Cryptocurrency

Crypto-native messaging platform Comm raises $5M in seed funding

With growing interest in crypto-native private messaging platforms, encrypted Web3 chat apps, communicationhas raised $5 million in a seed funding round led by CoinFund on August 25, 2022.

The Comm app, which calls itself “Web3 Discord,” protects all data with end-to-end (E2E) encryption, but can offer the same functionality as Discord, Slack, etc. by leveraging its technology solution “keyservers.” claims. The Comm team aims to replace centralized backends for chat applications and provide a truly sovereign and encrypted alternative.

Comm CEO Asshoat Tevosyan said:

โ€œConsumer keyservers represent an important technological advancement that gives people control over their personal data. It demonstrates web3’s ability to provide identity solutions.”

The Comm team said the funds raised in the seed round will be used to build and complete the keyserver.

key server

The E2E encryption model is currently used by major messaging applications such as Whatsapp and Signal. It’s also the only way to keep chat data out of the hands of businesses and application developers.

The E2E system ensures the security of chat data by storing it on the user’s phone. While it may seem like the safest option, this storage model can cause performance issues when supporting rich chat features such as search, discovery, and backup.

Comm aims to solve this predicament by leveraging its data storage solution, Keyserver. A keyserver acts as personal storage that is inaccessible to businesses and chat application developers. As users interact with each other, all data is uploaded to keyservers explicitly reserved for each community.

This makes it possible to establish E2E while storing a large amount of data, and to enrich the chat function. Comm’s primary customer is the Web3 community. The app hopes to extend to major applications such as Dropbox, Gmail and Facebook.

Crypto native chat platform

crypto slate In July 2022, we took a deep dive into the emerging popularity of crypto-native communication platforms. A prominent crypto investor brought the topic to the attention of his Web3 community when he said the need for a truly decentralized and secure crypto-native chat platform was growing day by day.

entrepreneur Elad Gill He said he invested in a crypto-native chat application called Lines, explaining why he thought the sector would thrive. He said:

โ€œYour bitcoin or cryptocurrency and mine were identical, so there is little reason to ping through an anonymous user’s wallet. For NFTs and collectibles, I may want to encourage you to buy or sell, so there are other incentives that communication layers can help with.โ€

NFT Marketplace rare had already launched a similar communications solution in November 2021. Nansen launched its own secure chat application integrated into the wallet in June 2022.

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