Gab is a free speech social network that has become a favorite for the ‘alt-right’ community. Gab.com, submitted its white paper to the US securities and Exchange commission sometime ago. The request was to raise $10 million through ICO. So far, the platform has raised over half of that amount. The platform was used to lay threats by a gunman who made good on his promise afterwards. Since then, many mainstream hosting services have disassociated from Gab. Gab, on the other hand, has decided to become an independent entity by using blockchain technology. This way, it will no longer have to depend on the traditional infrastructure.
Gabs Moves To Ethereum Blockchain
According to reports, the company’s ultimate goal is to build an ecosystem that will be untouchable by centralized authorities. During the anniversary of Bitcoin, the owner of Gab talked about the darkness of his vision. It’s true that ICOs are perfect for raising funds outside the norm. However, Gab now has the power to render centralized institutions almost useless. Andre Torba, the CEO of Cab said:
“What we are ultimately trying to do is to render intermediaries useless. I want Vcs to tremble and crumble”.
In 2016, Torba developed Gab. He said that he decided to create the ad-free social media platform because he didn’t believe in the censorship rules on Facebook, Reddit and Twitter. He funded the project from donations and everyone knew that it was going to be a success. This was even after the project was rejected by Google Play and Apple iTunes.
In July 2017, he boasted of having over 200,000 users. When he submitted his blockchain white paper, he already had over 394,00 users. In September, he had 635,000 users and in October the number had gone up to 800,000.
He said that his project wasn’t just shunned by Y Combinator and Google Play, it was also shunned by venture capitalists and he was even blacklisted. He decided to seek out funds from a crowdfunding website known as StartEngine. The network’s 2017 revenue was about $93,260 and most of it came from premium subscription. However, the company still recorded a loss. This is because Torba gets $65,000 for salary and the company uses $364,676 for operating costs.
The world sees Gab as the number one network for extremists but the white paper the company submitted to the SEC paints a different picture. The white paper paint the platform as a place where anyone is free to speak their mind without censor. It was presented as a typical example of the blockchain technology.