Binance Labs, the startup financing and incubation arm of Binance, sponsored a seed funding round for Bulletin Board System (BBS) Network, a decentralised Web3 public network of the user-run online message boards.
DCG (Digital Currency Group), Polychain Capital GPs, Node Capital, NFX, and DAO Maker all participated in the investment.
The money will be used to develop and implement new BBS Network features including the Native App, Search Engine, and Cross-BBS Authentication.
Binance Labs was founded in 2018 with the goal of discovering, funding and empowering viable blockchain entrepreneurs, companies, and communities.
BBS Network is a SocialFi project that allows content sharing in a decentralised arena, similar to a Reddit forum with moderators. The network, or the collection of all BBS boards, will issue its own native currency to compensate authors, curators, and other stakeholders.
Every post on BBS will be transformed into an NFT, which users may make, purchase, sell, and earn money from the ad space on their posts since it is a decentralised social network. BBS also makes use of an NFT Bidding Model, which allows anybody to buy ad space at fair costs.
All BBS ecosystem players, including publishers, owners, web hosts, and developers, are supposed to share the revenue produced by the platform in a totally automated, transparent, and market-driven manner.
It also promises to be censorship-resistant, implying that all BBS users, material, and wallets may be retrieved at any time and cannot be censored, shut down, seized, or altered by anyone, even BBS.
“The mission of BBS Network is to return control of content and its economic upside back into the hands of social media users,” said Eyal Hertzog, founder and CEO of BBS.
Metacafe, Contact Networks, and Bancor, one of the first prominent decentralised trading protocols, were all founded by Eyal Hertzog.
“It is a unique opportunity for us to work with a group as crypto-experienced as Eyal and the BBS team,” said Ken Li, investment director of Binance Labs. “Our team has been deeply exploring the Web 3.0 SocialFi landscape, and we are excited by what decentralisation can do for the creator economy, as well as billions of daily social media users.”