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Lowlights from Zuckerberg’s Libra testimony in Congress

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“I don’t control Libra” was the central theme of Facebook CEO Mark Zuckerberg’s testimony today in Congress. The House of Representatives unleashed critiques of his approach to cryptocurrency, privacy, encryption and running a giant corporation during six hours of hearings. Zuckerberg tried to assuage their fears while stoking concerns that if Facebook doesn’t build Libra, the world will end up using China’s version. Yet Facebook won’t stop shaking up society, with Zuckerberg saying its News tab feature will be announced this week.

During the hearing before the House Financial Services Committee that you can watch here, Zuckerberg recommitted to only releasing Libra with full U.S. regulatory approval. But given the tone of the questioning and Zuckerberg’s lack of fresh answers since Facebook’s David Marcus testified about Libra in July, Libra now looks even less likely to launch in 2020.

The hearing started tensely, with Rep. Maxine Waters (D-CA) declaring that “Perhaps you believe that you’re above the law, and it appears that you are aggressively increasing the size of your company, and are willing to step over anyone, including your competitors, women, people of color, you own users, and even our democracy to get what you want . . . In fact, you have opened up a serious discussion about whether Facebook should be broken up.

However, some members of Congress used their time to advocate for American dominance instead of heavy regulation. Rep. Patrick McHenry (R-NC) said “the question is, are we going to spend our time trying to devise ways for government planners to centralize and control as to who, when and how innovators can innovate.” Many Republicans complimented Zuckerberg on his business acumen, though none showed outright support for Libra.

Zuckerberg Libra testimony

With few highlights or positive moments coming from the hearing, here are the major takeaways followed by a chronicle of the top exchanges between Zuckerberg and Congress:

  • Zuckerberg claims China will soon have its own version, so regulators shouldn’t block Libra
  • He’s open to regulators requiring Libra to be majority-backed by the U.S. dollar
  • Zuckerberg would leave inheritance to his children in Libra since it’s backed one-to-one with real currency
  • He wouldn’t commit to blocking anonymous wallets but he’s open to baking more anti-money laundering into Libra’s network
  • Zuckerberg plans to expand verifying users via government ID to battle abuse of Facebook
  • He said Libra partners left because “it’s a risky project and there’s been a lot of scrutiny”
  • Zuckerberg confirmed the Libra Association has abandoned or modified its plan to deal themselves dividends on interest from the Libra reserve
  • Facebook will pull out of Libra if it does something Facebook can’t allow or that it’s prohibited from by regulators
  • Zuckerberg didn’t discuss Facebook’s policy allowing misinformation in political ads with President Trump during their meeting
  • He says Facebook is developing anti-deepfakes technology and a policy about takedowns
  • He repeated his call for more government regulation instead of Facebook making its own rules
  • Facebook will comply with subpoenas for info on discrimination in housing ads
  • Zuckerberg wouldn’t commit to trying out the role of Facebook content moderator
  • Facebook plans to announce its upcoming News tab this week
  • Congress’ questions were smarter than a year ago, but still pried little new information on Libra out of Zuckerberg
  • Zuckerberg repeatedly relied on the Libra Association’s independence from Facebook to avoid substantial answers

On Libra versus China

Zuckerberg tried to leverage nationalist sentiment to deflect scrutiny. “As soon as we put forward the white paper around the Libra project, China immediately announced a public private partnership, working with companies . . . to extend the work that they’ve already done with AliPay into a digital Renminbi as part of the Belt and Road Initiative that they have, and they’re planning on launching that in the next few months.” He later said that for Libra, “Chinese companies would be the primary competitors.”

Facebook’s executives have repeatedly leaned on this “let us, or China will” argument we chronicle here.

What if the Libra Association chooses to add the Chinese currency to the basket used to back Libra and reduces the U.S. dollar’s fraction of the basket? “I think it would be completely reasonable for our regulators to try to [implement] a restriction that says that it has to be primarily U.S. dollars,” Zuckerberg responded in one of his most substantial answers of the day. Zuckerberg was receptive to feedback that the Libra Association should keep its white paper updated.

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As for why Libra isn’t just backed 100% with the U.S. dollar, Zuckerberg explained that “I think from a U.S. regulatory perspective, it would probably be significantly simpler. But because we’re trying to build something that can also be a global payment system that works in other places, it may be less welcome in other places if it’s only 100% based on the dollar.” Still, Zuckerberg said he would leave his children their inheritance in Libra because it’s backed one-to-one by the Libra reserve.

