Last Year’s ‘A Path to Decentralization’ Vision Seems to Materialize with Blockstack’s Half a Million USD investment in New Internet Labs

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Yesterday, Muneeb Ali, the co-founder and CEO of Blockstack announced on Twitter that Blockstack had invested half a million US Dollars in Larry Salibra-founded New Internet Labs Limited. Larry Salibra is currently working hard on creating a browser that aims at decentralized applications.

New Internet Labs is very different from Blockstack PBC, and it functions out of Hong Kong. With New Internet Labs, the focus is on catering to the decentralize web particularly. Larry Salibra has been a valuable open-source contributor to the project and is well versed with several parts of the platform. He is also the man behind the construction of the initial manifestations of the Blockstack Browser, Blockstack Explorer, and had an important role in developing macOS app and Android and JavaScript SDKs. He is a strong supporter of digital rights and a balanced digital ecosystem. He is a natural fit for the project given his hands-on knowledge of the various aspects of the platform.

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As per the announcement on Blockstack’s official blog, the browser created by the New Internet Lab is dedicated to safeguarding the digital rights of an individual. The browser will make use of the technologies of Blockstack in the application and will also be packed with other technologies such as ‘IPFS and Lightning.’ Here are Larry Salibra’s views on it-

 “I believe in a future where the rights users enjoy in the physical world extend to the digital world. Unfortunately, the rules of today’s web browsers were written by the large companies responsible for violating our rights. We’re building a browser that works for users, not against them so that apps can’t be evil and digital rights are protected.”

The company is sticking to the true vision of decentralization. It has revealed that there will be no participation by the Blockstack PBC in the board, neither it will have any ‘controlling stake in the company.’ This gives a lot of independence and freedom to the management and board of New Internet Labs. It shows a sense of good trust and a promise of a better ecosystem in the company. It will be interesting to see where the vision of true decentralization takes us. As of now, a special browser created specifically for the decentralized applications sounds highly promising.

On the other hand, earlier this month, the New York-based company made an announcement about its plans to raise 50 million U.S. Dollars in a token sale which will ‘leverage the SEC’s Regulation A+ crowdfunding exemption.’ On this, Muneeb Ali said-

“We have been working with securities lawyers to create a legal framework that can enable blockchain protocols to comply with SEC regulations. […] This can potentially set a precedent for others in the industry, not just for public offerings, but also as a path to launch new public blockchains and establish a path to bootstrapping decentralized ecosystems.”

The filings with the United States Securities and Exchange Commission (SEC) showed that Harvard University, and Lux Capital and Foundation Capital invested about 11.5 million U.S. Dollars in order to buy 95.8 million Stacks tokens.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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