Worth noting, the crypto sphere has, since its recent boom, continued to witness continuous rise in its level of adoption. Today, the sphere has already cemented its place amidst leading spheres rocking the globe. Even though not everyone has embraced the trend, but the pace at which its adoption level is manifesting is remarkable. This development has thus continued to encourage developers to come up with more projects, thereby aiding the expansion of the sphere. As of today, there are thousands of crypto-oriented projects. Notably, most of these crypto projects run on their native protocols, serving as payment mechanisms on those protocols. Beyond that, they also exist to power, fuel and safeguard their protocols, availing their holders, in most cases, with governance rights. For instance, Deso Crypto, is the native crypto of the DESO protocol, and by that virtue usually facilitate the operations on the network.
However, occasioned by the volatility of cryptocurrencies, investors needs to be critical before investing in them. Just like other forms of cryptocurrencies, the Deso crypto remains one of the available crypto assets available for investors to explore within the sphere. Without further ado, this piece aims to educate readers as regards the rudiments, background, and features of the crypto project.
Deso crypto: Overview
As hinted earlier, Deso crypto is the native token of Deso blockchain network. The token helps to fuel, secure and aid the network. As a utility token, Deso crypto also serves as a means through which node operators on the network become rewarded. More so, users can always explore this token to buy creator coins along with other uses. Notably, the token has a supply of about 10.8 million. 18.5% of its total supply is collectively being held by the founders. Worthy of note that only the founders, as a single entity, owns more than 5% of the supply. DESO crypto made its debut on a major cryptocurrency exchange, identified Coinbase on 14 December 2021.
As the native protocol of the token, DeSo, or the Decentralized Social Network (DESO), runs as a custom-built layer-1 blockchain. According to its website, DESO manifested from the ground up to power and scale a new category of decentralized social applications to one billion users. The project noted that only little has been invested in developing blockchains capable of scaling social media applications. Further, the whitepaper hinted that “while several general-purpose blockchains tout their ability to scale to tens of thousands of transactions per second, scaling up posts per second is a very different problem, and none of these blockchains is currently equipped to handle the storage and indexing requirements of social media applications at scale.”
More so, Deso describes social media as centralized, stressing that many private companies control the public discourse. These firms earn monopoly profits on every content developed by users. Remarkably, Deso crypto and its protocol aims to resolve these issues through its content distribution model, thereby decentralizing social media. The platform runs as open-source, with its content stored directly on-chain. Also, it stores its entire data on a public blockchain. This thus allows anyone across the globe to run a node that shows their curated feed.
Product categories on Deso
In a bid to change how creators monetize on internet, DeSo initiates three categories of products. First is social tokens, which paves the way for every profile to initiate its coin. Identified as creators coins, users tend to enjoy one just by opening a profile. Creators coin runs naturally as a scarce token, with just 100 – 1,500 in existence for each profile. Just like other major coins, the price of creators token tends to also rise, particularly when bought and vice versa. Also, traders tend to make money by buying the up and dip of the tokens. Holders of the coin enjoy numerous benefits, including premium messages, sponsored posts and many more.
Interestingly, another product running on the platform is social tipping. Through its inbuilt app, diamond, Deso crypto and its protocol enables users to avail variable amounts of money to content. Diamond usually filters the blockchain content to avert indication of harmful or illegal content. Worth noting, tips becomes directly incorporated with content. DeSo also offers social NFTs. These NFTs enable users to interact around their NFTs. As designed, every NFTs minted on the protocol becomes associated with the profile of the user.
Recent feats in the cryptocurrency space
Past and present, the Deso project in the crypto space has proven that it’s on the course to greatness. Over time, the project has made a rave by hitting major headlines for positive reasons. One of the reasons is the recruitment of a former Meta executive, Salil Shah last month. With the addition of Shah to its ranks, the project made a statement in the market that it is committed towards growth.
Further, Deso erased the doubts of many critics in the crypto space who are sceptical of the credibility of the project. So, the firm hired Shah to fast-track its move to re-establish its presence in the market and enhance the scope of its web 3.0 stature. Now, Deso is working to change the narrative of the Web 3.0 project to accommodate developers-oriented applications and others.
Without doubts, the presence of Shah will empower Deso to achieve a new giant stride, as the firm will be seeking to be at the forefront of a new look at web 3.0. As it stands, Deso is charging the transition of the sector to th next dimension of giving more support to developers. Therefore, adding more relevance and market recognition to the project and aiding its popularity to grow enormously.
Past and Future of Deso crypto
Like every other token, Deso crypto has shown a high degree of volatility in the cryptocurrency space. On a positive note, Deso Crypto tends to be one of the tokens in the market with overall total performance. The price record of Deso crypto is encouraging due to pointers about how its value has soared in the past. During the cryptocurrency boom of 2021, Deso crypto nearly attained a $500 benchmark, making it one of the native tokens to soar rapidly. Since the inception of the recent downturn in the market, Deso crypto has plummeted quickly. Yet, its price is still fascinating, posing an attractive record for investors to entrust their funds.
Recently, Deso crypto gained huge attention in the market after the token rallied by 25% on October 6. Then, the positive improvement amounts to one of Deso’s crypto impressive run in recent time. Notably, the development coincided with the announcement of the integration of USDC into the protocol of Deso. In an announcement on Twitter, Deso described the integration as an attempt to make cryptocurrency more available to a wide range of users. During that period, Deso crypto went as high as $21, setting the pace for its recent market run. However, the figure seems to be declining gradually as the general downturn in the cryptocurrency market intensifies further.
Features of DeSo crypto
The protocol of Deso crypto has numerous qualities that make it a standout project among its peers. Among its numerous features, Deso provides a different initiative from regular blockchain initiatives like social tokens and the creation of NFTs. Though, the protocol provides some of these services, yet, the inclusion of game-changing services makes it outstanding. Deso offers typical social media features such as creating profiles and posts. Therefore, making the platform one of the few that provides such combo of services.
Additionally, with Deso, developers and social media influencers have diverse ways of making money while using the platform. Likewise, Deso isn’t a general-purpose blockchain because it pays attention on a narrow list of social media features. The project uses custom indexes that most node designs during consensus when it syncs from its peers.
This innovation aids the blockchain of Deso to attain a remarkable height of a highly-scalable storage strength. This strength is unmatchable by most general-purpose protocols. Towards the end of the year, Deso is aiming to improve its TPS by switching to a proof-of-stake consensus mechanism. Consequently, improving the strength of processing transactions on the protocol.
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