Decentralized Social (DeSo) stands out in flat market, up 156% over past month
The price of Decentralized Social (DeSo) has taken a nosedive recently, jumping 156% over the past month to $14.54 at the time of writing.
Since the end of September, the self-proclaimed “Social Layer for Web3” project has skyrocketed, peaking at $21.45 on October 3rd. Profit-taking then caused a 44% drawdown, and he bottomed out at $12.10 early in October. . Four.
Nevertheless, in an essentially flat crypto market, DeSo’s recent price performance has caught the attention of investors as market leader Bitcoin sits in a narrow trading range.
What is Decentralized Social (DeSo)?
Deso It bills itself as a Layer 1 blockchain with the express intention of decentralizing social media, especially when it comes to scaling “storage-intensive applications.”
this is white paper says the blockchain industry has done little to scale social media applications, choosing instead to focus on decentralized finance (DeFi). But the DeSo team believes that social media is “as big, if not bigger” than DeFi.
Citing Web2’s highly centralized social media landscape dominated by a select few players, DeSo sees an opportunity to break with the ‘old model’. This is often criticized for greatly skewing power and financial rewards in favor of the major players at the expense of the content he creators. .
“we are in a loop. Users are forced to use these companies’ apps because they own content, which forces creators to keep providing content in order to gain reach…”
Blockchain is currently running a “Hybrid Proof of Work” network and will move to Proof of Stake, along with a series of technical upgrades to improve scaling, including larger blocks, “warp sync” and sharding. I have a plan.
Bitclout Controversy
DeSo will be rebranded from BitClout in September 2021. $200 million Fundraising involving backers such as Andreessen Horowitz (a16z) and Sequoia.
Bitclout has been controversial on several fronts. First, at the time, Bitclout’s focus was trading.creator coin” These refer to popular Twitter profiles that are preloaded on Bitclout for users to guess.
Creator Coins fluctuate in price according to the dynamics of demand. Demand dynamics are driven by events related to the “celebrity” in question. At the time, Elon Musk was his most popular Creator Coin.
some celebrities complained Creator Coins were created without permission. Claiming a profile allows stars to get a share of the trading volume.
Bitclout’s BTCLT tokens were purchased directly from the website using Bitcoin only. By acquiring BTCLT, users can now purchase coins for the celebrity creator she wishes. However, Bitclout’sclosed loopThe system was a big red flag that users could not convert to BTC and withdraw.
The revised whitepaper still features Creator Coins. But the focus has shifted to creating the rails for social apps to work.
Additionally, DeSo tokens are currently tradeable On exchanges including Coinbase that offer USD, USDT and EUR trading pairs. Coinbase is the listing sponsor of this project.
DeSo encourages people to insist on decentralized social media profiles, suggesting a further shift away from focusing on celebrities.
Get a decentralized social media profile if you don’t already have one.
By doing this, you take back ownership of your content and your social graph.
Own your online presence and get out of Web2 social today.
🔵 https://t.co/kpkQQYSbDt pic.twitter.com/Qe4p2iPTT5
— DeSo (@desoprotocol) October 4, 2022
the project too announced We are taking steps to integrate with Ethereum while asking the community which chain should be next. The poll results indicated that Cardano should be the next integration.
Despite its recent staggering run, DeSo is down 90% from its October 2021 ATH of $160.72.
