Altcoin Traders Get a New Darling as Bitclout Creator Launches DeSo

Last updated: October 23, 2023 9:34 am EDT | 2 minutes of reading

Source: A screenshot, deso.org

According to the creator of controversial decentralized social media protocol, Bitclout, Nader Al-Naji, announced his new project, Decentralized social (DeSo), its native token, DESO, received a warm welcome in the market today, with traders increasing its price by almost a third in the last 24 hours.

“DeSo, short for “decentralized social,” is the first and only blockchain purpose-built to power and scale a new category of decentralized social applications to hundreds of millions of users,” the team behind the project. saidadding that BitClout, a social app built on the DeSo blockchain, was created “as an early prototype.”

As of 1:35 p.m. UTC, DESO (formerly CLOUT), ranked 96th by market cap, is trading at $96, up 21% in the past 24 hours. The significant gains have positioned the token as the best performer today among the 100 most valuable cryptoassets, far ahead of the next coins on the list. However, its daily trading volume is less than $2 million and is the lowest among the top 100 coins today.

DESO (formerly CLOUT) 30-day price chart. Source: Coingecko.com

The project’s creator, formerly known only by his pseudonym Diamondhands, is a former Google engineer who also founded the stablecoin startup Basewhich closed its doors in 2018.

Writing on Twitter on Tuesday, Al-Naji said that reviving the decentralized social network required “more than two years of grueling research and development” and that he believes it can “fundamentally change social media for the better.”

It also seems that the founder himself is not the only one who believes in the renamed project, given that the associated DESO has already gotten off to a good start thanks to a private token sale worth over 200 million dollars to leading investors. Among these are Andreessen Horowitz, Sequoia, Share capital, TQ Companies, Coinbase Companies, Winklevoss Capital, Blockchain.comand many other well-known names in the crypto-focused venture capital space.

“The fact that DeSo can store and index social media data at scale is a major breakthrough for the blockchain space, and we believe it will pave the way for a whole new era of disruptive decentralized applications,” Paul Veradittakit, associate at Pantera Capitalreportedly declared.

So far, more than 140 projects have been built or are in the process of being built on the DeSo blockchain, according to to the BitHunt tracking site. Among them there are everything from NFT marketplaces, social token exchanges, and Clubhouse-like social platforms.

Judging by the reactions of community members on Twitter, the newly renamed token is already being noticed by traders:

However, not everyone is excited about the prospects an investment in DESO could bring, with one popular community member sharing screenshots of several key declining indicators on the decentralized social blockchain.

For the moment, the DESO market remains very limited, the token being exchangeable only on Blockchain.comthe exchange for USD and USDTand on AscendEX against USDT.
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Learn more:
– BitClout investors Coinbase and Blockchain.com step up shilling efforts
– Major crypto players increasingly angry at heavily backed BitClout

– What is the metaverse? A high-tech plan to Facebookify the world
– A look at the trending decentralized social media experience: Mastodon

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