The Decentralized Social (DeSo) network project presents a specialized chain for hosting decentralized social media platforms and applications. The native blockchain asset for DeSo, the DESO coin, is fundamental to the security and operations across the DeSo ecosystem. Moreover, the project offers novel ways for content creators to generate income streams and also to engage with their audiences. Additionally, users of the DeSo blockchain have full autonomy over their data and the content they see.
In this article, we are going to explore the Decentralized Social (DeSo) network blockchain and dive deep into the DeSo ecosystem. Moreover, we’ll explore the unique advantages of the decentralized social blockchain from DeSo and the role of its native DESO coin.
For readers wanting to discover how blockchain operates on a fundamental level, start with our Blockchain & Bitcoin 101 course at Moralis Academy! Further, Moralis Academy offers a range of courses to suit all levels of ability and experience. As such, kickstart your blockchain education online with the leading Web3 development and blockchain education suite – Moralis Academy!
What is DeSo: The Decentralized Social Network?
Launched in 2021 by the DeSo Foundation, the Decentralized Social network is a next-generation blockchain project. In 2009, the first-ever blockchain, Bitcoin, was created with the ability to send funds from wallet A to wallet B. Then, in 2015, Vitalik Buterin launched the first smart contract-compatible blockchain, Ethereum. Since then, many more smart contract-enabled blockchains have begun to emerge. Many of these focus on increasing scalability, transaction speed, cost-efficiency, decentralization, and security. However, the DeSo blockchain is the first to operate specifically as a decentralized social blockchain. Accordingly, to facilitate a smooth user experience (UX), DeSo is introducing some novel blockchain architecture.
The Decentralized Social (DeSo) network project believes that creating a social media-specific blockchain will help expedite Decentralized Social movements. Moreover, the infrastructural demands for decentralized social media platforms are radically different from those of decentralized finance (DeFi) applications. For example, many DeFi applications use balance update functions without the need for a new “state” within the network. Conversely, each decentralized social media post requires a new state with specific indexing and storage requirements. The DeSo blockchain specializes in the necessary application needs to allow a censorship-resistant and permissionless space to create decentralized social applications.
The DESO Coin
The project’s native asset is the decentralized social coin (DESO). Operating in a similar way to leading chains such as Bitcoin or Ethereum, the DESO coin is the main unit of exchange throughout the DeSo blockchain ecosystem. Furthermore, the project stresses how the DESO asset is a coin, as it is the native asset of the DeSo blockchain. Any other cryptocurrency deployed through applications on top of the blockchain is a token.
In addition to being the underlying asset and medium of exchange throughout the network, the DESO coin also grants holders governance rights. Moreover, the DeSo Foundation will initially be governing the platform parameters in conjunction with community contributions. Then, as development continues, holders of the DESO coin will be able to vote on updates to the Decentralized Social network project.
The distribution of DESO coins was via a bonding curve. As such, no single entity holds more than 5% of the entire token supply other than the founders of the project. Collectively, the distribution of DESO coins is less than 20% for the entire founding members. Originally, the DESO coin was only available to invest and trade on blockchain.com and AscendEX (former BitMax). However, the DESO coin has recently become available to trade on the leading centralized exchange, Coinbase. The project plans to continue adding the DESO coin to become available across other crypto exchanges.
For readers who would like industry-expert tuition on how to invest in cryptocurrencies, check out the Crypto for Beginners course at Moralis Academy! Discover the safest ways to invest in crypto with video guides and an interactive community of like-minded students. Start your journey at Moralis Academy today!
How Does the Decentralized Social Blockchain Work?
The Decentralized Social (DeSo) blockchain operates as a sovereign, specialized, and decentralized chain. Accordingly, the project aims to store as much data as possible as immutable records on the DeSo blockchain. Moreover, the project states its commitment is to “adjust the architecture of the chain by whatever means necessary to maintain this”.
