Alt Coin

Altcoin Project Backed by Billionaire Chamath Palihapitiya Rips 124% in Hours After Reaching 1,500,000 Users

A decentralized social media undertaking that has acquired help from billionaire investor Chamath Palihapitiya is surging after reaching a significant milestone.

In a brand new press launch, Decentralized Social (DESO) says that over 1.5 million accounts have been created on its platform.

The layer-1 blockchain undertaking goals to redefine the character of social media purposes by resolving scalability limitations in addition to defending customers and content material creators from centralized authorities.

Decentralized Social is open-source and shops all knowledge on-chain, with plans to alter its consensus mannequin from proof-of-work (PoW) to proof-of-stake (PoS). It additionally presents a brand new decentralized autonomous group launcher known as DAODAO.

DeSo founder Nader Al-Naji says,

“With these new updates, we move closer to a world in which social media is not controlled by three centralized companies, but instead, is owned by the users and creators of the network.”

The information of DeSo’s progress comes simply days after Tesla CEO and crypto influencer Elon Musk took to Twitter to ask if customers thought the platform adhered to free speech ideas. At time of writing, 70.4% of ballot respondents have answered “no.”

Decentralized Social is considered one of quite a few rising social media platforms searching for to be a extra censorship-resistant different to different Big Tech platforms.

Social Capital CEO Chamath Palihapitiya talked about DeSo again in October as a part of his basket of investments to hedge in opposition to inflation.

“I’m very concerned about medium-term inflation… I want to own three things: hypergrowth [firms]… cash-generative assets… and then I want to own non-correlated assets: Bitcoin, Solana, DESO, a lot of the DeFi [decentralized finance] protocols because it’s a great counter-intuitive hedge…”

The undertaking modified its title from BitClout final summer season and raised over $200 million, together with from enterprise capital agency Social Capital.

Decentralized Social is up 21.73% on the day and buying and selling for $50.02. The altcoin was buying and selling across the $31 stage for many of the previous week earlier than exploding by 124% from the $37 mark to a excessive of $83.15 early on Monday.

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Featured Image: Shutterstock/Athitat Shinagowin/Sensvector

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