Elon Musk posted a poll asking if he should step down as CEO due to backlash from a recent policy change that stated that rival social networks could not post on Twitter
People immediately began calling for decentralized alternatives as a solution to current centralized social media platforms
The DeSo Blockchain, a custom-built layer-1 designed for the scalability of decentralized social applications for millions of users, recently crossed 2 million accounts and 130,000 MAUs
This comes at a time when data points hint at Elon Musk’s Twitter revamp moving in the right direction, with Twitter usage hitting an all-time high.
Still, with the uncertainty surrounding Twitter, some wonder if they should seek out other social networks where they can own their content, data, and social graph.
Bankless founder Ryan Sean Adams tweeted, “Ohhh so Elon’s plan for internet free speech was to make us all migrate from Twitter to web3 social platforms that actually support free speech.”
Messari founder and CEO Ryan Selkis called Decentralized Social his “top investment theme for 2023.”
Web3 social platforms are growing in popularity, including DeSo, a new layer-1 blockchain that raised $200 million from Sequoia, Andreessen Horowitz, and Coinbase Ventures. DeSo recently crossed 2 million accounts and 130,000 MAUs, according to social block explorer OpenProsper.
One of the most popular apps on DeSo isDiamond, a blockchain-based, censorship-resistant alternative to Twitter. It has a broader range of money-native features that allow people to optimize for revenue.
Most did not believe a blockchain-based version of Twitter was possible due to limited storage capabilities and the cost of transactions.
“Existing blockchains cannot store content efficiently,” says Nader Al-Naji, the founder of DeSo. “It costs about $50 to store a 200-character Tweet on Ethereum and about fifteen cents to store it on Solana, Avalanche, or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like social, blogging, and even marketplaces,” he says.
Diamond appeals to founders, builders, creators, and casual social media users. Additionally, it has blogging functionality, and several money-native features creators can use to build, scale and monetize their audience.
Users can earn more about DeSo and claim their decentralized, censorship-resistant profile at deso.com.