Subsocial, a Web 3 platform built on Substrate and IPFS tech stack, completed the first round of private token sale, according to a Wednesday press release sent exclusively to Invezz. Subsocial’s critical mission is to operate as an ecosystem and platform to develop and self-monetize social networks and dapps.

The company’s protocol is fully decentralized, making it possible to create an innovative, fair, and open alternative for any modern-day social network.

According to Gavin Wood, founder of Polkadot (DOT/USD) and co-founder of Ethereum (ETH/USD), Subsocial is one of the most integral and highly anticipated projects currently being developed for Web 3.0. It approached the selection of future seed investors very carefully to establish its expertise and retain its integrality.

The company is ready to move forward with financing and development with the solid support of companies of the caliber of Hypersphere, Illusionist Group, Alameda Research, NGC, PAKA, Signum Capital, and more. Exchanges like Gate Labs and BockDream have lent their support as well.

Subsocial’s team is getting bigger and bigger with preparations for the upcoming IEO (initial exchange offering) and mainnet launch underway. The ecosystem will be powered by SUB, its native token, as will the monetization tools. 

This year, the Kusama (KSM/USD) and Polkadot communities showed strong interest in the project and are tracking its progress closely. Among the recent achievements is the successful delivery of two technical grants to the Web 3 Foundation, launching Polkaverse, a sub-network devoted to Kusama and Polkadot, and reaching the next level on the Substrate Builders Program’s first project batch.  

Commenting in the press release, Subsocial Network founder Alex Siman said: 

Over the past year, we have witnessed several cases when centralized social networks peremptorily ban their users without rational explanation. Subsocial’s mission is to aid global decentralization through the freedom of communication and content sharing. We are now closer than ever to turning our vision of an open, private, and censorship-resistant web into a reality.

Developers are testing a new node in preparation for launching a standalone mainnet. The list of partner exchanges, exact dates, and other details haven’t emerged yet.  

The post Exclusive: Social dapp Web 3.0 platform Subsocial completes first private token sale round appeared first on Invezz.

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