March 28, 2024
Latest Cryptocurrency News

DeSo Offers Developers $1 Million Bounty to Build Reddit Competitor on Its Blockchain

Decentralized social media protocol DeSo announced a $1 million reward for creating a Reddit competitor on its blockchain via a press release on Thursday, July 6. Developers expressed their support for this move, citing recent controversies surrounding Reddit, such as the limitation of API access, which led to widespread protests with subreddit blackouts lasting for 48 hours. Third-party developers have been adversely affected by the increased API costs, resulting in the closure of their applications due to the financial burden.

Many developers also highlighted other contentious decisions made by centralized social media platforms, such as Elon Musk’s imposition of reading limits on new and verified Twitter accounts. They referenced concerns about excessive data scraping and system manipulation. Nader Al-Naji, the founder of DeSo, emphasized a shift in user preferences, where individuals are increasingly valuing autonomy in managing social content, similar to the ownership of Bitcoin.

Established in 2019, DeSo provides various monetization features like creator coins, nonfungible tokens (NFTs), tokens, and tipping. The platform claims to store user identity, profiles, content, and social connections entirely on-chain, ensuring that content cannot be banned or blocked at the protocol level. Recently, the company introduced new in-app proposals, including Openfund 2.0, a decentralized exchange platform.

In September 2021, DeSo secured $200 million in funding from prominent investors such as A16z, Coinbase Ventures, Sequoia, Pantera Capital, and even Reddit co-founder Alexis Ohanian, which adds an ironic twist. Currently, the DeSo community hosts over 150 projects, although their market capitalizations are relatively small.

Image by Freepik

Related posts

Binance Urges Euro Users to Convert to USDT Amid Paysafe Debanking

Kevin Wilson

Huobi Global’s HTX Crypto Exchange Hit by $7.9 Million Hack: Attacker’s Identity Revealed

Kevin Wilson

Three AirBit Club Defendants Sentenced for Money Laundering and Fraud in New York

Robert Paul

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More