DeSo offers $1M bounty for building decentralized Reddit

Via July 6 advertisement, decentralized social networking protocol DeSo has issued a $1 million reward for building a competitor to Reddit using its native blockchain. Supporting the decision, the developers wrote:

"Reddit recently sparked controversy within its community following a decision to limit access to the API. This move led to a series of 48-hour subreddit blackouts in protest. This price increase for its API has forced existing third-party developers to to close to keep your apps. becomes impossible."

"This controversy and others highlight ongoing issues with centralized social media platforms," ​​the developers said, while noting the Elon Musk issue. controversial decision to impose read limits on new and verified accounts on Twitter, citing "extreme levels of data mining and system manipulation." Nader Al-Naji, founder of DeSo, highlighted a shift where users embrace autonomy over social content, such as with owning Bitcoin (BTC) With money:

"These protests represent a broader social change. They are indicative of a new paradigm in the way creators and users interact with social media."

Founded in 2019, DeSo offers monetization features such as creator coins, non-fungible tokens, tokens, and tips. The company claims to store user identity, profiles, content, and social graph 100% on-chain, and this content cannot be banned or blocked at the protocol level. Recently, the firm launched new proposals in the application, such as Openfund 2.0, a decentralized exchange platform.

In September 2021, DeSo raised $200 million in funding led by a16z, Coinbase Ventures, Sequoia, Pantera Capital, and others, including, perhaps ironically, Reddit co-founder Alexis Ohanian. Currently, more than 150 projects are list in the DeSo community, although their market caps are somewhat small.

Magazine: Decentralized Social Networks: The Next Big Thing in Crypto?