On Libra and regulation

Zuckerberg wouldn’t commit to blocking anonymous Libra wallets that could facilitate money laundering, only saying Facebook’s own Calibra wallet would have strong identity checks. He did say Libra was exploring whether it could encode “know your customer” protections at the network level instead of relying on developers to build this into their wallets.

On whether Facebook will increasingly seek to verify users’ identities through government ID, Zuckerberg was enthusiastic. “This is an area where I think we are going to do a lot more in the years to come. We started with political ads . . .  over the coming years for anything that people are doing that is sensitive, we’re likely going to increasingly require verification either by government ID or other things so we can have a clear sense of people’s authentic identity.”

Rep. Dean Phillips (D-MN) mentioned this could be a competitive advantage, implying Facebook’s size and resources might allow it to embark on a verification initiative other companies couldn’t.

Calibra Know Your Customer

Facebook has assured regulators that Calibra’s data would be kept separate from the social network. But Facebook said the same when it acquired WhatsApp, then reneged and integrated its data. This time around, Congresswoman Nydia Velázquez declared that “we’re going to need to make sure that . . . you learned that you should not lie.”

When pushed on why Libra Association members like Visa, Stripe and eBay left the organization, Zuckerberg admitted, “I think because it’s a risky project and there’s been a lot of scrutiny.” Zuckerberg struck back at finance incumbents, saying “I think that the U.S. financial industry . . . is just frankly behind where it needs to be to innovate and continue American financial leadership going forward.”

In an awkward moment, Zuckerberg could not answer which Libra members were run by women, minorities or LGBTQ+ people. “Is it true that the overwhelming majority of persons associated with this endeavor are white men?,” Rep. Al Green (D-TX) asked. “Congressman, I don’t know off the top of my head,” Zuckerberg responded.

Zuckerberg was criticized for trying to profit and potentially helping money laundering while claiming Libra is designed to help the unbanked. Zuckerberg said the Libra Association “hadn’t nailed down policies” about whether anonymous payments are allowed.

Rep. Brad Sherman (D-CA) said “for the richest man in the world to come here and hide behind the poorest people in the world, and say that’s who you’re really trying to help. You’re trying to help those for whom the dollar is not a good currencydrug dealers, terrorists.” Some members of Congress like Sherman chose to use their entire time monologuing instead of actually asking questions. 

Zuckerberg got a chance to clear up a major snafu from Marcus’ testimony, where he said the Libra Association was in contact with the Swiss data regulator, which CNBC reported hadn’t heard from Libra. Zuckerberg explained today that the Libra Association had been in contact with the primary Swiss Financial Market Supervisory Authority instead. He says Facebook plans to earn money from Libra on ads from small businesses if cheap transactions lead to more e-commerce.

In one revealing exchange, Rep. Lance Gooden (R-TX) asked if the Libra Association still planned to offer profit incentives by offering dividends based on interest earned on currency in the Libra reserve after expenses are paid. Zuckerberg said the idea had either been “modified or abandoned.”

Screen Shot 2019 10 23 at 11.51.30 AM

The highlighted section detailing how Libra Association members earn dividends on Libra reserve interest has been removed from the Libra whitepaper

Claiming Facebook isn’t Libra

Throughout the testimony, Zuckerberg tried to distance himself and Facebook from the Libra Association’s decision making process. “We might be required to pull out if the Association independently decides to move forward on something that we’re not comfortable with,” Zuckerberg said. That means if Facebook can’t launch Libra, it could still theoretically launch without the social network, though it does most of the engineering heavy-lifting.

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The strategy was crystallized by Zuckerberg’s response to whether he could commit to moving Libra’s headquarters from Switzerland to the U.S. “At this point, we do not control the independent Libra Association so I don’t think we can make that decision.” Rep. Ayanna Pressley (D-MA) refuted this position, stating, “Mr. Zuckerberg, Libra is Facebook, and Facebook is you.”

Mark Zuckerberg Hearing In Congress

The Facebook CEO, Mark Zuckerberg, testified before the House Financial Services Committee on Wednesday October 23, 2019 Washington, D.C. (Photo by Aurora Samperio/NurPhoto via Getty Images)

The “we don’t control Libra” argument provides Facebook and Libra an escape hatch from criticism, because any member and even the newly appointed chairperson and board can’t unilaterally control or make promises about its actions.

