DESO Crypto: Decentralized Social Gains Amid Elon Musk’s Twitter Purchase

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Social media has been a contentious topic in recent years. Now, the talk is reaching a boiling point as billionaire Elon Musk prepares to take ownership over Twitter (NYSE:TWTR). This contentious landscape makes for a perfect opportunity for Decentralized Social (DESO-USD). Promising a truly decentralized future for social media, the DESO crypto is gaining heavily in the wake of the purchase.

A close-up shot of Tesla (TSLA) CEO Elon Musk.
Source: vasilis asvestas / Shutterstock.com

The effects that social media has on every facet of human life are still largely unknown. But, there are plenty of instances of emotional manipulation, disinformation campaigns and the ever present fight over freedom of speech that show the uglier side of this new form of communication. These issues have become even more present recently, thanks to Elon Musk’s $44 billion purchase of the Twitter platform. If fully approved and processed, Elon Musk will be the owner of one of the world’s largest social media platforms.

Once given ownership, Musk has grand ideas for changing the platform. Most notably, he says he plans on bringing his self-described “free speech absolutism” to the platform. This remains controversial, with Musk advocating for platforms to not delete posts so long as they are legal; the idea opens the door for open hate speech on the platform.

The blockchain is seen as a future destination for social media if users wish to keep the influence of people like Musk off of platforms. Things like decentralized autonomous organizations (DAOs) allow users themselves to democratically make rules. This way, the majority will guide every facet of the platform. Decentralized Social (DeSo) is a platform that’s helping to make that transition happen, and to great result.

DESO Crypto Gains Amid Musk Twitter Purchase

Decentralized Social is a layer-1 dapp platform that’s focused on driving adoption of blockchain technology for social media. The DESO crypto, which underlies the network, is seeing the spotlight in response to the recent Twitter news.

DeSo argues that existing blockchain aren’t suited for a future where social media is entirely decentralized. This is due to the large quantity of data social media platforms have to process. As a result, developers have created their own chain. Using this chain, anybody can operate a node and curate a feed of social content. The project’s white paper lists several use cases, like ESPN hosting a node curating sports content, or Politico hosting a node streaming political news. When a user hosts their own node, it is far easier to process and record data to the blockchain.

So far, DeSo enjoys over 200 different dapps on its platform. This comes just as the network surpasses 1.5 million total users. Obviously, more and more people are taking up interest in the project as an alternative to the pandemonium centralized social media is undergoing recently. Today, the DESO crypto is gaining over 14%. With more than $3 million in DESO swapping hands, volume is increasing by over 300% since yesterday.

On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2022/05/deso-crypto-decentralized-social-gains-amid-elon-musks-twitter-purchase/.

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