Gab’s Crowdfunding Campaign Hopes to Raise $10M to Use Bitcoin and ‘Decentralize Dissent’
The free-speech maximalist website is decentralizing. In fact, it has just placed a bid to amass $10 million in crowdfunding. The platform aspires to get the entire amount in a Series A crowdfunding round in an attempt to decentralize its framework and fully leverage Lightning Network in its operations.
The platform first hopes to revolutionize its current platform as a “federated network of interconnected servers” and subsequently re-launch it. The “echo chamber” for “extremist,” as it is popularly called, also plans to integrate Bitcoin into its operations. But even as it banks on getting funded, Gab itself isn't new to controversy.
$10 Million to ‘Decentralize the Web’
Gab is barely two years old as it was founded in 2016. But its fame is mainly because it welcomes everyone thrown out of Facebook and Twitter after spreading hate with open arms. According to the site's CEO, Andrew Torba, the funds raised would be used to “decentralize the web” while upholding “freedom, digital sovereignty and privacy.”
In his interview with Decrypt, he said that they'd do their part and stifle bans and campaigns against free speech that's propagated by the mainstream social sites, which he referred to as “Silicon Valley stalwarts.”
Gab has never shied away from supporting digital currencies. Indeed, Bitcoin or the “free speech money” is one among its three main pillars; others being free speech and freedom. And as it launches the campaign, the site will heavily rely on its dutiful supporters to chip in and donate the “free speech money.”
Torba, in his words, seems very convinced that the opposition that users of his site face could soon be “a thing of the past.” The success of the Series A campaign, along with the site's apparent dalliance with decentralized, open-source technologies, will undoubtedly go a long way in making Gab “unstoppable.”
Bitcoin also seems right for a social media website which, owing to its extremist views, has been “no-platformed” by popular payment getaways, including PayPal, Stripe and Bitpay. And should it succeed in raising funds, there's no doubt its fame will skyrocket, even if hitting the $10 million target isn't a guarantee.
“Dissenter Web Browser” Already Launched
Already, there's a free speech-oriented “Dissenter Web Browser” that comes with a native ad blocker. The open-source browser even has a built-in Comment Extension and an integrated BTC and Lightning Network wallet feature. All these features, according to Gab, are to stop mainstream browsers from monitoring the activities of Gab users on the internet.
Over 50% of the site's one million users, according to the campaign are from the US with the rest coming from Brazil, the UK, Canada and Germany. It should be remembered that both Apple and Google App stores banned gap app, probably because of the views, it stands for.
All Donations “Strictly” in BTC
Gab has reportedly been relying on the Cash App to handle all BTC donations. The Square-owned app, transacted on behalf of the social media site, especially because neither the site nor its CEO could use Cainbase.
It is important to note that the crowdfunding campaign will be a ‘straight sale of non-voting preferred stock.' All donations will, however, be “strictly Bitcoin” although other cryptos could be accepted to buy the stock. Finally, it will be interesting to see how Torba and his ‘decentralized dissent' campaigns fairs on.