- A decentralized social media project backed by billionaire investor Chamath Palihapitiya has seen a remarkable rise after hitting a major milestone.
According to a newly released press release, it aims to solve the scalability needs of social media platforms. Decentralized Social‘of (DESO)More than 1.5 million accounts have already been created on its platform.
A layer-1 blockchain project Decentralized Socialis a platform that aims to redefine the nature of social media applications by solving scalability limitations as well as protecting users and content creators from central authorities.
Proof-of-Workfrom (PoW) Proof-of-Stake with plans to migrate to the (PoS) consensus model open source platform stores all data on chain. It also offers DAODAO, a new decentralized autonomous organization launcher.
DeSo founder Nader Al-Naji spoke about the developments on the platform:
“With these new updates, we are approaching a world where social media is no longer controlled by the three central companies, but instead belongs to the users and creators of the network.”
The news of DeSo’s growth comes days after Tesla CEO and crypto phenom Elon Musk posted a poll on Twitter to ask whether users are sticking to the platform’s principles of free speech. 70.4% of the respondents answered “no”.
Decentralized Socialis one of a number of emerging social media platforms that aim to be a more censorship-proof alternative to other Big Tech platforms.
Social Capital CEO Chamath Palihapitiya mentioned DeSo in October as part of an inflation hedge investment basket.
Formerly known as BitClout and renamed Decentralized Social in the summer, the platform has raised more than $200 million in capital, with contributions from investors including venture capital firm Social Capital.
Decentralized Social jumped 124 percent from $37 to $83.15 in an hour after reaching a milestone in user numbers. However, the cryptocurrency, which lost some of its gains, is trading at $50.82, up over 22 percent in the last 24 hours at the time of writing.
You can check the price movements here.
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