DeSo, a decentralized social media system that leverages blockchain, has announced a $1 million reward to spur the creation of a Reddit competitor based on the platform’s native blockchain technology.
The move is being billed as a possible solution to rising criticism on centralized social media platforms over issues like restricted API access and censorship disputes.
“This unprecedented opportunity comes amid growing discontent with centralized social media platforms, which monopolize content and data,” the DeSo press release noted.
Reddit recently faced backlash when it restricted access to the API, leading to a series of 48-hour subreddit blackouts in protest. As a result of rising API costs, existing third-party developers discontinued “as maintenance of their applications became impossible.”
Similarly, Twitter faced criticism when read limits were imposed on newly created and verified accounts. This spurred concerns about user control, censorship, and system tampering.
According to DeSo’s statement, the platform aims to keep users’ identities, profiles, content, and social networks completely on-chain.
“This opportunity makes it easy to create a user-led, creator-owned decentralized platform, one where you own your content just as securely as you own your Bitcoin.”
Nader Al-Naji, the creator of DeSo, believes a broader social change is underway, with “users gravitating towards platforms that give them autonomy” over their content and social graph.
DeSo blockchain offers a wide range of monetization tools such as creator coins, NFTs, tokens, and tips where users and moderators can directly own and monetize their content, according to the statement.
The concept, which DeSo says introduces the idea of ’community as an asset’, aims to foster a more democratic and user-centric online community.
“This is a call to arms for ambitious founders and builders who want to make lasting changes to social media the DeSo way.”
Is the development of decentralized social networks important?
Decentralized social media platforms indicate a potential change in the way online communities interact. By offering greater user control, content ownership, and monetization opportunities, they open up a more democratic environment and address censorship and manipulation issues.
Unlike centralized social media platforms, where corporate entities control sites, decentralized networks encourage independence without a central authority.
However, on the other hand, because decentralized social networks are largely unmoderated, they can open avenues for cyberbullying, political misinformation, and even criminal activity.