On misinformation and encryption

Many Congress members remain fixated on Facebook’s recently solidified policy of refusing to submit political ads for fact-checking. Rep Sean Casten (D-IL) asked if in Zuckerberg’s recent meeting with President Trump, “Did anyone discuss the policy change along the exemption of political figures and parties from misinformation prohibition on Facebook?” Zuckerberg responded, “Congressman, that did not come up,” quieting theories that Trump pushed for the policy that would exempt false claims in his ads.

Zuckerberg defended the policy to Rep. Alexandria Ocasio-Cortez (D-NY), saying “I think lying is bad, and I think if you were to run an ad that had a lie, that would be bad,” but that outside of calls for violence or voter suppression, Facebook thinks it’s best to leave lies in ads from politicians so they can be scrutinized by the press and public. Yet that too heavily leans on the media to scrutinize thousands of ad variants being run as part of multi-hundred-million-dollar political ad campaigns.

Rep. Ann Wagner (R-MO) chided Zuckerberg, saying “you’re not working hard enough” to stop the spread of child exploitation imagery online despite Facebook submitting millions of reports. She brought up worries that Facebook moving entirely to encrypted messaging could hide child abusers, and Zuckerberg merely said “I think we work harder than any other company.” He failed to explain how Facebook would continue improving detection through encryption.

Oddly, Zuckerberg was directly confronted about his views on vaccines since Facebook works to hide vaccine hoaxes and avoid recommending groups spreading unverified information about them. “I don’t think it would be possible for anyone to be 100% confident, but my understanding of the scientific consensus is that it is important that people get their vaccines,” Zuckerberg said, defending Facebook’s decision to hide some of this content.

In another strange moment, Rep. Madeleine Dean (D-PA) demanded if Facebook had bought blocks of hotel rooms at Trump properties but never used them just to curry favor with the president. Zuckerberg said he’d never heard of that and would be surprised if it was true.

On deepfakes, Zuckerberg confirmed that “I think deepfakes are clearly one of the emerging threats that we need to get in front of and develop policy around to address. We’re currently working on what the policy should be to differentiate between media that has manipulated and been manipulated by AI tools like deepfakes, with the intent to mislead people.” Zuckerberg later said the doctored Nancy Pelosi video should have been flagged sooner, and highlighted Facebook needs a separate deepfakes policy. Yet Facebook’s policy allows politicians’ ads to mislead people, weakening faith that it will properly address this new problem.

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Questions about Facebook’s fair practices led Zuckerberg to reiterate his call for regulation, saying “I think we need federal privacy legislation. I think we need data portability legislation. I think clear rules on elections-related content would be helpful too because it’s not clear to me that we want private companies making so many decisions on these important areas by themselves.”

On diversity, discrimination and moderation

Regarding housing discrimination via Facebook ads, Zuckerberg committed to working with regulators to provide information under subpoena, noted Facebook has banned discriminatory housing ads, and said “Nobody wants to redline and I’m sure that was accidental.”

Zuckerberg received his heaviest criticism of the day from Rep. Joyce Beatty (D-OH), who grilled him about not knowing if diverse bankers manage Facebook’s cash or if diverse law firms handle its court cases. She chastised Facebook for a lack of diverse leadership, saying “this is appalling and disgusting to me.” Of COO Sheryl Sandberg, who leads Facebook’s civil rights task force, Beatty said “we know she’s not really civil rights.”

Facebook CEO Mark Zuckerberg Testifies Before The House Financial Services Committee

WASHINGTON, DC – OCTOBER 23: Facebook co-founder and CEO Mark Zuckerberg arrives to testify before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill October 23, 2019 in Washington, DC. Zuckerberg testified about Facebook’s proposed cryptocurrency Libra, how his company will handle false and misleading information by political leaders during the 2020 campaign and how it handles its users’ data and privacy. (Photo by Chip Somodevilla/Getty Images)

Some of the day’s most astute questioning came from Congresswoman Katherine Porter (D-CA). She hammered Zuckerberg about Facebook lawyers fighting to avoid liability over data breaches. Then she trapped Zuckerberg on the issue of the mental health harms of being a Facebook content moderator that reviews horrific and graphic violence.

Would you be willing to commit to spending one hour a day for the next year, watching these videos and acting as a content monitor and only accessing the same benefits available to your workers?,” she asked.I’m not sure that would serve our community for me to spend my time,” Zuckerberg said. “What you’re saying is you’re not willing to do it,” she replied.

