A16z partner talks about why they led the investment in the Mem protocol and what this web 3.0 social building tool can bring
Some core attributes of web3.0—such as openness, decentralization, and user control—are very suitable for new social network platforms that are optimized for user interests from the very beginning.Author: Kyle
On November 17, top venture capital firm A16z announced a new investment move, leading a $3.1 million funding round for a startup focused on web 3.0—Mem Protocol. This is A16z's latest positioning in the web 3.0 space. Additionally, well-known investors such as former Coinbase CTO Balaji Srinivasan, Polychain's Olaf Carlson-Wee, and Charlie Cheever also participated in this funding round.
What is Mem?
Mem is building human-centered tools for web3 social, allowing you to own your own friend graph, browse the blockchain, and earn rewards by sharing knowledge. Mem has already established a profile browser and started onboarding new members to their verifiable on-chain identities. At the same time, Mem has built an interface to browse on-chain data of wallets on the Ethereum blockchain and is beginning to design an open protocol to record interactions and relationships claimed by wallets and token generation, with plans to launch in early 2022.
By using a reputation system and smart contracts, Mem users can perform actions on the blockchain that mirror those in the real world, such as asking questions, raising funds for bounties, and establishing their own verifiable, context-specific reputation systems.
Current issues in web 2.0 social:
In existing social networks, user identities and content are platform commodities. Data moats and targeted advertising services lead to misaligned incentives between platforms and their users. Users cannot own the information they share.
In Mem social:
- Social capital becomes a digital primitive.
- Users who own their data can regain control over the collection of their personal information.
- Trust is established through tracking on-chain/off-chain data, allowing users to decide membership and communities to determine reputation.
Moreover, developers can embed and extend the Mem protocol in their applications, providing people with a more personalized web experience. By liberating social event histories from individual applications, communities can focus on solving unique problems for their members.
The importance of web 3.0 social
"Some core attributes of web 3.0—such as openness, decentralization, and user control—are very well suited for new social network platforms optimized around users. This is the promise we see in Mem."—A16z partner Arianna Simpson
As blockchain adoption grows and people engage in more on-chain activities, building a readable interface becomes crucial, one that will need to empower individuals to assert their data and set permissions for future web 3.0 products.
Why did A16z choose to invest in Mem?
Arianna Simpson, A16z partner responsible for the Web 3.0 direction, commented today on leading the seed funding round for Mem Protocol.
She tweeted that web 3.0 brings the ability for the internet to serve you, rather than being defined by web 2.0 platforms. To achieve this, we need new primitives, so I am excited to announce that A16z has led the seed funding round for Mem, building a social graph for web 3.0.
Some core attributes of web 3.0—such as openness, decentralization, and user control—are very well suited for new social network platforms optimized for user interests from the ground up.
User data is a key element of powerful advertising algorithms, which have monetized web 2.0 social networks, generating billions of dollars in revenue that flow to the platforms rather than the users themselves. This situation is… unsustainable.
Mem is building a data sovereignty-centered social media protocol, using social tokens and smart contracts to facilitate applications and communities built on top. Each user owns their data and can control their personal information.
She also noted that Mem's CEO Abhi Vyas and co-CTO Don Walpola demonstrated an incredible ability to rethink the possibilities in social networks and design from first principles, centered around user interests. As web 3.0 social networks take shape in the coming years, Mem will lead the way.
References:
https://twitter.com/AriannaSimpson/status/1461040795214139395
