Blockstack’s Muneeb Ali says user data in popular social media platform gets monetized negatively

Muneeb Ali, the Co-Founder of Blockstack, in a recent conversation with Anthony Pompliano, boasted the firm to be a new internet for decentralized apps. He went on to say that the Blockstack project raised venture capital [VC].

According to the founder, the firm is essentially trying to create a technology that would ultimately replace cloud or decentralized computing. It will require a lot of R&D work, Ali said. He outlined that initially, it is important to get accustomed to the all-new developed technology, which has a solid foundation that the firms are developing. Following which, he revealed that they will slowly start building a decentralized open-sourced ecosystem.

He didn’t spare the social networking sites while talking about the relationship between the big companies and its user base. He said that there is an evident battle between large companies like Twitter or medium and its users. He added that the relationship is not a healthy one. According to him, these companies rip off users of their own content. He said that the user data is getting monetized in negative ways.

“The users help the company but there is no financial upside for the users.”

Ali and his team have been working to conduct a regulated token offering under the Reg A+ Exemption and have reportedly filed their application recently. The New York-based company also announced its plans to raise an extra $50 million via a token sale. Around 295 million STX tokens will be offered at a value starting from $0.30 each. The firm intends to infuse the fresh rounds of funds to broaden its newly developed decentralized forum.

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