DeSo announces $1 million bounty to launch decentralized Reddit competitor to address criticism of centralized social media platforms

DeSo announces $1 million bounty to launch decentralized Reddit competitor to address criticism of centralized social media platforms

DeSo, a decentralized social media system that leverages blockchain technology, has announced a $1 million bounty to spur development of a Reddit competitor based on the platform's native blockchain technology.

The decision to issue such a bounty represents a possible solution to growing criticism of centralized social media platforms struggling with issues such as limited API access and censorship controversies.

DeSo states that this “unprecedented opportunity” comes at a time of increasing dissatisfaction with centralized social media platforms that monopolize content and data. The platform responds to specific cases, such as Reddit's recent API access restrictions, which led to a protest that saw numerous subreddits blocked for 48 hours. Rising API costs have also caused third-party developers to abandon their applications.

Twitter was also criticized for a policy change that introduced reading limits for newly created and verified accounts. This change sparked concerns about user control, censorship, and manipulation of the system.

DeSo aims to store user identities, profiles, content and social networks entirely on the blockchain. DeSo founder Nader Al-Naji believes that a larger societal shift is taking place, with users preferring platforms that grant them autonomy over their content and social network.

The DeSo blockchain offers various monetization tools such as creator coins, NFTs, tokens and tips that allow users and moderators to directly own and monetize their content. The concept that DeSo presents aims to promote a more democratic and user-centered online community.

The question of whether the development of decentralized social media is important raises possible changes in the way online communities interact. Decentralized networks offer users more control, content ownership and monetization opportunities. They create a more democratic environment and address censorship and manipulation problems. In contrast, companies often control centralized social networking platforms and there is a central authority.

However, decentralized social networks can also pose risks because they are largely unmoderated. Cyberbullying, political misinformation and even criminal activity could increase in such environments.

DeSo hopes for ambitious founders and builders who want to bring about lasting change in social media. The $1 million bounty is intended to spur the development of a Reddit competitor based on the DeSo platform and provide an alternative, decentralized solution to the problems of centralized social media platforms.