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ReadON Completes $2M Seed Round to Build Decentralized Content Distribution Platform – Press Release Bitcoin News
press release
PRESS RELEASE. Read more (read on.me), a company that aims to provide users with a completely new content consumption experience using blockchain, completed its seed investment round with 2 million dollars led by SevenX Ventures.
Other investors include HashKey Capital, Foresight Ventures, Sky9 Capital, ArkStream Capital, Puzzle Ventures, CyberConnect, M23 Fund, Smrti Lab and individual investors. The seed funding will be used to develop a ReadON mobile application and a decentralized recommendation system.
Neo Y., co-founder and CEO of ReadON, is a serial entrepreneur who founded a game and application company that earned over 500,000 DAU, $10 million in revenue in 2020. Neo previously worked as a product director at Qutoutiao (NASDAQ: QTT), responsible for designing the best Play2Earn product in China with 30 million daily active users.
Troy H., co-founder and CTO of ReadON, was previously senior technology manager at ByteDance. Prior to that, Troy was senior tech lead at Pinterest (NYSE: PINS). Troy received his Master of Computer Science from the Natural Language Processing lab at Carnegie Mellon University.
“Traditional internet platforms have supreme authority over content distribution and user data, based on which they feed content to users rather than letting them choose the content they want, resulting in information silos created by algorithms,” said ReadON co-founder Neo.
ReadON aims to create a distinct distribution model by allowing the community to vote and curate the content to enable users to access high quality content in an efficient manner.
Users with experience, knowledge and influence on various subjects can get the right to vote through the subject-related NFT mechanism and give their verdict on curators. With the help of the True-Read technology, the reading behavior of content consumers can also change the assessment of curators.
ReadON aims to attract and bring more creators and curators into the Web3 world, enriching the on-chain content ecosystem. In the future, ReadON will also launch plug-ins that help creators claim ownership of content produced on Web2 social media platforms such as Medium.
As ReadON co-founder Troy noted, “the essence of ReadON is to give creators ownership of their content without changing how they create and publish, allowing authors, readers and editors to profit from their contributions.”
About ReadON
ReadON is a decentralized content distribution platform that has created an incentive mechanism for consumers, curators and creators, along with a unique subject-bound NFT design. ReadON seeks to help users with efficient and free access to quality content, break information silos and explore a truly new world.
ReadON was the only project to win the Community Choice Award during the Solana Riptide Global Hackathon held in April 2022. The public beta version of ReadON’s mobile application will be released in September.
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