DeSo offers $1M bounty for building decentralized Reddit
Via a July 6 announcement, decentralized social media protocol DeSo has issued a $1 million bounty for building a competitor to Reddit using its native blockchain. In supporting the decision, developers wrote:
"This controversy and others highlight the ongoing problems with centralized social media platforms," developers said, while also pointing out Elon Musk's controversial decision to impose reading limits on new and verified accounts on Twitter, citing "extreme levels of data scraping & system manipulation." Nader Al-Naji, founder of DeSo, highlighted a shift where users embrace autonomy over social content, as with owning Bitcoin (BTC) with money:
Founded in 2019, DeSo offers monetization features such as creator coins, nonfungible tokens, tokens, and tipping. The firm claims to store user identity, profiles, content, and social graph 100% on-chain, and these content cannot be banned or blocked on a protocol level. Recently, the firm released new in-app proposals 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, over 150 projects are listed on the DeSo community, although their market caps are somewhat small.
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