Facebook will announce news service

There’ll be more major launches from Facebook that could raise questions about its impact on society, Zuckerberg revealed. “Later this week we actually have a big announcement coming up on launching a big initiative around news and journalism, where we’re partnering with a lot of folks to build a new product that’s supporting high-quality journalism.” Facebook plans to launch a News section featuring headlines from top outlets, though only some will be paid.

“I think that there’s an opportunity within Facebook in our services to build a dedicated surface, a tab within the apps for example, where people who really want to see high quality curated news, not just social content . . . I’m looking forward to discussing that in more length in the coming days.” That service is sure to trigger debates about whether Facebook is trustworthy enough to be a formal conduit for news.

Overall, the questioning today was much more intelligent than the vague and easily-Googleable queries launched at Zuckerberg by Congress in April 2018. We had no “Senator, we run ads” moments. Instead, it was Zuckerberg who repeatedly used the separation between Facebook and the Libra Association plus the fact that Libra’s policies are still being defined to avoid giving many substantial answers. Combined with the short five-minute Q&A period per member of Congress, Zuckerberg was often able to just repeat existing talking points.

Facebook CEO Mark Zuckerberg Testifies Before The House Financial Services Committee

WASHINGTON, DC – OCTOBER 23: Facebook co-founder and CEO Mark Zuckerberg testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill October 23, 2019 in Washington, DC. Zuckerberg testified about Facebook’s proposed cryptocurrency Libra, how his company will handle false and misleading information by political leaders during the 2020 campaign and how it handles its users’ data and privacy. (Photo by Chip Somodevilla/Getty Images)

In one of the few lighthearted moments of the day, Rep. Juan Vargas recognized the tough position Zuckerberg has gotten himself into. “It’s good to have someone that’s sturdy and resilient. You’re probably the right person at the right time to take this beating.” Yet Rep. McHenry depressingly concluded that, after six hours, “I’m not sure we’ve learned anything new here.”

The question is what array of Libra and Facebook executives would Congress need to have testify together to get real answers to critical questions about how to keep the two from harming the global economy.

The hearing is ongoing and we’ll continue to update this article with major takeaways.

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Best ASO Tips To Boost Your App Search In 2022

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You need your application to be really effective in the overpopulated application market. Then, at that point, you will have to drive downloads to endure. So when it’s all said and done, you must account for yourself. Get your application the consideration it merits.

The uplifting news, however, is that customers love to download applications – last year, we downloaded in excess of 200 billion applications around the world, and that figure is set to increment to 258 billion every year by 2022 as cell phone reception increments.

Assuming you need to be seen and have your application downloaded by however many clients as could reasonably be expected, then, at that point, you should begin by taking a gander at the application store.

Underneath, we’ve assembled probably the best application store improvement methods to assist you with creating more downloads in 2021 and then some…

Start with Your Application Name 

The odds are you as of now have an extraordinary name for your application, yet an appropriately advanced application is about significantly more than marking.

Assuming you need to amplify transparency and guarantee you’re showing up when clients look for applications like yours, you ought to remember the primary keywords for your application name or title, comparable to how you’d make a title label while improving a site page.

You could begin with your application name so it tends to be plainly recognized, thus it appears on the home screen of gadgets.

Then, at that point, you can add a scramble or vertical bar prior to adding a few pertinent watchwords to your speciality, or even put your application name in quotes as we did with FORE Business Golf Networking.

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Urge Users to Leave Reviews 

You could ask for reviews by clients through the means of your site, or through an in-application notice toward the finish of their meeting, yet make sure to restrict the number of pop-ups you execute with the goal that you don’t disturb or disappoint your clients, as this could urge them to erase your application.

We’d support all application engineers and entrepreneurs to react to criticism on their applications, as this can further develop client relations and resolve issues in an open arena.

Zero in on Your Application Depiction 

Your application depiction is your principle assemblage of text your landing page content, in a manner of speaking. Utilize a site like KeywordTool.io to discover information on your picked catchphrases to expand your openness. As portrayals are shortened, ensure you remember the main data for the initial three lines of your depiction, and afterwards add things like social confirmation, emoticon, and suggestions to take action to build commitment and downloads.

Incorporate Appealings Screen Captures 

Pictures and recordings won’t help your application rank, yet they will expand changes and assist clients with working out whether it’s an application they truly need.

