web3 brings the ability to put the internet to work for YOU, instead of the platforms that have defined web2. In order for that to happen, we need new primitives, so I’m thrilled to announce that @a16z is leading the seed round in @memprotocol, building the social graph for web3.

Some of the core attributes of web3 -- like openness, decentralization, and user control -- are perfectly suited for a new type of social networking platform that’s optimized for user benefits from the outset.

User data is the key ingredient in powerful ad algorithms that monetize web2 social networks, generating tens of billions of dollars in revenue that all goes to the platform rather than the users themselves. That take rate is...unsustainable

Mem is building a social media protocol with data sovereignty at the center, using social tokens and smart contracts to facilitate applications and communities built on top. Each user is empowered with data ownership and has control over their personal information.

Co-founders @abhimvyas and @DonWalpola have demonstrated an amazing ability to rethink what’s possible in social networking, and design from first principles with user benefits front and center.

@memprotocol is currently in limited alpha and plans to launch in early 2022. If you’re interested in testing it, sign up on their website: mem.co. And if you’re a developer who wants to join or build on the Mem Protocol, hit them up at memprotocol.typeform.com/dev…

It will be fascinating to watch web3 social networking take shape in the coming years, with @memprotocol leading the charge. Welcome, Mem!