DeSo offers $1M bounty for building decentralized Reddit

DeSo Offers $1 Million Bounty for Reddit Competitor

In a July 6 announcement, decentralized social media protocol DeSo has launched a $1 million bounty for building a competitor to Reddit using its native blockchain. The developers behind the decision noted the ongoing issues with centralized social media platforms, such as the recent reading limits imposed by Elon Musk on new and verified accounts on Twitter. Nader Al-Naji, founder of DeSo, highlighted the importance of giving users autonomy over their social content, much like owning Bitcoin (BTC).

Founded in 2019, DeSo provides features such as creator coins, nonfungible tokens, tokens and tipping to its users. All user identity, profiles, content and social graphs are stored 100% on-chain, meaning that content cannot be blocked or banned on a protocol level. Recently, the firm released Openfund 2.0, a decentralized exchange platform. In September 2021, DeSo raised $200 million in funding led by A16z, Coinbase Ventures, Sequoia, Pantera Capital and others, including Reddit co-founder Alexis Ohanian.

Currently, over 150 crypto projects are listed on the DeSo community, with a range of market caps. With the $1 million bounty offered by DeSo, the crypto reddit and web 3.0 blockchain may be able to find a competitor to the popular media network crypto.

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