The DeSo Foundation has released its ambitious plan for decentralizing social media and building The Social Layer of the Web3. DeSo the decentralized social network blockchain.
The roadmap’s milestones will be implemented over the following two quarters to address the primary issue with social media today.
“The majority of people are unaware that social media is more centralized than the banking system was when Bitcoin was launched.” Only a few firms presently control what we view and do on the internet. “We can fix this problem by decentralizing social media and keeping all material on a blockchain,” stated DeSo creator Nader Al-Naji.
DeSo the decentralized social network blockchain
The blueprint is being released as additional conversations between Elon Musk and Jack Dorsey surface, revealing his vision for a blockchain-based social media network that handles payments and brief messaging.
The two billionaire entrepreneurs debated whether Twitter would be better suited as an open-source protocol supported by a foundation rather than a corporation. Dorsey called the decision to incorporate Twitter a “original sin.”
The foundation’s mission in the creation of an open-source blockchain-based social network would be to finance and advance it.
Elon Musk referred to it as a “very fascinating concept” and promised to assist. However, after failing to get Musk on Twitter’s board of directors, Dorsey quit the firm.
In addition, Elon Musk and Sam Bankman-Fried, creator of FTX, discussed creating a blockchain Twitter or purchasing Twitter outright.
However, given the DeSo foundation’s plan and the apps emerging from its ecosystem, this may not be essential.
DeSo’s MetaMask integration, which went live last week, marked the first milestone on their plan. It enables millions of Ethereum users to access DeSo with a single click. They also intend to introduce more inter-ecosystem communication bridges, such as the Solanas Phantom wallet. Cardano and NEAR are two more possible integrations.
A transition from Proof-of-Work to “Infinite Proof-of-Stake” is also planned. DeSo Proof-of-Stake, like Ethereum’s transition to Proof-of-Stake, will lower usage and become more energy efficient.
A hackathon at a large Ivy League institution is also in the planning, where students may compete to construct the next great decentralized social network.
The aforementioned tasks are planned to be accomplished by Q4, coupled with the hiring of a vital COO to help grow business and marketing operations.
Many analysts believe that decentralized social media will be the next significant business potential, which has been examined by prominent crypto research organizations. Due to the entire addressable market, DeSo rated #1 in Messari’s seven other crypto trends research.
Social media is expected to have 6 billion users and be worth trillions of dollars in the next decade. A blockchain-based social network would be very appealing to today’s 50 million artists who are continually seeking for new venues.