Parami Gets Funding: User Privacy Is Happening
Considering the magnitude of what Parami Protocol hopes to achieve — user privacy and advertising gains for all — funding remains critical. Now, the much-needed funding has come.
Parami Protocol raised $3 million in funding to secure user privacy on all web 3 apps. Of course, this didn’t fall off the sky like the Christian manna; several blockchain ventures made it happen. All these blockchain ventures are enthusiastic about a safe space for users on Web 3. This has a ripple effect, so it’s no surprise the rally for user privacy.
What’s The Purpose Of These Funds?
$3 million is a lot of money. Pouring that into a start-up like Parami is certainly not something many agree with. Yet, it’s quite critical towards protecting users from the pack of wolves in the advertising space.
A chunk of this money will be used to create an ecosystem where users are in charge of everything — data and identity. An end to the exploitations of advertisers is here.
There’s a lot that goes into developing a protocol meant to distort the status quo; especially when that disruption isn’t self-serving. This explains why such a humongous figure is needed.
Once the Parami Protocol becomes a reality, blockchains that protect the privacy of users will rise. Since this innovation is relatively new to the scene, they will need funding to deliver.
Parami might have experience in privacy management, especially on the blockchain, but it requires a lot more than expertise to keep the sharks away. Funding is one of the key ingredients of survival.
The $3 million combined with the Parami Protocol expertise should be enough to make the Web 3 space more user-friendly.
Why Is User Privacy Important?
Sometimes, our nonchalant attitude gets the better of us and we question the importance of privacy. I have seen people ask, “why is user privacy a thing? Who cares if they steal our data or not?”
And truly many don’t care. It’s a sad reality, but the naysayers shouldn’t be allowed to subject all users to the tyranny of a few.
On Web 3.0, user data is the new gold. With user data highly valued, the data security risks increase. Every middleman and his dog has their eyes on your data, emphasizing the importance of user privacy.
Currently, blockchain technology is transparent. The problem is transparency is a double-edged sword. While it ensures everyone is on the same page, it spreads your linen — both dirty and clean — in public. Parami Protocol was created to deliver user privacy as it concerns data management. The protocol imbibes the tenets of democracy in ensuring user privacy.
Through the Parami network, you decide how your data is accessed and used. Depending on your preferences, you get rewarded for the data used. The Parami AD 3.0 is poised to make Web 3 apps more rewarding for everyone besides the user data safety angle.
Who Benefits From This funding?
At surface level, the $3m injected into Parami appears to be for a select few. But this is far from the truth. When you dig deeper, the true beneficiaries of these funds are the users.
Most of the funds go towards building a protocol that caters to the safety of user data. Add the opportunity to earn — which is available to users — and it’s a no-brainer who laughs last.
With funding secured for the development of the Parami Protocol, it’s only a matter of time before users take the driver seat in how their data is used. Hopefully, the AD 3.0 paradigm is unveiled real soon.
These are places where you can learn a lot about Parami, and talk to Parami communities