• DeSo, a decentralized social media system leveraging blockchain, has announced a $1 million bounty to spur the creation of a Reddit competitor built on the platform’s native blockchain technology.
• The move comes as a potential solution to increased criticisms on centralized social media platforms over issues like restricted API access and censorship disputes.
• DeSo blockchain offers a wide range of monetization tools such as creator coins, NFTs, tokens, and tipping where users and moderators can directly own and monetize their content.

Decentralized Social Media Protocol DeSo Offers $1 Million

DeSo, a decentralized social media system leveraging blockchain, has announced a $1 million bounty to spur the creation of a Reddit competitor built on the platform’s native blockchain technology. The move comes as a potential solution to increased criticisms on centralized social media platforms over issues like restricted API access and censorship disputes.

Increased Criticisms On Centralized Social Media Platforms

Recently, Reddit faced backlash when it restricted API access, provoking a series of 48-hour subreddit blackouts in protest. As a result of rising API costs, existing third-party developers discontinued “as maintaining their applications became impossible.” Similarly, Twitter faced criticism when reading limits were imposed on newly created and verified accounts. This stimulated concerns regarding user control, censorship, and system manipulation.

User-Led & Creator-Owned Decentralized Platform

Per DeSo’s statement, the platform aims to keep user identities, profiles, content, and social networks entirely on-chain. “This opportunity facilitates the creation of a user-led, creator-owned decentralized platform, one where you own your content as securely as you own your Bitcoin.” Nader Al-Naji believes that this shift is underway with “users gravitating towards platforms that grant them autonomy” over their content and social graph.

Monetization Tools For Users & Moderators

DeSo’s native blockchain offers various monetization tools such as creator coins, NFTs (non fungible tokens), tokens or tipping where users and moderators can directly own and monetize their content — dubbed “community as an asset” — fostering more democratic user experience online community overall..

Is Development of Decentralized Social Media Important?

Decentralized social media platforms offer greater user control over their content while providing new opportunities for monetization by addressing censorship issues at its core — something that traditional centralized counterparts lack in comparison due to corporate oversight or manipulation attempts from certain malicious actors in some occasions; making it an attractive alternative for many creators looking for more freedom in how they showcase or spread information online .