Altcoin Challenge Backed by Billionaire Chamath Palihapitiya Rips 124% in Hours After Reaching 1,500,000 Customers

by Cryptospacey

A decentralized social media venture that has obtained assist from billionaire investor Chamath Palihapitiya is surging after reaching a serious milestone.

In a brand new press launch, Decentralized Social (DESO) says that over 1.5 million accounts have been created on its platform.

The layer-1 blockchain venture goals to redefine the character of social media purposes by resolving scalability limitations in addition to defending customers and content material creators from centralized authorities.

Decentralized Social is open-source and shops all knowledge on-chain, with plans to alter its consensus mannequin from proof-of-work (PoW) to proof-of-stake (PoS). It additionally gives a brand new decentralized autonomous group launcher referred to as DAODAO.

DeSo founder Nader Al-Naji says,

“With these new updates, we transfer nearer to a world wherein social media just isn’t managed by three centralized firms, however as an alternative, is owned by the customers and creators of the community.”

The information of DeSo’s progress comes simply days after Tesla CEO and crypto influencer Elon Musk took to Twitter to ask if customers thought the platform adhered to free speech rules. At time of writing, 70.4% of ballot respondents have answered “no.”

Decentralized Social is one in all quite a few rising social media platforms searching for to be a extra censorship-resistant different to different Huge Tech platforms.

Social Capital CEO Chamath Palihapitiya talked about DeSo again in October as a part of his basket of investments to hedge towards inflation.

“I’m very involved about medium-term inflation… I need to personal three issues: hypergrowth [firms]… cash-generative property… after which I need to personal non-correlated property: Bitcoin, Solana, DESO, a variety of the DeFi [decentralized finance] protocols as a result of it’s an ideal counter-intuitive hedge…”

The venture modified its title from BitClout final summer time and raised over $200 million, together with from enterprise capital agency Social Capital.

Decentralized Social is up 21.73% on the day and buying and selling for $50.02. The altcoin was buying and selling across the $31 stage for a lot of the previous week earlier than exploding by 124% from the $37 mark to a excessive of $83.15 early on Monday.

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