ReadON (readon.me), a company that aims to provide users with a brand-new content consumption experience by utilizing blockchain, recently completed its seed investment round of $2 million led by SevenX Ventures. ReadON’s mission is to use blockchain to enable users to access content in a more decentralized and secure manner.
Other investors included Foresight Ventures, Sky9 Capital, ArkStream Capital, Puzzle Ventures, CyberConnect, M23 Fund, Smrti Lab, and individual investors. HashKey Capital was also one of the investors. The seed financing will be put toward the development of a decentralized recommendation system as well as a mobile application called ReadON.
ReadON’s Cofounder and CEO, Neo Y., is a serial entrepreneur who previously established a games and applications company that generated over 500,000 daily active users (DAU) and $10 million in revenue in 2020. ReadON was established in 2018. Previously, Neo held the position of Director of Product at Qutoutiao (NASDAQ: QTT), where he was responsible for the creation of the company’s best Play2Earn product in China, which had 30 million daily active users.
Formerly the senior technology manager of ByteDance, Troy H. is now the co-founder and chief technology officer of ReadON. Before that, Troy worked at Pinterest where he was a senior tech lead (NYSE: PINS). The Natural Language Processing lab at Carnegie Mellon University is where Troy earned his Master of Science degree in Computer Science.
“Traditional internet platforms have supreme authority over content distribution and user data,” said Neo, the co-founder of ReadON. “Based on this, they feed content to users instead of allowing them to choose the content they want, which results in information silos created by algorithms,” Neo added. “ReadON’s goal is to break down these information silos and give users more control over the content they consume.”
ReadON’s goal is to develop its own unique distribution strategy by giving users the ability to upvote and curate information.
This will ensure that users have quick and easy access to content of the highest possible quality.
Users with experience, knowledge, and influence on different topics can gain voting power through the Topic-bound NFT mechanism and cast their judgment on curators. With the help of the True-Read technology, content consumers’ reading behaviors can also change the rating of curators.
ReadON aspires to attract and bring more creators and curators into the Web3 world, enriching the on-chain content ecosystem. In the future, ReadON will also launch plug-ins that help creators readily claim their ownership of content produced on Web2 social media platforms such as Medium.
As ReadON’s co-founder Troy noted, “the essence of ReadON is to give creators ownership to their contents without changing how they create and publish, allowing authors, readers and editors to profit from their contributions. ”