Decentralized Social Price (DESO)#301
The market capitalization of a cryptocurrency is its current price multiplied by its circulating supply (the total number of mined coins).Market Cap = Current Price x Circulating Supply.
Volume 24h is referring to the total amount of a cryptocurrency traded in the previous 24 hours.
Available supply or circulating supply is the best approximation of coins or tokens in circulation and publicly available.
The total supply of a cryptocurrency is referring to the total amount of coins in circulation or locked minus the removed ones.Total supply = Onchain Supply - Coins Removed from Circulation
The fully diluted market value is referring to a cryptocurrency's market cap when/if its total supply is issued.
Decentralized Social Price Chart (USD)
Decentralized Social Price Update
Decentralized Social price is $7.65 , down 0.39% in the last 24 hours, and the live market cap is $80.5M . It has a circulating supply volume of 10,532,254 DESO coins and a max. Supply volume of 10,808,493 DESO alongside $80.5M 24h trading volume.
The addresses and transactions of Decentralized Social can be explored in https://explorer.deso.org/ and https://explorer.cloutangel.com/ .
Decentralized Social website is https://deso.org.
About Decentralized Social
The DeSo, Decentralized Social blockchain aims to make social media an open utility for all by enabling the connection and collaboration around common interests while maintaining users' privacy. In this new system, users have complete control over their social interactions and decide what content gets disseminated and how it's used.
The DESO cryptocurrency, the network's native token that powers it, is used for peer-to-peer activities, such as posting content, reacting, commenting, etc.
Check the current DESO real-time price, market cap, circulating supply, trading volume, historical statistics, etc., along with in-depth information on several of the biggest and fastest-growing cryptocurrencies on CoinStats, one of the best crypto platforms around.
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Read on to learn everything you need to know about DeSo, Decentralized Social blockchain, and the DESO cryptocurrency.
What Is Decentralized Social
Decentralized Social is an-open source P2P network, where participants have complete control over their social interactions instead of intermediaries. Users are the ones who decide what content gets distributed and how it's used.
DeSo is a custom blockchain powering and scaling decentralized social applications. The data isn't stored in a central database but is distributed across a network of peers. To ensure the effective distribution of information without relying on a single trusted intermediary, the software uses a combination of Trusted Timestamping and BitTorrent protocols.
DeSo aims to become the most widely used social network by providing decentralized tools and an intuitive user experience. It's the first social network based on blockchain technology. DeSo is built with IPFS (Interplanetary File System), a distributed file system that secures the network. This is possible because data is not stored in a single location, allowing all users to access and contribute to decentralized social networks.
The first project that the DeSo team developed was BitClout, launched in March 2021. It served as a prototype to Decentralized Social. Back then, the DESO token was called Clout. When the DESO blockchain was released, the token was rebranded.
BitClout continues to operate as a social network app, which mixes speculation and social media.
The founder of the social media app went under the name Diamondhands.
In September 2021, at the time of the Decentralized Social blockchain launch, Diamondhands revealed his identity. It turned out that he's Nadar Al-Naji, a computer scientist who previously worked at Google and founded the stablecoin project Basis. The project was shut down due to US regulatory constraints.
Al-Naji announced that he remained anonymous at first as he believed it would inspire the community to decentralize the ecosystem faster. He added that the approach worked as numerous projects started to appear on the protocol.
In its quest to build an open-source alternative, Al-Naji and DeSo have raised over $200 million from crypto investors, including Sequoia, Andreessen Horowitz, Coinbase Ventures, Winklevoss Capital, Pantera Capital, Polychain Capital, and Reddit founder Alexis Ohanian.
Currently, the top 3 categories are social tokens, social NFTs, and social tipping.
How Does DESO Work
DeSo uses a token-based system on the Ethereum blockchain. DESO cryptocurrency powers the activities on the protocol. The tokens can be exchanged between peers and used for micro-services within the network, such as posting content, tagging other users, commenting, and liking posts. Network participants can use the token to unlock special features, such as creating polls within their posts. Also, by paying DESO tokens, users become content curators and can vote on which items are to be distributed.
DESO tokens also serve as a tool to incentivize user behavior or as a way to access special features within the network.
The DeSo Network is built around the principle of Token Curated Registries (TCR). TCRs utilize DESO tokens to allow users to vote on submissions to lists. If a user wishes to add or remove an item from a list, they must pay the DESO token fee to access that list.
The entire system is decentralized.
Every action taken by each user, such as voting, posting content, and receiving notifications, has a cost that must be paid for in DESO tokens. To incentivize users to continue using the network and further the development of the DeSo community, 25% of all token fees paid will be distributed to holders of DESO tokens through a smart contract.
What makes DeSo different is that it's not a general-purpose blockchain but is designed mainly for social media apps.
How to Buy DESO
Trading DESO is currently available on crypto exchanges Hotbit, Blockchain.com, and AscendEX. Unlike other leading cryptocurrencies, DESO cannot be directly purchased with fiats money. You need first to buy Bitcoin, ETH, or another popular coin from any fiat-to-crypto exchange and then transfer it to the exchange that supports DESO.
Follow these steps to buy DESO:
Step 1: Register on Fiat-to-Crypto Exchange.
Step 2: Buy Bitcoin BTC with fiat money. Once you finish the KYC process, you will need to add a payment method. You can provide a credit/debit card or use a bank transfer. Depending on the country of your residence, some countries will offer instant cash deposits with low fees. Now you can buy BTC.
Step 3: Transfer BTC to an Altcoin Exchange. Since DESO is an altcoin, you must transfer your coins to an exchange that trades DESO in various market pairs. Deposit BTC to the exchange, and you're all set to purchase DESO.
Step 4: Acquire a hardware wallet: If you plan to keep your DESO for a considerable long time, you may want to store them in a wallet securely. Hardware wallets like Ledger Nano S and Ledger Nano X are the most popular options in this category.
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