ReadON, a decentralized content distribution platform, has raised $2 million in its latest seed funding round. The platform confirmed the development in a blog post on its handle. Reportedly, the funding round was led by SevenX Ventures.
Other participants in the round include HashKey Capital, Foresight Ventures, Sky9 Capital, ArkStream Capital, Puzzle Ventures, CyberConnect, M23 Fund, Smrti Lab, and individual investors. As reported, the firm intends to harness funds to develop its mobile application and a decentralized recommendation system.
This latest round is coming a few months after the firm raised over $150,000 in seed funding. Reportedly, the funding round manifested as its first attempt to raise funds for the development of its initiatives. Last April, the project won the Community Choice Award (CCA) in a Solana Riptide Global Hackathon.
The Co-founder and CEO of ReadON, Neo Y, hinted that the traditional internet platforms possess ultimate authority over content circulation and user data. Neo added that this is premised on how they feed content to users rather than letting them select the content they want. According to the CEO, this tends to result in information silos created by algorithms.
Aided by the raised funds, ReadON plans to devise a unique distribution mechanism. This will be possible by paving the way for the community to upvote and curate the content to give accessibility of high-quality content to users.
As designed, users with diverse experiences, knowledge, and influence tend to secure voting strength. These users will gain voting strength through the “Topic-bound NFT mechanism.”, thereby casting their judgment on curators. Additionally, consumers of the contents will be able to change their rating of the curator via the true-read technology.
The firm aims to entice and consequently introduce additional creators and curators into the Web3 sphere. This, according to ReadON, will help widen and enrich the on-chain content ecosystem. More so, ReadON is planning to unveil plug-ins shortly. These plug-ins will grossly enable creators to secure and sustain their ownership of content initiated on Web2 social media platforms, including Twitter.
Another co-founder of ReadON, Troy H, hinted that the platform enabled creators to obtain ownership of their respective contents. This, according to him, is carried out without altering how the contents were created or published. With this, creators, editors, and readers can amass profits from their respective contributions.
Troy further states that ReadON plans to assist subscribers in accessing effective and free content. According to him, this helps enhance their experience in the real world. The firm intends to launch its mobile application this September.
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Source: https://insidebitcoins.com/news/readon-raises-2-million-in-seed-funding-round