Decentralized Social (DESO) is a blockchain-based social media platform that seeks to revolutionise the way users interact with each other and monetize their content. By leveraging the power of decentralised networks and social tokens, DESO provides a unique ecosystem where users can engage, create, and share while being in control of their data and earning rewards. Let's delve into the workings of Decentralized Social and explore its potential impact on the future of social media.
What is Decentralized Social (DESO)?
Decentralized Social (DESO) is a platform that merges blockchain technology and social media, offering users a decentralised and censorship-resistant social experience. Unlike traditional social media platforms, where centralised entities control user data and content, DESO empowers users by allowing them to create profiles and share content while maintaining ownership and control over their information.
Unlike many other decentralised platforms, Decentralized Social isn’t based on Ethereum or another big blockchain. DESO uses its own layer-1 blockchain platform.
How Does Decentralized Social Work?
On Decentralized Social, users and content creators can create profiles, interact with others, and share content just like on any other social media platform. However, what sets DESO apart is its utilisation of social tokens. Users can mint and distribute their own unique social tokens, representing their personal brand or community. These tokens enable creators to monetise their content, as users can purchase and trade them, supporting their favorite creators financially.
DESO provides a decentralised marketplace where users can buy and sell social tokens, fostering an ecosystem of value exchange within the platform. Moreover, DESO's social tokens can also unlock special features, privileges, or exclusive content, incentivising users to engage and participate actively.
DESO is more of a network of social media apps rather than one single platform. Blockchain developers can create apps on the DESO blockchain, and these apps then enjoy a high degree of interoperability.
The key concept behind all apps on DESO is to allow tokenised participation. For example, a microblogging app called Diamond allows creators monetise content via upvotes and other engagement reactions. The DESO platform also features apps in the areas of crowdfunding, mobile social media, chat, and even DeFi.
The DESO coin is the native cryptocurrency of the Decentralized Social platform. It acts as the primary means of transaction and exchange within the platform, allowing users to buy and sell social tokens and NFTs.
DESO is currently ranked as the third highest capped coin within the SocialFi category on the popular crypto data aggregation portal Coingecko.com. DESO’s current market cap is $88 million.
Outlook for the Project
Decentralized Social represents a classic example of monetised social media implementation in the blockchain world. Currently, DESO has over 2 million users. While it is a small number compared to the user base of the likes of Facebook or Twitter, DESO remains one of the leading SocialFi platforms.
The relevance of these smaller blockchain-based social platforms will be put to the test as the concept of the Metaverse matures. As the Metaverse’s implementation is approaching, the question arises - will Decentralized Social find its place within the overall Metaverse social media ecosystem?
The path ahead may present challenges for Decentralized Social. In the Metaverse, traditional Web 2.0 social media giants like Facebook, Twitter, and others will use their massive user bases and deep pockets to dominate the space. This is going to be one enormous challenge for DESO, unless the platform plans to remain a small, niche environment.
Additionally, DESO operates on its own blockchain, separate from larger platforms like Ethereum. While this provides independence and control, it may pose integration challenges if small, disjointed layer-1 platforms struggle to effectively connect with the emerging Metaverse.
For now, Decentralized Social (DESO), while small and not particularly known to the wider public, can proudly claim the status of the third largest SocialFi crypto project. Time will tell if this is going to be a sufficient factor for DESO’s brand to grow much larger, something they might need to compete in the Metaverse-based social media world of tomorrow.