Decentralized SocialDESO to INR

What is DeSo and How It Began?

In 2019 Nader Al-Naji built this coin. The main purpose of building this coin was to support the decentralization of social media. Social media is run and managed by a few entities. They have full control over this media and thus are the monopoly profit earners. Thus this coin's network wants to provide a solution to such a monopoly market by providing a content distribution system by decentralized social media. It is a layer-1 blockchain system. It is completely open and stores its content directly on-chain. It enters data on a public blockchain, thus enabling anyone to run nodes. To make its aim successful it has introduced three products.

• Social Token

It is a creator coin. Anyone who makes a profile on this network is liable to earn this coin. 

• Social Tipping 

This network enables its users to provide a flexible sum of money for content. It has introduced a special mechanism called diamonds. Thus the users are enabled to give diamonds instead of likes on social media.

• Social NFTs

The platform attracts buyers of NFTs by means of comments, diamonds, and likes. Thus making it social.

Technology Behind DeSo 

Below listed are some of the robust technologies that act as a foundation for this platform. 

Consensus Mechanism 

It uses the combination of both proof-of-work and proof-of-stake consensus mechanisms. This combination helps the platform to validate transactions on the blockchain and to maintain security. 

• Blockchain Technology 

This network works on blockchain technology. These blockchain fragments are recorded ledger all over the system. This in turn helps to maintain the security and privacy of the network. 

• Smart Contracts 

It uses smart contracts. Its work is to follow the automated code. They even create automated contracts that are further used to make transactions easier. 

• Interoperability 

The platform enables its tokens to interact and coordinate with other blockchain networks. This helps to gain contacts and to collaborate in the future. 
 

Features of DeSo 

Below mentioned are some of the features offered by this coin to its users. They help the coin to stand out from the others.

• Decentralized 

As the name suggests this is a decentralized network which means there are no intermediaries or centralized authorities involved. This enables quick and cost-efficient transactions. 

• Security 

This network puts very emphasis on the security and privacy of the network. Thus it uses a combination of consensus mechanisms and smart contracts to provide a secure network to its users.

• Community-driven 

It allows its community members to take part in the network's governance and decision-making processes. This helps the network to gain widespread adoption. 

• Rewards

As mentioned earlier this network is a Community-driven network. Thus to encourage community members to take active participation in the working of the network it offers rewards to those who take part in content creation and other decision-making processes. 

Use Cases of DeSo 

Apart from its unique features, this token has a huge number of use cases in many different industries. Some of the uses are mentioned below. 

• Micropayments 

This token is best for micropayments. Users are enabled to make payments to content creators or other day-to-day transactions. 

• Cross-border Payments 

It is also suitable for cross-border payments. Being a decentralized cryptocurrency it eliminates the need for intermediaries and thus provides quick and economic transactions which is the best choice for cross-border transactions. 

• Collaborative 

The network allows this coin to collaborate with different blockchains. This enables it to use Dapp of different decentralized blockchain networks.

How to Acquire DeSo?

There are two main ways you can buy this token. Both are mentioned below with steps.

1st Method Crypto Exchange 

• Search for a reliable and secure crypto exchange that supports this coin. 
• Create an account on this exchange by finishing the mandatory KYC verification process. 
• Deposit funds into your account and search for your currency. 
• Place purchase orders for the required amount of coins and wait for it to get verified. 
• After verification, your coins will get credited to your account. 
• Transfer these coins into safe wallets for security purposes. 

2nd Method Crypto Wallets

There are some wallets that support this coin. 

• Search for a reliable crypto wallet that supports this coin.
• Download the wallet app in your system. 
• Complete the necessary verification process and create a new wallet address. 
• You can either buy the coins or get it through the exchange. 

Future Outlook of DeSo 

With the aim to solve the problem of the monopoly of social media in the hands of a few entities, this coin has gained a good amount of traction. It provides many features to its users. It has a strong technological foundation. Its developing team is constantly working to bring more innovation into its technology. This is to provide better service to users. It enables the community members to take part in its governance. All these factors help this network to gain widespread adoption and for its bright future ahead. 

Conclusion

It is a decentralized cryptocurrency that works on blockchain technology. The coins network is a community-driven network and enables its community members to take an active part in its work. This coin is easily available on many crypto exchanges and crypto wallets. It even has a wide range of use cases. But even though there are chances of a bright future for this coin. One should always consider and should always be prepared for unavoidable challenges and risks such as volatility, regulatory changes, etc.