What is the DESO Token and the Decentralized Social (DeSo) Network?
A specific chain for hosting decentralised social media platforms and applications is presented by the Decentralized Social Network (DeSo) blockchain project. The security and functionality of the whole DeSo ecosystem depend on the DESO token, a native asset of the DeSo blockchain. The project also provides brand-new opportunities for content producers to interact with their fans and develop revenue streams. The decentralised social blockchain gives consumers complete control over their data and the content they see.
A specific chain for hosting decentralised social media platforms and applications is presented by the Decentralized Social (DeSo) network project. The DESO coin, DeSo’s native blockchain asset, is essential to the ecosystem’s security and operations. The project also provides new opportunities for content producers to interact with their fans and develop revenue streams. The DeSo blockchain users also have complete control over their data and the material they view.
We’ll examine the Decentralized Social (DeSo) network blockchain and delve further into the DeSo ecosystem in this post. We’ll also look at the special benefits of DeSo’s decentralised social blockchain and the function of its native DESO token.
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DeSo: The Decentralized Social Network – what is it?
The next-generation blockchain project, the Decentralized Social network, was introduced in 2021 by the DeSo Foundation. When Bitcoin, the first blockchain ever, was developed in 2009, it allowed for the transfer of money between wallets. The first blockchain capable of supporting smart contracts was then introduced by Vitalik Buterin in 2015. Since then, numerous other blockchains that support smart contracts have started to appear. Increasing scalability, transaction speed, cost-efficiency, decentralisation, and security are major themes in many of them. The first blockchain to function explicitly as a decentralised social blockchain is the DeSo blockchain, nevertheless. Accordingly, DeSo is offering some unique blockchain architecture to promote a smooth user experience (UX).
A social media-specific blockchain, according to the Decentralized Social (DeSo) network initiative, will hasten Decentralized Social movements. Furthermore, compared to decentralised financial (DeFi) apps, decentralised social media networks have quite different infrastructure requirements. For instance, many DeFi applications use balancing update features without requiring the network to enter a new “state.” On the other hand, every post on a decentralised social media platform needs its own state, complete with indexing and storage specifications. The DeSo blockchain is an expert in the application requirements required to enable a censorship-resistant and permissionless environment for developing decentralised social applications.
A DESO Coin
The decentralised social coin is the project’s primary asset (DESO). The DESO coin serves as the primary medium of exchange throughout the DeSo blockchain ecosystem, functioning similarly to popular chains like Bitcoin or Ethereum. The project also emphasises that because DESO is the native asset of the DeSo blockchain, it qualifies as a coin. Tokens are any additional cryptocurrencies used by third-party software built on top of the blockchain.
The DESO token gives holders governance rights in addition to serving as the network’s underlying asset and the primary means of trade. In addition, the platform’s initial rules will be set by the DeSo Foundation in combination with community input. Owners of the DESO token will afterwards be able to vote on modifications to the Decentralized Social network project as development progresses.