30s Summary

Blockchain-backed social media alternative Towns has raised $25.5 million in a Series A funding round led by Andreessen Horowitz. Founded by Ben Rubin, co-founder of Houseparty and Meerkat, Towns aims to set a new standard for digital communication using blockchain technology. Its messaging protocol, River, is a decentralized Ethereum Virtual Machine-compatible layer-2 chain. Developers can prioritize end-to-end encryption for user privacy. Like Discord or Slack, Towns gives users control and transparency over their data. Towns promises users ownership of their information, providing transparency, security, and eliminating the need for a middleman.

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In the wake of increasing concerns around privacy and content moderation on social media, a new blockchain-backed alternative called Towns is stepping onto the scene.

Raised a whopping $25.5 million from a Series A funding round led by Andreessen Horowitz (A16z) in February 2023, Towns has declared it’s ready for the world as of Oct. 15th.

Town’s founder, Ben Rubin, is no stranger to online communication. In fact, Rubin is also the co-founder of Houseparty and the Meerkat video streaming app. With Towns, Rubin has a big vision: he wants to set a “new standard for digital communication” by using blockchain tech.

Town’s secret sauce is its use of a messaging protocol called River. This bright, shiny, and new messaging app utilizes an Ethereum Virtual Machine (EVM)-compatible layer-2 chain. To cut the technical jargon, it means its decentralized, has smart contracts, and runs on the so-called “Base protocol.”

The folks behind Towns are also the brains behind the River Protocol, which came to life in May 2023. This protocol gives builders the leeway to put a premium on end-to-end encryption (E2EE), all in a bid to give users a super secure, uber-private digital communication experience.

Structurally similar to Discord or Slack, Towns wants to make sure users have the complete power and final say over their data. They’re promising transparency too, which is something they reckon they can ensure through River Smart Contracts on Base.

But what’s in for you, the user? “In Towns, you own 100% of your information,” a voice from the Towns camp told Cointelegraph. According to them, blockchain is key for conversations since it provides transparency, security, and decentralization. This means you can interact freely without worrying about the need for a middleman.

As with anything new, there’s more information headed our way about Towns. We’ll keep you posted as soon as we get more deets.

Source: Cointelegraph