What is DeSo Blockchain? A New Infrastructure Revolutionising the SocialFi Trend

Proof-of-stake (PoS) blockchain network specifically designed for social media applications

The Launchy Team
August 09, 2024

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SocialFi has been gaining traction, especially with the rise of platforms like friend.tech and pioneers such as Theta Network. However, there are still significant gaps within this space. Most SocialFi applications are built on traditional blockchains, which are not specifically designed to accommodate the unique needs of this emerging trend.

Moreover, existing blockchains tend to have their built-in decentralised applications (DApps), making it challenging for other developers to gain prominence.

This is where DeSo Blockchain steps in, offering a solution tailored specifically for SocialFi. Unlike other blockchains, DeSo is focused on fostering the growth of social decentralised applications by providing a platform where developers can freely build and innovate.

What is DeSo Blockchain?

DeSo Blockchain, short for "Decentralised Social," is a blockchain network specifically designed to support the next generation of social media applications. Initially launched as a proof-of-work (PoW) blockchain, DeSo has successfully transitioned to a proof-of-stake (PoS) model, enhancing its scalability and sustainability.

Are you ready for the Revolution?
DeSo's new Proof of Stake consensus mechanism is coming this month.
Here's what you can expect:
✅ Fast Finality
✅ Maximum Deflation
✅ Up to 20% APY Staking Rewards
Check out this video to learn more about Revolution PoS and for information… x.com/i/web/status/1…
— DeSo (@desoprotocol)
4:15 PM • Jan 3, 2024

DeSo successfully implemented the PoS model earlier this year, and since then, it has been averaging about one to two million transactions per month with over 250,000 users. This shift not only demonstrates DeSo's commitment to evolving with the industry but also positions it as a frontrunner in the SocialFi space.

DeSo’s Funding Data / Source: CryptoRank

One of the most compelling indicators of DeSo’s potential is its impressive funding. The project has raised a whopping $200M, with contributions from top-tier venture capitalists like Coinbase Ventures, Andreessen Horowitz, and Sequoia Capital, to name a few.

This robust financial backing is a testament to the value that the industry sees in DeSo, and it highlights the network’s potential to become a leading force in the SocialFi arena.

Additionally, DeSo’s popularity is growing rapidly, with over 100,000 followers on its social media platforms. This burgeoning community reflects the increasing interest and trust in the project, further solidifying DeSo's position in the blockchain space.

SocialFi, a fusion of social media and decentralised finance (DeFi), represents a new wave of blockchain technology aimed at creating more equitable and decentralised social networks.

Unlike traditional social media platforms that are controlled by centralised entities, SocialFi platforms allow users to own and monetise their content, data, and social interactions.

In a SocialFi ecosystem, users can earn tokens for their contributions, whether it's through posting content, engaging with others, or even moderating communities.

These tokens can then be traded or utilised within the platform, creating a self-sustaining economy driven by user participation.

This trend is particularly appealing as it addresses many of the issues present in traditional social media, such as data privacy concerns, centralised control, and the lack of monetisation opportunities for users.

By leveraging blockchain technology, SocialFi platforms like DeSo are creating a new paradigm where users have more control, security, and financial benefits from their online activities.

Features of DeSo Blockchain

DeSo Blockchain stands out not just because of its focus on SocialFi, but also due to its unique and powerful features that cater to the specific needs of social decentralised applications.

Bare Metal Architecture: DeSo operates on a bare metal setup, which allows it to offer a more efficient and secure environment for developers to build their DApps. This structure is optimised for the high demands of social applications, ensuring performance and security.
Consensus Mechanism: Transitioning from PoW to PoS has enabled DeSo to reduce energy consumption and enhance its scalability. This shift is crucial for supporting a growing number of DApps without compromising on speed or security.
Content Moderation and Infinite State: DeSo offers advanced content moderation tools and an infinite state management system. These features are essential for maintaining the integrity of social platforms, allowing for effective moderation without sacrificing decentralisation.
On-Chain Data and Smart Services: All data on DeSo is stored on-chain, ensuring transparency and immutability. In addition, the blockchain supports smart services, which can automate and enhance various functionalities within DApps.
Privacy and Security: DeSo takes user privacy seriously, offering robust security features that protect both developers and users. This focus on privacy is particularly important in the social media space, where data security is paramount.
Associations, Creator Coins, and Social NFTs: DeSo introduces innovative features like associations, which allow users to form groups, creator coins that enable content creators to monetise their work, and social NFTs that add a new dimension to digital ownership on social platforms.
Feeds and Social Tipping: The platform also supports customisable feeds and social tipping, which empower users to curate their content and reward creators directly, fostering a more engaging and interactive community.

Existing Applications on the DeSo Blockchain

DeSo’s ecosystem is already flourishing with a variety of decentralised applications that leverage its unique features.

DeSo Wallet: A secure and user-friendly wallet that supports all transactions within the DeSo ecosystem. It’s not just a storage solution but a gateway to interacting with the entire network of DApps on DeSo.
DeSo Chat: A decentralised messaging app that ensures privacy and security, allowing users to communicate without the risk of censorship or data breaches.
DeSo Explorer: A tool that allows users to explore the DeSo blockchain, providing transparency and insight into the network’s operations and transactions.

These applications are just the beginning. The DeSo ecosystem is designed to support a wide range of social applications, making it a fertile ground for innovation in the SocialFi space.

Aside from these built-in applications, developers are already building more than 30 DApps on it, helping it be on track to revolutionising the SocialFi sector.

Understanding the $DESO Token

The $DESO token is the native cryptocurrency of the DeSo Blockchain. It plays a critical role in the network's economy, serving as the primary means of transaction, governance, and incentivisation.

One of the key aspects of $DESO’s tokenomics is its deflationary model, which ensures that the token’s value is preserved over time. A portion of transaction fees on the network is burned, reducing the total supply of $DESO and creating upward pressure on its price.

Furthermore, $DESO tokens are used to pay for various services within the ecosystem, such as creating content, sending tips, or launching new DApps. This utility ensures that the token remains in constant demand, further stabilising its value.

The tokenomics of $DESO also includes staking mechanisms that allow holders to participate in network governance. By staking their tokens, users can vote on key decisions, ensuring that the community has a direct say in the future of the DeSo Blockchain.

Conclusion

DeSo Blockchain is poised to become a major player in the SocialFi space, thanks to its focus on decentralised social applications, robust features, and strong financial backing. As SocialFi continues to grow, platforms like DeSo will be at the forefront, driving innovation and creating new opportunities for developers and users alike.

With its unique approach and dedicated community, DeSo is not just another blockchain; it’s a movement towards a more open, equitable, and decentralised internet.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.