Further, the Decentralized Social blockchain stores vast amounts of data on-chain, including all activities across each decentralized social media platform or application. Examples include; posts, comments, social tipping, social token transactions, and DESO coin activity. Moreover, all profiles, profile verification, and activities with non-fungible tokens (NFTs) are stored on the DeSo blockchain. Additionally, while the blockchain stores user messages (including private messages), it uses cryptographic encryption, offering the utmost privacy and security.
There are a couple of exceptions when it comes to storage on the Decentralized Social network blockchain. Instead of storing large media files, the project provides links to different files such as images or videos. Plus, the project notes that the links to the media files lead to centralized repositories. However, it provides a reputable and publicly-accessible management of the media. Therefore, DeSo believes this won’t disrupt the decentralization of the project’s infrastructure itself.
Another exception to storage on the DeSo blockchain is for users’ phone numbers and email addresses. The DeSo network nodes are responsible for storing this data instead of holding it directly on the DeSo blockchain. While the project believes this is the most efficient approach, it has a backup plan to offset any negative effects of centralization, if they should occur. As such, should this storage mechanism fail, “then this information can be encrypted and stored with the profile in a privacy-preserving fashion relatively easily”. We’ll discuss DeSo nodes in further detail later on in this article.
DeSo Identity
Users who sign up to use the Decentralized Social (DeSo) network blockchain will first need to create a “DeSo identity”. A DeSo identity is like a portable profile that allows users to interact across multiple decentralized social media platforms. Additionally, each DeSo identity maintains a user’s funds, content, and individual profile to interact with across the DeSo ecosystem. Moreover, by using the DeSo identity mechanism, users’ followers can see the activities of their favorite influencers and profiles.
Exploring the DeSo Ecosystem
The Decentralized Social (DeSo) blockchain is a permissionless chain allowing anyone to build and deploy decentralized social media platforms. Moreover, end-users have the ability to interact with social platforms that are free of ad-driven business models. This drastically increases the user experience (UX) while having a free choice of what content they would like to view.
Content Creators
With traditional centralized social media platforms, content creators seldom receive fair compensation for their work. However, the Decentralized Social network aims to change this with many different avenues creators can take to generate income. This includes the use of “diamonds”, a new form of social tipping. Users can tip creators using diamonds (similar to a “like” button), resulting in a donation with actual monetary value. The project states that some DeSo creators have earned thousands of dollars in tips from diamonds in a single day with a modest following.
Other ways content creators on the DeSo blockchain can earn an income includes using “creator coins” and social non-fungible tokens (NFTs).
Creator Coins
Whether you’re planning to generate content or browse for inspiration on the Decentralized Social (DeSo) network blockchain, each user receives their own creator coin. Creator coins are available to buy and sell throughout the DeSo ecosystem, offering creators a token economy surrounding their brand.
Creator coins fall under the “social tokens” asset class. This means that the value of the token is representative of the reputation or social clout of an individual, brand, or business. As such, this could present a great way to invest in someone early on you believe has great potential. Moreover, creator coins offer an indication of a community’s value of a brand, not just an individual.
From a creator’s point of view, generating a token economy surrounding one’s own brand can be highly beneficial for marketing and fan engagement. For example, creators could offer exclusive merchandise or experiences for the top 100 holders of their creator coin. Additionally, creator coins can operate as a mechanism for reducing spam messages. Creators could set a minimum number of coins to access and read messages (such as one creator coin per message).
Further, creators could offer a subscription service or exclusive premium content for holders of a minimum amount of their coins. Additionally, creators could offer a sponsored post opportunity whereby fans and coin holders could bid to have the creator repost a certain post.
Social DeSo NFTs
Non-fungible tokens (NFTs) have hit major media headlines throughout 2021, offering radical ways to improve the music, art, fashion, and supply chain industry, among others. Moreover, the Decentralized Social network project is introducing new ways to interact with NFTs. DeSo NFTs and decentralized social media platforms on the DeSo blockchain offer new social means of investing and holding NFT assets. As such, social DeSo NFTs can benefit both creators and NFT holders.
