DeSo is Elon Musk and Jack Dorsey’s answer for decentralized social blockchain
October 3, 2022 – Los Angeles, California
The DeSo Foundation announces the launch of their ambitious roadmap to decentralize social media and build the social layer of Web 3.0. Milestones on the roadmap will be executed over the next two quarters to solve the big problem with social media today.
Takeaways
- Jack Dorsey and Elon Musk’s messages call for a decentralized blockchain for social media DeSo may be the answer.
- Sam Bankman-Fried, founder of FTX crypto exchange, also had a conversation about buying Twitter or creating a blockchain-based social network.
- The DeSo Foundation has just released its roadmap for decentralizing social media.
Nader Al-Naji, founder of DeSo, said:
“Most people don’t realize that social media is more centralized than the financial system was when Bitcoin was invented. Only a handful of companies currently control what we see and do online. We can solve this problem by decentralizing social media and storing all content on a blockchain.”
The roadmap release comes as new messages emerge between Elon Musk and Jack Dorsey, showing his idea for a blockchain-based social media protocol that makes payments and short text messages.
The two billionaire entrepreneurs discussed how Twitter would be better off as an open source protocol funded by a foundation rather than a corporation. Dorsey expressed regret for turning Twitter into a company, calling it an “original sin.”
The foundation’s role in an open source blockchain-based social network will be to finance and promote its development.
Elon Musk called it a “super interesting idea” and offered to help. But when Dorsey failed in his bid to get Musk on the Twitter board, he eventually left the company.
In addition, there was a conversation between Elon Musk and Sam Bankman-Fried, founder of FTX, about creating one blockchain Twitter or buy Twitter outright.
However, this may not be necessary considering the DeSo Foundation’s roadmap and the apps coming from the ecosystem.
DeSo released the first milestone on their roadmap with their MetaMask integration, which went public last week. It allows millions of Ethereum users to log into DeSo with one click.
They also plan to add more cross-chain communication bridges between ecosystems, including Solana’s Phantom wallet. Other potential integrations include Cardano and NEAR.
A transition from proof-of-work to ‘infinite proof-of-stake’ is also in the works. Similar to Ethereum’s transition to proof-of-stake, DeSo proof-of-stake will reduce consumption and become more energy efficient.
A hackathon at a major Ivy League institution where students can compete to build the next big decentralized social network is also in the works.
The above is expected to be completed by Q4, along with a critical COO hire to help scale business and marketing operations.
Many experts expect decentralized social media to be the next big market opportunity, as top crypto research firms have assessed. DeSo ranked first in Messari’s seven other crypto trends analysis due to its overall addressable market.
In the next decade, social media is predicted to attract six billion users and be worth trillions. A blockchain-based social network will appeal to the 50 million creators in today’s economy who are always looking for new platforms the creative economy is currently valued at $100 billion.
DeSo has several social media apps emerging from the ecosystem that appeal directly to the creator economy, including a blockchain-based Twitter app where people can earn money with diamonds.
About DeSo Foundation
DeSo is a new layer one blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. They raised $200 million and are backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winkelvoss Capital, Pantera and others.
DESO, the native currency of the DeSo blockchain, is listed on Coinbase.
Check out the full roadmap and raise your username on the DeSo website.
Consult
Ash, DeSo Foundation
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