Bulletin Board System (BBS) Network, a decentralised Web3 public network of user-run online message boards, has secured US$1.5 million in a seed funding round led by Binance Labs, the venture capital and incubation arm of Binance.
DCG (Digital Currency Group), Polychain Capital GPs, Node Capital, NFX, and DAO Maker, also co-invested.
The funding will be employed to build and launch new features of BBS Network such as Native App, Search Engine, and Cross-BBS Authentication.
Launched in 2018, Binance Labs focuses on identifying, investing in, and empowering viable blockchain entrepreneurs, startups, and communities.
BBS Network is a SocialFi project that enables content sharing like a Reddit forum with moderators in a decentralised space. The network, or the collection of all the BBS boards, will reward creators, curators and other stakeholders with its own native token.
As a decentralised social network, every post on BBS will be turned into an NFT that users can create, buy, sell and collect revenue from the ad space on their posts. BBS also leverages an NFT Bidding Model, which enables anyone to purchase the ad space at transparent prices.
Revenue generated by the platform is said to be shared across all BBS ecosystem participants such as publishers, owners, web hosts, developers, in a fully automated, transparent and market-driven manner.
It also claims to be resistant to censorship, which means that all BBS users, content and wallets can always be recovered, and can never be censored, shut down, seized, or altered by anyone, not 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.
Eyal Hertzog was the founder of Metacafe, Contact Networks and Bancor, one of the first mainstream decentralised trading protocols.
“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.”
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Image Credit: Binance Labs
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