There’s a little guide in empowering clients toward downloading your application if in any case, they’re not going to interface with it, or download and leave a negative survey when they understand it wasn’t what was promoted.

Assuming you need to ‘tart up’ your item page, then, at that point, you can add marking and extra text and data and designs to your recordings and screen capture, yet they ought not to diminish your item.

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Pay for App Store or Play Store 

As we have SEO and pay-per-click, you need to work one next to the other (one is a gradual methodology with long haul benefits – the other is a speedy success yet requires an endless spending plan), application store promotions can be utilized to get the message out with regards to your new programming and assist you with positioning at the highest point of query items pages – in front of your opposition and enormous names in the application world.

Keep in mind, you’ll need to focus on the right crowd and art an advertisement that will assist you with changing over and that since you’re paying for situations, that doesn’t mean clients will download or cooperate with your application.

Wrapping Up!

You can employ a group of  App  Store Optimization Services suppliers to benefit a scope of application store improvement administrations, including watchword advancement, resource enhancement, and restriction to guarantee your application is seen by individuals that matter.

We have long periods of involvement in creating and showcasing applications and have assisted different customers with expanding their downloads by infiltrating rewarding and regularly undiscovered business sectors.

Author:
Prachi Gupta likes to write information about Digital Marketing Trends that can help audience to grow their business.

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WhatsApp will finally let users encrypt their chat backups in the cloud

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WhatsApp said on Friday it will give its two billion users the option to encrypt their chat backups to the cloud, taking a significant step to put a lid on one of the tricky ways private communication between individuals on the app can be compromised.

The Facebook-owned service has end-to-end encrypted chats between users for more than a decade. But users have had no option but to store their chat backup to their cloud — iCloud on iPhones and Google Drive on Android — in an unencrypted format.

Tapping these unencrypted WhatsApp chat backups on Google and Apple servers is one of the widely known ways law enforcement agencies across the globe have for years been able to access WhatsApp chats of suspect individuals.

Now WhatsApp says it is patching this weak link in the system.

“WhatsApp is the first global messaging service at this scale to offer end-to-end encrypted messaging and backups, and getting there was a really hard technical challenge that required an entirely new framework for key storage and cloud storage across operating systems,” said Facebook’s chief executive Mark Zuckerberg in a post announcing the new feature.

Store your own encryption keys

The company said it has devised a system to enable WhatsApp users on Android and iOS to lock their chat backups with encryption keys. WhatsApp says it will offer users two ways to encrypt their cloud backups, and the feature is optional.

In the “coming weeks,” users on WhatsApp will see an option to generate a 64-digit encryption key to lock their chat backups in the cloud. Users can store the encryption key offline or in a password manager of their choice, or they can create a password that backs up their encryption key in a cloud-based “backup key vault” that WhatsApp has developed. The cloud-stored encryption key can’t be used without the user’s password, which isn’t known by WhatsApp.

Image Credits: WhatsApp/supplied

“We know that some will prefer the 64-digit encryption key whereas others want something they can easily remember, so we will be including both options. Once a user sets their backup password, it is not known to us. They can reset it on their original device if they forget it,” WhatsApp said.

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“For the 64-digit key, we will notify users multiple times when they sign up for end-to-end encrypted backups that if they lose their 64-digit key, we will not be able to restore their backup and that they should write it down. Before the setup is complete, we’ll ask users to affirm that they’ve saved their password or 64-digit encryption key.”

A WhatsApp spokesperson told TechCrunch that once an encrypted backup is created, previous copies of the backup will be deleted. “This will happen automatically and there is no action that a user will need to take,” the spokesperson added.

Potential regulatory pushback?

The move to introduce this added layer of privacy is significant and one that could have far-reaching implications.

End-to-end encryption remains a thorny topic of discussion as governments continue to lobby for backdoors. Apple was reportedly pressured to not add encryption to iCloud Backups after the FBI complained, and while Google has offered users the ability to encrypt their data stored in Google Drive, the company allegedly didn’t tell governments before it rolled out the feature.

When asked by TechCrunch whether WhatsApp, or its parent firm Facebook, had consulted with government bodies — or if it had received their support — during the development process of this feature, the company declined to discuss any such conversations.

“People’s messages are deeply personal and as we live more of our lives online, we believe companies should enhance the security they provide their users. By releasing this feature, we are providing our users with the option to add this additional layer of security for their backups if they’d like to, and we’re excited to give our users a meaningful advancement in the safety of their personal messages,” the company told TechCrunch.

