Last Year’s ‘A Path to Decentralization’ Vision Seems to Materialize with Blockstack’s Half a Million USD investment in New Internet Labs
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.
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.
We’ve made a half a million USD investment in New Internet Labs.
Larry Salibra, early Blockstack core developer, is building a browser for decentralized apps.
This adds an independent Hong Kong entity to the Blockstack ecosystem. https://t.co/jWSqtGJdKV
— muneeb.btc (@muneeb) April 24, 2019
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.