction of crypto tokens to show their appreciation to the person who posted them.
Community builders can also earn bitcoin by offering premium features to their community members and followers. They will stack (not staking), for a certain amount crypto tokens, and then redirect the rewards to community owners.
BCN: Your company recently posted that the messaging platform includes the "eternal messages" feature. What makes your platform better or more efficient than the centralized messaging services?
MA Every message sent via messaging apps like WhatsApp and Telegram is stored on servers owned by the service provider. What if you wanted to save a conversation so that it remains forever, even if you discontinue using the service? It is impossible to save a conversation in the web2 world. However, smart contracts allow people to take a portion of conversation and place it in plain text on a chain. This will convert it into a single transaction ID that can be shared with anyone. The blockchain will keep it forever where you can verify it and use it as proof-of-chat.
It is a message that cannot be deleted or modified and is in an NFT (non-fungible token) format, which allows owners to possibly benefit from it.
For example, Vitalik Buterin's announcement of the success with the Ethereum merge was a great example. If he shared it with his Pravica Club community, that statement could become an everlasting message. Maybe 100 years later, this message can be found on the blockchain.
BCN: According to what you stated in a recent statement users of Dcfi are now able send crypto payments. Could you please clarify this?
MA Once you have authenticated with your cryptocurrency wallet, you can interact directly with your crypto assets while you're chatting. This amazing feature, which we call CASH_TAG, allows users to send and get crypto assets while they chat. It is not necessary to quit a chat session to ask for the other party's crypto address. Instead of wasting time, you can complete the transaction in just a few clicks. Web3.
BCN: Your company is based Eygpt where monetary authorities have recently reaffirmed their opposition to cryptocurrencies. You also have prominent Egyptian billionaire Naguib Seeiris, who denounces cryptocurrencies like Bitcoin. What does this mean for your efforts to encourage cryptocurrencies as a payment option by Pravica Club members based in Egypt?
MA What a great question. We are grateful for shining a light on this matter. Pravica is an Egyptian, UAE, and USA-registered company. Our mission is to address a major problem in data privacy. While we use blockchain technology to address these issues, we do not endorse any cryptocurrency. We also don't allow tokens to be used in our tools or services.
There is no problem, as long as we follow the Egyptian regulator's guidelines. We warn our users that any service dealing directly with crypto assets should ensure that they comply with all regulations.
Pravica is a global company and is not aimed at any particular country. We are taking advantage of Egypt's position by employing great talent and using the cost efficiency to operate. We are proud to have been the first company in Egypt to start working in the blockchain space three years ago, and are still in operation despite all the challenges.
MA Although I don’t have any statistics to confirm this, I was reading an article from months back that indicated that Egypt had about 2% of its population own crypto (more than 2,000,000 people). I don’t know if that is correct or not.
Personally, I think Egypt is no different to the rest of the globe. More people are beginning to embrace crypto. That is why we built the fully web3 crypto native Pravica Club platform. Because if there are users today who aren't into crypto, they will soon be.
BCN: Although regulators in the Middle East and North Africa (MENA), tend to be conservative when it comes to blockchain and cryptocurrency, many UAE regulators have embraced the technology. The UAE has become a major hub for blockchain and crypto startups in the MENA region. What does the UAE's emergence as a hub of crypto and blockchain tell you about the country’s approach to regulation of cryptocurrencies?
MA This is my opinion on how to best adopt and use this amazing technology. UAE is moving aggressively towards technology adoption. This is why Pravica registered in UAE under DMCC and crypto centre.
UAE is leading the adoption of blockchain technology in the region. They have issued regulations to organize how people deal with it. I believe many countries will follow their lead. I also see a tremendous initiative in Saudi Arabia to issue the regulations necessary to organize how people deal with virtual assets and crypto.
Crypto is here to stay. As soon as you adopt it as your country, the maximum amount of profit you'll earn. Pravica will continue expanding our offerings and geographical presence. We are currently seeking a seed round to fund $5 million.
Sign up here to receive a weekly update about African news delivered to your inbox:
What do you think about this interview? Please comment below to let us know your thoughts.
Frequently Asked Questions
How is gold taxed by Roth IRA?
A tax assessment for an investment account will be based on the current market value, and not what you paid initially. If you invest $1,000 in mutual funds or stocks and then later sell them, all gains are subjected to taxes.
However, if the money is deposited into a traditional IRA/401(k), the tax on the withdrawal of the money is not applicable. Only earnings from capital gains and dividends are subject to tax. These taxes do not apply to investments that have been held for more than one year.
The rules governing these accounts vary by state. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. In Massachusetts, you can wait until April 1st. New York has a maximum age limit of 70 1/2. To avoid penalties, you should plan ahead and take distributions as soon as possible.
How much do gold IRA fees cost?
The Individual Retirement Account (IRA), fee is $6 per monthly. This fee covers account maintenance fees, as well any investment costs that may be associated with your investments.
To diversify your portfolio you might need to pay additional charges. These fees can vary depending on which type of IRA account you choose. Some companies offer free checking, but charge monthly fees for IRAs.
Most providers also charge an annual management fee. These fees range between 0% and 1 percent. The average rate per year is.25%. These rates are often waived if a broker like TD Ameritrade is used.
Who is entitled to the gold in a IRA that holds gold?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
You must have gold at least $10,000 and it must be stored for at the least five years in order to take advantage of this tax-free status.
Although gold can help to prevent inflation and price volatility, it's not sensible to have it if it's not going to be used.
If you plan on selling the gold someday, you'll need to report its value, which could affect how much capital gains taxes you owe when you cash in your investments.
To find out what options you have, consult an accountant or financial planner.
What does gold do as an investment?
The supply and the demand for gold determine how much gold is worth. It is also affected by interest rates.
Gold prices are volatile due to their limited supply. In addition, there is a risk associated with owning physical gold because you have to store it somewhere.
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's not exactly legal – WSJ
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads, Example and Risk Metrics
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Guidelines for Gold Roth IRA
It is best to start saving early for retirement. It is best to start saving for retirement as soon you can (typically at age 50). It is essential to save enough money each year in order to maintain a steady growth rate.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles enable you to make contributions while not paying any taxes on the earnings, until they are withdrawn. This makes them a great choice for people who don’t have access employer matching funds.
It's important to save regularly and over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
By: Terence Zimwara
Title: Founder of Web3 Messaging App: Decentralized Platforms Enable Users ‘to Build Their Communities in a Safe Place’
Sourced From: news.bitcoin.com/founder-of-web3-messaging-app-decentralized-platforms-enable-users-to-build-their-communities-in-a-safe-place/
Published Date: Fri, 23 Sep 2022 10:30:32 +0000
Did you miss our previous article…