DeSo Offers $1 Million Bounty for Reddit Competitor
Decentralized social media protocol DeSo has announced a $1 million bounty for the development of a competitor to Reddit using its native blockchain. The move comes in response to Reddit’s controversial decision to limit API access, causing backlash from its community and prompting subreddit blackouts. DeSo developers argue that these incidents highlight the ongoing issues with centralized social media platforms. Founder Nader Al-Naji sees a shift in users embracing autonomy over social content, similar to the ownership of Bitcoin. DeSo offers monetization features like creator coins and nonfungible tokens, and stores user identity and content on-chain, making it resistant to bans or blocks at a protocol level. The platform recently released new in-app proposals, including a decentralized exchange platform.
Key Points:
- DeSo has issued a $1 million bounty for building a Reddit competitor on its blockchain.
- Reddit sparked controversy by limiting API access, leading to subreddit blackouts.
- DeSo sees these incidents as evidence of the problems with centralized social media platforms.
- Founder Nader Al-Naji believes users are shifting towards embracing autonomy over social content.
- DeSo offers monetization features and stores user identity and content on-chain.
Hot Take: With its $1 million bounty for a Reddit competitor, DeSo is positioning itself as a decentralized alternative to centralized social media platforms. By offering features like creator coins and storing user content on-chain, DeSo aims to give users more control and ownership over their social media experience. This move aligns with the growing trend of blockchain-based platforms offering alternatives to traditional social media giants.
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