Los Angeles, CA, October 3, 2022, Chainwire

Takeaway:

• jack dorsey and Elon Musk posts call for a decentralized social media blockchain – DeSo could be the answer.
• Sam Bankman-Fried, founder of the FTX crypto exchange, also discussed buying Twitter or creating a blockchain-based social network.
• The DeSo Foundation Just Released Its Roadmap To Decentralize Social Media

the DeSo Foundation announces the launch of its ambitious roadmap to decentralize social media and build The Social Layer of Web3.

The milestones in the roadmap will be executed during the next 2 quarters to solve the main current problem with social networks.

“Most people don’t realize that social media is more centralized than the financial system when Bitcoin it was invented. Only a handful of companies currently control what we see and do online. We can solve this problem by decentralizing social media and storing all content on a blockchain.” said Nader Al-Najithe founder of DeSo.

The release of the roadmap comes as new messages emerge between Elon Musk and Jack Dorsey, showcasing their idea for a blockchain-based social networks protocol that makes payments and short text messages.

The two billionaire entrepreneurs discussed how Twitter would be better off as an open source protocol funded by a foundation rather than a company. Dorsey lamented turning Twitter into a business, calling it an “original sin.”

The foundation’s role in an open source blockchain-based social network would be to fund and advance its development.

Elon Musk called it a “super cool idea” and offered to help. However, once Dorsey failed to include Musk in the Twitter forum, he ultimately left the company.

Also, there was a conversation between Elon Musk and Sam Bankman-Fried, founder of FTX, about how to make a twitter block chain or by buying Twitter directly.

However, this may not be necessary considering DeSo’s foundation roadmap and the applications emerging from its ecosystem.

DeSo launched the first milestone on its roadmap with its Meta Mask Integration, which launched last week. It allows millions of Ethereum users to log in to DeSo with a single click. They also plan to add more cross-chain communication bridges between ecosystems, including the Solanas Phantom wallet. Other possible integrations include Cardano And near.

A change from Proof of Work to “Infinite Proof of Stake” is also in the works. Like Ethereum’s move to proof-of-stake, DeSo’s proof-of-stake will reduce consumption and be more energy efficient.

A hackathon is also in the works at a major Ivy League institution where students can compete to build the next great decentralized social network.

The above is expected to be completed by Q4, along with the hiring of a critical COO to help scale marketing and business operations.

Many experts expect decentralized social networks to be the next big market opportunity, which has been assessed by leading crypto research firms. DeSo ranked first in messari another seven crypto trend analysis due to general addressable market.

In the next decade, social networks are projected to attract 6 billion users and be worth trillions. A blockchain-based social network would greatly appeal to the 50 million creators in today’s economy who are always looking for new platforms; the creator’s economy is currently valued at $100 billion.

DeSo has several social media apps coming out of its ecosystem that directly appeal to the maker economy, including a blockchain-based Twitter app where people can monetize with diamonds.

About Deso Foundation

DeSo is a new layer 1 blockchain built from the ground up to decentralize social media and scale storage-intensive apps to billions of users. They raised $200 million and are backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winkelvoss Capital, Pantera, and others.

$DESO, the native currency of the DeSo blockchain, is listed on Coinbase.

Check out the full roadmap and claim your username at deso.com.

Contact

• Ash
• DeSo Foundation
• ash@deso.org