Reddit co-founder supports Solana with $100 million investment

Reddit co-founder supports Solana with $100 million investment

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Answer Reddit co-founder supports Solana with $100 million investment

Reddit co-founder Alex Ohanyon has announced that he will contribute $100 million to build a blockchain-based social media platform Solana.

Reddit co-founder betting on social media based on Solana:

Ohaneon was part of Solana’s Breakpoint Conference, where he had an in-depth chat with Solana co-founder Raj Gokal.

During the conference, Ohanyon announced that it would invest to build a decentralized, blockchain-based social media platform Solana, stating:

One of the reasons I’m here is to announce the creation of an investment fund that will allocate $50 million to invest in the next wave of social networks, built on Solana.

Ohanian added that 50 million dollars was not enough, so the investment amount will be doubled to 100 million dollars.

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Solana made the news recently when FTX officially launched its Solana-based NFT platform, which caters exclusively to American customers.

The Solana blockchain-based social media platform can make use of “Solana-only NFT” groups for a more advanced user experience.

Ohanyon and Gokal also spoke to developer Stephen Urlich about the relatively centralized nature of the Solana blockchain.

However, new Web 3.0 projects that compete with centralized and ad-based entities such as Meta (Facebook) are very centralized.

Ohanyon and Gokal noted that even if Solana moved toward decentralization, it would be a huge step in the right direction.

Both believe Solana has improved security, privacy, and productivity to achieve the bottom line.

Ehrlich wrote:

Alex offers a unique perspective on this challenge.

He knows what it takes to succeed in this industry, and he knows it doesn’t happen overnight.

He also fully understands that success means gaining people’s time, which is their most valuable resource.

Money and budgets can go up with an increase in income, but no one has figured out a way to eliminate the need to sleep or extend the day beyond 24 hours.

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Ohanian believes that the decentralized platform itself bears the responsibility to prevent and stop harmful uses.

He further emphasized that allowing harmful groups or individuals to remain on the social media platform would indicate their tacit acceptance or approval.

Read also:

Bank of England: CBDC to be launched by 2030

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