Decentralized Social Network DeSo’s native token, DESO, rallied Thursday as traders digested an expansion of the project’s content strategy and its plans to integrate Circle’s widespread USDC stablecoin partly.
Following the platform’s stablecoin announcement, DESO recorded strong spikes trading around $17.82 at press time on a 25.6% daily jump. The token’s current market capitalization stands at $165 million, one-tenth of its peak value in October 2021.
DeSo says it will let developers create “social apps” that can’t be knocked offline. This ecosystem will probably need payment rails, which will lead to the onboarding of a derivative of USDC.
However, DeSo’s blockchain won’t host a native form of USDC like other networks such as Ethereum and Solana. Instead, it will release “DesoDollars,” which users will use to bridge their Ethereum stable coins into the ecosystem.
DeSo founder Nader Al-Naji said they plan to do the same with the USDC of other chains. “It’s not our goal to be tied to a single chain,” he said.
DeSo expanded its content strategy to include long-form writing like blog posts, adding Medium and WordPress to the list of internet media behemoths it seeks to disrupt.
What is DeSo?
DeSo is a new layer-1 blockchain built to decentralize social media and reduce storage-heavy applications to users. It is made to power infinite state applications that generate much data.
According to the official website, social applications generate a lot of data that cannot be stored and indexed by existing blockchains.
DeSo operates on open source and on-chain open data, where all code and data are entirely available. Posts and social graphs are also stored directly on-chain.
Infinite-State apps generate new data with every transaction, which has to be stored and indexed. They work the same way social media apps do when they create data with every post, like, comment, or follow.
DeSo blockchain can power infinite-state applications by combining financial primitives with cheap content storage.
Other blockchains can only power storage-light finite state apps such as DeFi. Here the data and storage stay constant with each transaction.
Deso aims to expand Web3 from finite-state to infinite-state apps like social and marketplaces.
On-Chain Content Stored on DeSo
DeSo blockchain stores all profiles, posts, threads, and comments. It also stores all private messages between users, likes and follows, and token social activity.
DeSo allows users to create one profile and take their identities, content, and social graphs across any app on any chain.
The blockchain will store all DAO activity, $DESO transfer activity, NFT activity, social tipping activity, and links to all rich media, i.e., videos and images.
DeSo believes that all the problems in other existing blockchains can be solved by decentralizing social media.
“Bitcoin created a way to store transactions on a public ledger that no individual entity can monopolize, which has led to the disruption of the financial industry, and we believe this technology can now be extended, for the first time, to run a social network without needing to rely on a centralized gatekeeper,” said DeSo in a web post.