The controversial social media site BitClout’s pseudonymous founder has verified his name and revealed some of the logic behind the platform’s botched introduction. He also launched DeSo, a blockchain that has already received $200 million in funding from investors like Andreessen Horowitz, Coinbase Ventures, Sequoia Capital, and others.
BitClout is a platform that aims to bring social media to the blockchain. Each user has their own “creator coin,” which may be purchased by other users. The premise is that the more the perceived worth of your content, the greater the demand for your coin. There’s also a native cryptocurrency, $CLOUT, that powers the platform’s blockchain.
Al-Naji is now giving the blockchain a name – DESO, which stands for “decentralized social” – and a new ticker symbol to go with it. It’s a network designed exclusively for social applications: similar to how Ethereum provides tools for creating crypto-backed computer programs, DeSo claims to provide a framework designed specifically for social networks.
In a Zoom interview, BitClout’s founder discussed the next big thing that is about DESO. He explained, “Essentially, we wanted to develop a demo software that displays the functionality of the DeSo blockchain.” “However, something strange happened: the BitClout app kind of erupted. Many popular superstars have joined – Tyga, Antonio Brown, Diplo, and Blau all have DeSo blockchain profiles via the BitClout app.”
Not only did rapper Tyga and DJ Diplo create zombie accounts for users who hadn’t yet signed up for BitClout, but BitClout also generated zombie accounts for users who hadn’t yet signed up for the platform. Even though neither celebrity has agreed to promote the site, social tokens for Tesla CEO Elon Musk and singer Ariana Grande are among the highest-valued currencies on BitClout.
The controversial social media site BitClout’s pseudonymous founder has verified his name and revealed some of the logic behind the platform’s botched introduction. He also launched DeSo, a blockchain that has already received $200 million in funding from investors like Andreessen Horowitz, Coinbase Ventures, Sequoia Capital, and others.
How does DeSo work?
According to Al-Naji, the more open the DeSo blockchain is, and the more apps created on top of it by independent developers, the more transactions flow via the blockchain, and the more valuable $DESO becomes.
CLOUT (BitClout) was the previous name for the DESO token, according to him. The coin and the blockchain have been renamed following the release of the DeSo blockchain. “We built BitClout as an early prototype to test and iterate on the DeSo blockchain before releasing it publicly,” he explained.
According to Al-Naji, the $200 million investment round was acquired by selling the DESO token. To receive DESO, the investors deposited bitcoin into a treasury wallet, he said. Between November and July 11, when the buying mechanism was cut off and the supply of DESO was fixed forever at 10.8 million units, over 44,000 users purchased DESO, according to Al-Naji.
DESO is now available for trading and conversion to and from USD on the crypto exchanges Blockchain.com and AscendEX. Al-Naji is founding DeSo Foundation, a non-profit organization he will lead that will use the cash to expand the adoption of a decentralized social ecosystem. “We have a strategy in place to support everyone from developers to NFT artists to smaller creators and their social tokens, and we’re very pleased to share more specifics on all of those initiatives very soon,” Al-Naji added.
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