The Blockchain-Based Social Network, Minds Has Grabbed A $6M Series A
Take a look into the blockchain start-ups of Minds and GrainChain. Both of them help their users simplify their lives. Read on
Raising The Series A Funds
Raising $6 million in Series A funding from Medici Ventures is Minds a decentralized social network the venture arm of Overstock.com as the CEO Patrick Byrne of Overstock joins Minds Board of Directors. The relevant question arising here is what is a decentralized social network as the creators originally crowdfunded the product seeing it as an anti-surveillance, anti-censorship, and also anti-big tech platform ensuring there is no one party controlling the online presence where Minds is already seeing solid movement.
According to Minds co-founder Bill Ottman Minds saw an enormous uptick in the new Vietnamese of thereby hundreds of thousand users as a direct response to the new laws in the country implementing an invasive cybersecurity law included uninhibited access to user data which is on social networks like Facebook as also Google with the ability to censor user content.
As Byrne states it has been with increasing excitement that in recent years over the power of blockchain technology liberating individuals and organizations as Minds’ work comes to be employing blockchain technology as a social media application which is the next great innovation toward the mainstream use of this world-changing technology. It is interestingly noted that as Minds is a model for the future of hybrid investing where the process of raising some cash via token is raising further cash via VC ensuring a level of independence from investors as also allowing expertise and experience presumably flowing into the company.
In this scenario, Ottman just wants to build a revolutionary object as he says the rise of the open-source, encrypted as also decentralized social network comes to be crucial by combating the big tech monopolies abused and ignored users for years as systemic data breaches, shadow banning, and censorship with people all over the world coming to demand a digital revolution. Therefore, the necessity is user safety, fair economies, and global freedom of expression depending on it as they are all in the battle together.
Launched In Mexico Is GrainChain, A Blockchain-Based Platform For Commodity Sales
The fact remains that being launched in the two years, GrainChain has with its distributed ledger-based transaction platform for the bulk dry goods as the company brokered thousands of contracts on everything from corn, sorghum, wheat as also soybeans to even sand thereby from its headquarters in McAllen, Texas. Currently, the company comes to be expanding its services to Mexico as partnering with the government of Tamaulipas helping farmers and grain elevators with commodity management and settlement. It is the truth that GrainChain has integrated with the existing grain elevator equipment and then deploying its sensors and the software automating the certification of the inventory, invoice settlement as also reporting to buyers and sellers according to the statement released by the company.
With the fact that it comes as a new blockchain adoption, Grain Chain, therefore, began its development of the technology as an inventory supply chain management toolkit for farmers where the company’s founder and chief executive Luis Macias has sold the previous software business Verge Data thereby to an insurance company taking some time off before thereby wading back into the software development business in McAllen. It was said that Macias was approached by Hi Star Grain to develop software managing the sales process for bulk dry goods while the company spent years working on the technology.
GrainChain sets up a contract between a buyer and farmer before the commodity is ever shipped for their supply negotiated through the digital portal of GrainChain with it being submitted to the chain along with an agreed-upon payment held in escrow until delivery. GrainChain’s system in the field and at the silo consists of a logistics toolkit monitoring and tracking harvests coming out of the fields and through individual silos as the goods are certified for quality assurance thereafter using the company’s sensor technology as the certification is recorded onto a HyperLedger based blockchain.
The process is that once the shipment is verified, the payment comes to be released to the farmer in the form of a dollar-backed GrainPay stable coin allowing instant settlement of transactions with the asset-backed token burned once the contract is therefore filled as the tokens being converted into the fiat currency agreeing upon in the initial contract. It is here that GrainChian makes money thereafter by charging a commission on each transaction moving through the platform. As also when it has raised $ 2,5 million from Medici Ventures the company which is an investment arm of Overstock which is now expanding into international markets.
As Macias says they are giving the farmer the ability to work which is with a higher risk customer as they are getting guaranteed payment as it is also they can go past the normal broker they go through with the company having 14 commodities that include corn, soybeans, sunflower seeds, sesame seeds, coffee, sorghum, sand, and cocoa. He further states that they can carry any dry commodity with the ability to be graded which is that they have found that when there’s a contract that is built on blockchain as its slow-pay or no-pay or arbitration comes through on the contract, it is devastating to the farmer. Here it gives them the security to take on what is the otherwise riskier customer.