Los Angeles, CA, October 5, Chainwire
Snack:
- A novel Web3 social platform called Diamond is launching on DeSo, a new blockchain that has raised $200 million from Coinbase, Sequoia and Andreessen Horowitz.
- Diamond is the first product ever to allow all posts, profiles, social graphs and content to be hosted on a decentralized, censorship-resistant blockchain.
- Posts on Diamond can be minted as NFTs, earn crypto tips, and offer other novel features.
Today content is hosted on centralized platforms like Twitter, TikTok or Instagram. Many thought leaders like Elon Musk and even Twitter founder Jack Dorsey have called for an alternative.
News recently surfaced between the two billionaire entrepreneurs regarding a blockchain-based social media platform.
“I have an idea for a blockchain social media system that handles both payments and short text messages/links like Twitter,” Musk said in a text Exchange.
He continued: “The third part is a Twitter-like app on your phone that accesses the database in the cloud. That could be massive.”
However, thanks to the launch of Diamond, a Web3 social app powered by the DeSo blockchain, Musk may not need to create a decentralized Twitter alternative.
Diamond is the first platform ever to host its content and social graphics on a decentralized blockchain.
By publishing content on the DeSo chain, authors and creators can own and control their content in the same way that they own and control their Bitcoin (BTC). This means they are free from censorship and gain new monetization opportunities never before possible.
For example, contributions to Diamond can be minted as non-fungible tokens (NFTs), earn crypto tips, and more. Creators on Diamond can easily launch social tokens that allow their followers to invest in their success – all with onboarding as simple as creating an account on a web2 platform like Instagram.
Diamond’s decision to use the DeSo blockchain to host all of its content demonstrates DeSo’s unique strength in content storage. “Existing blockchains cannot store content efficiently,” said Nader Al-Naji, founder of DeSo. “It costs around $50 to store a 200-character tweet on Ethereum and around $0.15 to store it on Solana, Avalanche or Polygon. In contrast, DeSo is a ten-thousandth of a cent, making it the first blockchain capable of disrupting memory-intensive applications like social media, blogging, and even marketplaces,” he said.
In addition, Diamond’s integration with the DeSo wallet enables Ethereum onboarding
users as well as mainstream users. “The DeSo wallet supports both one-click Google login and one-click MetaMask login,” said Al-Naji. “It’s not our goal to be tied to a single chain, or really to any chain. We simply want to make it possible for people to connect with each other, no matter what ecosystem they belong to. DeSo is the unified social layer for all of Web3,” he said.
This is the latest in a series of achievements for DeSo. The platform was listed on Coinbase earlier this year and last week announced a groundbreaking MetaMask integration that has caused a significant price spike. It has also seen a recent surge in user numbers.
In a world where many are unhappy with traditional social media, Diamond and DeSo offer a decentralized solution that can finally compete with Web2 juggernauts. “DeSo is the first and only blockchain that allows developers to create social apps where you don’t even realize you’re on a blockchain,” said Al-Naji. “It means we have our first chance to finally grow Web3 from disrupting finance to disrupting the trillion-dollar social media industry.”
About the DeSo Foundation
DeSo is a new Layer 1 blockchain built from the ground up to decentralize social media and scale memory-intensive applications to billions of users. It raised $200 million and is 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
Head of Growth Marketing
- Ash Ghaemi
- DeSo Foundation
- [email protected]
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