{"id":33097,"date":"2023-07-08T14:09:50","date_gmt":"2023-07-08T18:09:50","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/decentralized-social-media-protocol-deso-offers-1-million-to-develop-blockchain-based-reddit-alternative\/"},"modified":"2023-07-08T14:09:52","modified_gmt":"2023-07-08T18:09:52","slug":"decentralized-social-media-protocol-deso-offers-1-million-to-develop-blockchain-based-reddit-alternative","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33097","title":{"rendered":"Decentralized Social Media Protocol DeSo Offers $1 Million to Develop Blockchain-Based Reddit Alternative"},"content":{"rendered":"
\n

DeSo, a decentralized social media system leveraging blockchain, has announced a $1 million bounty to spur the creation of a Reddit competitor built on the platform\u2019s native blockchain technology.<\/p>\n

The move comes as a potential solution to increased criticisms on centralized social media platforms over issues like restricted API access and censorship disputes.<\/p>\n

\u201cThis unprecedented opportunity arises amid escalating discontent with centralized social media platforms, which monopolize content and data,\u201d DeSo press release noted.<\/p>\n

Recently, Reddit faced backlash when it restricted API access, provoking a series of 48-hour subreddit blackouts in protest. As a result of rising API costs, existing third-party developers discontinued \u201cas maintaining their applications became impossible.\u201d<\/p>\n

Similarly, Twitter faced criticism when reading limits were imposed on newly created and verified accounts. This stimulated concerns regarding user control, censorship, and system manipulation.<\/p>\n

Per DeSo\u2019s statement, the platform aims to keep user identities, profiles, content, and social networks entirely on-chain.<\/p>\n

\n

\u201cThis opportunity facilitates the creation of a user-led, creator-owned decentralized platform, one where you own your content as securely as you own your Bitcoin.\u201d<\/p>\n<\/blockquote>\n

Nader Al-Naji, the creator of DeSo, believes that a broader societal shift is underway, with \u201cusers gravitating towards platforms that grant them autonomy\u201d over their content and social graph.<\/p>\n

DeSo blockchain offers a wide range of monetization tools such as creator coins, NFTs, tokens, and tipping where users and moderators can directly own and monetize their content, the release said.<\/p>\n

The concept, which according to DeSo introduces the idea of \u2018community as an asset,\u2019 is aimed at fostering a more democratic and user-centric online community.<\/p>\n

\n

\u201cThis is a call to arms for ambitious founders and builders who want to make lasting changes to social media the DeSo way.\u201d<\/p>\n<\/blockquote>\n

Is Development of Decentralized Social Media Important?<\/h2>\n

Decentralized social media platforms indicate a potential shift in how online communities interact. By offering greater user control, content ownership, and monetization opportunities, they open to a more democratic environment, addressing censorship and manipulation issues.<\/p>\n

Unlike centralized social networking platforms, where corporate entities control the sites, decentralized networks foster independence without a central authority.<\/p>\n

However, on the flip side, because decentralized social networks are largely unmoderated, it can open avenues to cyberbullying, political misinformation, and even criminal activity.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

DeSo, a decentralized social media system leveraging blockchain, has announced a $1 million bounty to spur the creation of a Reddit competitor built on the platform\u2019s native blockchain technology. The move comes as a potential solution to increased criticisms on centralized social media platforms over issues like restricted API access and censorship disputes. \u201cThis unprecedented […]<\/p>\n","protected":false},"author":1,"featured_media":33098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-33097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nDecentralized Social Media Protocol DeSo Offers $1 Million to Develop Blockchain-Based Reddit Alternative | iFintechWorld<\/title>\n<meta name=\"description\" content=\"DeSo, a decentralized social media system leveraging blockchain, has announced a $1 million bounty to spur the creation of a Reddit competitor built on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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