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Through a July 6 announcement, decentralized social media protocol DeSo has issued a $1 million bounty for constructing a competitor to Reddit utilizing its native blockchain. In supporting the choice, builders wrote:
“Reddit not too long ago sparked controversy inside its group following a call to restrict API entry. This transfer provoked a sequence of 48-hour subreddit blackouts in protest. This value hike for his or her API has pressured current third-party builders to close down as sustaining their purposes turns into unimaginable.”
“This controversy and others spotlight the continuing issues with centralized social media platforms,” builders mentioned, whereas additionally declaring Elon Musk’s controversial determination to impose studying limits on new and verified accounts on Twitter, citing “excessive ranges of knowledge scraping & system manipulation.” Nader Al-Naji, founding father of DeSo, highlighted a shift the place customers embrace autonomy over social content material, as with proudly owning Bitcoin (BTC) with cash:
“These protests characterize a broader societal shift. They’re indicative of a brand new paradigm in how creators and customers work together with social media.”
Based in 2019, DeSo gives monetization options equivalent to creator cash, nonfungible tokens, tokens, and tipping. The agency claims to retailer person identification, profiles, content material, and social graph 100% on-chain, and these content material can’t be banned or blocked on a protocol stage. Just lately, the agency launched new in-app proposals equivalent to Openfund 2.0, a decentralized change platform.
In September 2021, DeSo raised $200 million in funding led by a16z, Coinbase Ventures, Sequoia, Pantera Capital, and others, together with, maybe sarcastically, Reddit co-founder Alexis Ohanian. At the moment, over 150 tasks are listed on the DeSo group, though their market caps are considerably small.
Journal: Decentralized social media: The following huge factor in crypto?
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