Share this article
The DeSo Foundation announces the release of its ambitious roadmap to decentralize social media and build the social layer of Web3.
The DeSo Foundation Roadmap
Milestones on the roadmap will be executed over the next 2 quarters to solve the big problem with social media today.
Nader Al-Naji, the 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 handles 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 than by a corporation. Dorsey expressed regret at turning Twitter into a company that it labeled an “original sin.”
The foundation’s role in an open-source blockchain-based social network would be to fund and drive its development.
Elon Musk called it a “super interesting idea” and offered his help. However, when Dorsey failed in his attempt to get Musk onto the Twitter board, he eventually left the company.
Additionally, there was a conversation between Elon Musk and Sam Bankman-Fried, the founder of FTX, about creating a blockchain Twitter or buying Twitter outright.
However, this may not be necessary given the DeSo Foundations roadmap and the apps emerging from their ecosystem.
DeSo released the first milestone on their roadmap with their MetaMask integration, which went live last week. It allows millions of Ethereum users to login to DeSo with one click. They also plan to add more cross-chain communication bridges between ecosystems, including Solana’s phantom wallet. Other possible integrations are Cardano and NEAR.
A switch from Proof-of-Work to “Infinite Proof-of-Stake” is also in the works. Like Ethereum’s move 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 great decentralized social network is also in the works.
The above is expected to be completed by the fourth quarter, along with the hiring of a key COO to help scale business and marketing efforts.
Many experts anticipate that decentralized social media will be the next big market opportunity that leading crypto research firms have evaluated. DeSo ranked first in Messari’s seven other crypto trend analyzes based on the overall addressable market.
In the next decade, social media is expected to attract 6 billion users and be worth trillions. A blockchain-based social network would be very appealing to the 50 million creators in today’s economy who are always looking for new platforms; The creator economy is currently valued at $100 billion.
DeSo has spawned several social media apps from its ecosystem that directly address the creator economy, including a blockchain-based Twitter app where people can make money from diamonds.
DeSo is a new Layer 1 blockchain built from the ground up to decentralize social media and scale memory-intensive 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.
Share this article
The information on or through this website is obtained from independent sources which we believe to be accurate and reliable, but Decentral Media, Inc. makes no representations or warranties as to the timeliness, completeness or accuracy of any information on or through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personalized investment advice or any other financial advice. Information on this website is subject to change without notice. Some or all information on this website may be or become out of date, incomplete or inaccurate. We have the right, but not the obligation, to update any information that is out of date, incomplete or inaccurate.
You should never make an investment decision about any ICO, IEO or any other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly encourage you to consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or any other investment. We do not accept compensation in any form for analysis or coverage of ICO, IEO, cryptocurrency, currency, tokenized sales, securities or commodities.
See full terms and conditions.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.