Jamie McNeill
New possibilities for using blockchains as a form of communication, like a decentralised Email, has emerged in the form of Mailchain, which has successfully closed a funding round to make decentralised communication easier than ever.
Email has become extremely centralised
Over the past few decades, the Internet has gone from a decentralised and liberating force, to an area of public life that is highly centralised and controlled.
The world of Email is no different: unlike 20 years ago, it is extremely rare to find anyone hosting their own Email now, as the convenience afforded by companies like Google and Apple is far superior.
There are a lot of tradeoffs that come with the convenience, not least of which being the total lack of privacy that one has when using such servers.
Mailchain hopes to make Emails more decentralised
Mailchain is a project that hopes to take Emails back to their roots and restore the functionality of privacy and autonomy to communications by using blockchain technology.
By removing a single point of failure, and by using new methods of encryption, one can truly own their own data by making use of Web3.
At the moment, whether an individual is using Email on servers provided by one of very few oligopolists, or communicating using social media like Twitter and Facebook, it is almost possible to retain control over data.
Centralised parties (Facebook is particularly notorious for this after the Cambridge Analytica scandal) have been shown to be historically untrustworthy. For some, this may only show itself in small changes such as the sort of adverts that one is shown, but for others it can mean that their weak digital property rights expose people to the risk of censored, cancelled, blackmailed, or victims of extortion.
Privacy and autonomy over one’s communications are extremely important and are part of an absolutely necessary toolkit for those who wish to be true sovereign individuals.
Mailchain raises $4.6m in seed funding
In order to realise this goal, the team at Mailchain have decided to raise a significant amount of capital to build products that are not only technically sound from the perspective of creating a truly decentralised Email on the blockchain, but also to create a user friendly Web3 wallet that allows the process to be conducted easily.
The funding round was led by Crane Venture Partners and was also backed by Kenetic Capital, Kestrel0x1, Acequia Capital, Eterna Capital, Maex Ament, Charles Songhurst (former head of corporate strategy at Microsoft), Sarah Drinkwater, and Nick Ducoff.
Tim Bockemann, the CEO of Mailchain, believes that the world of decentralised finance on smart contracts has grown extremely impressively, whereas the world of communication in Web3 hasn’t gained as much traction as one might have hoped.
Secure communication on the blockchain
One of the promises of MailChain is that communication has be auditable secure and private at all times. Now that Web3 has demonstrated that a lot of financial operations can be made more efficient through automation on chain (AMMs, lending markets, flash loans for arbitrage, etc.), it only makes sense to improve the world of communications.
It remains to be seen how widely adopted Mailchain will be, and the extent to which they can compete with other companies vying to dominate the Web3 social media space, like Stani Kulechov’s Lens Protocol.
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This article was written for Business 2 Community by Jamie McNeill.
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