Decentralised Social ‘DESO’ Crypto Tokens Are Now Listed on Coinbase

DESO tokens can be exchanged between peers and used as payment for micro-services within the network.

Decentralised Social ‘DESO’ Crypto Tokens Are Now Listed on Coinbase

Photo Credit: DeSo

Decentralised social media platforms prevent the unauthorised sale of user data

Highlights
  • DESO is the native cryptocurrency of the DeSo blockchain
  • Decentralised social networks operate on independently run servers
  • DESO can be used to purchase social tokens and NFTs

Decentralised Social (DESO), the native cryptocurrency that powers the blockchain platform designed to support a wide variety of decentralised social media applications is now available on Coinbase. As per a blog post, Coinbase customers can now essentially trade, send, receive, or store DESO and use it to purchase "social tokens" and non-fungible tokens (NFTs), and to create profiles and posts for Decentralised Social applications. The layer 1 blockchain project aims to provide scalability to social media applications for up to a billion users.

DESO utilises a token-based system on the Ethereum blockchain. This means that DESO tokens can be exchanged between peers and used as payment for micro-services within the network, such as posting content, tagging other users, commenting, and liking posts.

DESO tokens can also serve as a tool to incentivise user behaviour that furthers the network or as a way to access special features within the DeSo network. For example, after a certain number of comments have been made from various network members, those members may then use their DESO Tokens to unlock the ability to create polls within their posts.

Decentralised social networks are different from the popular ones we're used to as they operate on independently run servers, rather than on a centralised server owned by a single entity. Mastodon is one example of a decentralised social network. It is based on open-source software and functions a lot like Twitter. Another example is Steem, which runs on a social blockchain. Blockchain technology allows data entries to be stored in servers anywhere in the world. It fosters transparency, as the data can be viewed in near real-time by anyone on a network.

Decentralised social networks give users more control and autonomy. An individual can set up their social network and determine how it operates and what users can say. Instead of having content monitored by a corporation, the founder of a decentralised social network can establish the terms of acceptable behaviour for the site.


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Shomik Sen Bhattacharjee
Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
Hawkeye Episode 5 Recap: Dinner With Enemies, Old Suit, and a New Villain
Netflix vs Amazon Prime Video vs Disney+ Hotstar vs Apple TV: Pricing, Plans Compared
Share on Facebook Tweet Snapchat Share Reddit Comment
 
 

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.