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WhatsApp also confirmed that it will be rolling out this optional feature in every market where its app is operational. It’s not uncommon for companies to withhold privacy features for legal and regulatory reasons. Apple’s upcoming encrypted browsing feature, for instance, won’t be made available to users in certain authoritarian regimes, such as China, Belarus, Egypt, Kazakhstan, Saudi Arabia, Turkmenistan, Uganda and the Philippines.

At any rate, Friday’s announcement comes days after ProPublica reported that private end-to-end encrypted conversations between two users can be read by human contractors when messages are reported by users.

“Making backups fully encrypted is really hard and it’s particularly hard to make it reliable and simple enough for people to use. No other messaging service at this scale has done this and provided this level of security for people’s messages,” Uzma Barlaskar, product lead for privacy at WhatsApp, told TechCrunch.

“We’ve been working on this problem for many years, and to build this, we had to develop an entirely new framework for key storage and cloud storage that can be used across the world’s largest operating systems and that took time.”

TechCrunch

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Dispo launches a test to gauge user interest in selling their photos as NFTs

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Dispo, the photo-sharing app that emulates disposable cameras, started rolling out a test yesterday that will record user interest in selling photos as NFTs. Some users will now see a sell button on their photos, and when they tap it, they can sign up to be notified when the ability to sell Dispo photos launches.

CEO and co-founder Daniel Liss told TechCrunch that Dispo is still deciding how it will incorporate NFT sales into the app, which is why the platform is piloting a test with its users. Dispo doesn’t know yet what blockchain it would use, if it would partner with an NFT marketplace or what cut of sales Dispo would take.

“I think it’s safe to say from the test that there will be an experience native to the Dispo app,” Liss said. “There are a number of ways it could look — there could be a native experience within Dispo that then connects through an API to another platform, and in turn, they’re our partner, but to the community, it would look native to the Dispo app.”

Image Credits: Dispo

This marks a new direction for the social media app, which seeks to redefine the photo-sharing experience by only letting users see the photos they took at 9 AM the next morning. From Dispo’s perspective, this gimmick helps users share more authentically, since you take one photo and then you’re done — the app isn’t conducive to taking dozens of selfies and posting the “best” image of yourself. But though it only launched in December 2019, Dispo has already faced both buzzy hype and devastating controversy.

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Until about a year ago, the app was called David’s Disposables, named after co-founder and YouTuber David Dobrik. The app was downloaded over a million times in the first week after its release and hit No. 1 on the App Store charts. In March 2021, the app dropped its waitlist and relaunched with social network features, but just weeks later, Insider reported sexual assault allegations against a member of Vlog Squad, Dobrik’s YouTube prank ensemble. In response, Spark Capital severed ties with the company, leading to Dobrik’s departure. Other investors like Seven Seven Six and Unshackled Ventures, which contributed to the company’s $20 million Series A round, announced that they would donate any profits from their investments in Dispo to organizations working with survivors of sexual assault.

Liss told TechCrunch in June, when the company confirmed its Series A, that Dobrik’s role with the company was as a marketing partner — Liss has been CEO since the beginning. In light of the controversy, Liss said the app focused on improving the product itself and took a step back from promotion.

According to data from the app analytics firm SensorTower, Dispo has reached an estimated 4.7 million global installs to date since launch. Though the app saw the most downloads in January 2020, when it was installed over 1 million times, the app’s next best month came in March 2021, when it removed its waitlist — that month, about 616,000 people downloaded Dispo. Between March and the end of August, the app was downloaded around 1.4 million times, which is up 118% year over year compared to the same time frame in 2020 — but it should be expected that this year’s numbers would be higher, since last year, the app’s membership was exclusive.

Image Credits: Dispo

Now, with the announcement that Dispo is pursuing NFTs, Liss hopes that his company won’t just change how people post photos, but what the relationship will be between platforms and the content that users create.

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“Why NFTs? The most powerful memories of our lives have value. And they have economic value, because we created them, and the past of social media fails to recognize that,” Liss told TechCrunch. “As a result, the only way that a creator with a big following is compensated is by selling directly to a brand, as opposed to profiting from the content itself.”

Adding NFT sales to the app offers Dispo a way to profit from a cut of user sales, but it stands to question how adding NFT sales could impact the community-focused feel of Dispo.

“I think there is tremendous curiosity and interest,” Liss said. “But these problems and questions are why we need more data.”

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