DeSo, the decentralized social media ecosystem that was originally Bitclout and the foundation of creating of this publication landed on Coinbase today! We are celebrating with many of our old friends and you should check it out so you can see what this is all about and play!
Founded by Nader Al-Naji (who formerly used the pseudonym “Diamondhands”) as the blockchain for BitClout, DeSo aims to offer a framework for social networks, just as Ethereum provides tools to build decentralized computer programs.
The DeSo Foundation’s $50 million Octane Fund will help accelerate the growth of the DeSo developer ecosystem. It will draw from the $200 million in venture capital the project has received from Andreessen Horowitz, Coinbase Ventures and others.
DESO is the native cryptocurrency powering the Decentralized Social blockchain, a platform designed to support a wide variety of decentralized social media applications. DESO can be used to purchase “social tokens” and NFTs, and to create profiles and posts for Decentralized Social applications.
Currently, the most valuable tokens on the site are those tied to Tesla CEO and crypto enthusiast Elon Musk, who has yet to claim his profile.
DeSo, which is short for decentralized social, is one of the most ambitious challenges to Facebook, whose hold over data has let it build a powerful advertising machine, and create a quasi-monopoly that includes its subsidiaries, Instagram and WhatsApp.
"DeSo aims to solve these problems and introduce a new model for content distribution by decentralizing social media the same way Bitcoin and Ethereum are decentralizing the traditional financial system," said DeSo in a statement.
In its quest to build an open-source alternative, Al-Naji and DeSo have raised over $200 million from a who's who of Silicon Valley and crypto investors, including Sequoia, Andreessen Horowitz, Coinbase Ventures, Winklevoss Capital, Pantera Capital, Polychain Capital and Reddit founder Alexis Ohanian.