Each individual DeSo identity forms a user profile as a non-fungible token (NFT). Furthermore, each profile displays the collection of DeSo NFTs a user holds. Also, other users can choose to like, comment, or tip diamonds on different creators’ NFTs. Moreover, the DeSo blockchain and its native decentralized social media platforms offer several social engagement routes with DeSo NFTs. This includes collecting, flexing, or social gateways to exclusive content or experiences. For example, a creator could mint ten DeSo NFTs representing a real-life experience with holders. Additionally, holders of the creator’s NFTs can forever show that they have met a creator with immutable storage of the NFT on their DeSo identity profile.
Social non-fungible tokens (NFTs) on the DeSo blockchain offer other use cases as well. This includes the ability to create collectible ticket stubs for events. Again, event NFTs will also appear on users’ profiles, offering an additional promotion for creators! Additionally, DeSo NFTs could represent physical merchandise, memorabilia, or fine art. Moreover, the Decentralized Social blockchain is generating new avenues of income for charities. Also, because charities can create user profiles just as individuals, users can send funds to the NFT profile. This could either be a tip in the form of diamonds or as a donation in the form of an NFT from the sale of a creator’s work.
DeSo Nodes
Underpinning the Decentralized Social (DeSo) network blockchain and fundamentals to the decentralization of the project are the DeSo nodes. The DeSo nodes are responsible for collating and broadcasting content from across the DeSo ecosystem. Moreover, upon installing the node software, the DeSo nodes gain access to the DeSo firehose. The DeSo firehose features every single piece of data on the DeSo blockchain. Further, DeSo nodes have full control over the content streaming from the DeSo firehouse.
During the setup, the DeSo nodes receive a default frontend with customizable aspects and features for users. This allows nodes to offer their own individual theme of the content. For example, the popular BitClout node collates and presents only crypto content. Another node could stream only sports and esports. Alternatively, nodes could offer a combination of subject feeds such as football, cooking, and crypto. Moreover, the DeSo blockchain offers a truly flexible and personal experience for the nodes.
The Decentralized Social (DeSo) network project offers multiple novel income streams for nodes. The DeSo nodes have full control over the transaction fees of the decentralized social media platforms that use their content feed. As such, nodes can introduce a small trading fee on every creator coin transaction that occurs on a platform. Moreover, nodes can receive sponsorship funds for promoting certain content above others. All-in-all, the DeSo nodes create value by curating various content feeds that are interesting and valuable to other users.
Running a DeSo node requires some technical coding knowledge. However, the project aims to make the process as simple as possible with a three-step install-and-go set of instructions via the DeSo GitHub page. Plus, the GitHub page offers valuable tips on how to make the most out of running a DeSo node.
Exploring Decentralized Social (DeSo) and the DESO Coin – Summary
The Decentralized Social (DeSo) network project is offering an alternative to the traditional, monopolized, and centralized big tech social media companies. Therefore, in conjunction with the native DESO coin, the DeSo blockchain presents a more attractive and profitable option for creators. Moreover, decentralized social media platforms on the DeSo blockchain offer new opportunities for fan engagement and creator income. This is mainly through the introduction of creator coins and social non-fungible tokens (NFTs). Additionally, DeSo NFTs are pioneering social incentives for NFT asset investment and collection.
A simple and intuitive user experience (UX) is paramount to the Decentralized Social network project. Therefore, the project makes it simple for users to have their own profile, following, funds, and keeping their profile while switching between different decentralized social media platforms across the DeSo ecosystem. Overall, while the project is still in the early stages of launch at less than a year old, the DeSo blockchain has seen substantial adoption alongside positive price action of the native DESO coin.
For a more in-depth guide on navigating the world of decentralized finance (DeFi), see our DeFi 101 course at Moralis Academy. We cover each layer of the DeFi stack and show students how to interact with the leading Web3 wallet, MetaMask! Also, don’t forget to follow us on Twitter @MoralisAcademy! We’d love to hear your thoughts about the DeSo ecosystem and the DESO coin!
