Diamondhands, the BitClout creator, has revealed his identity with the launch of a blockchain network called “Decentralized Social” (DeSo).
Diamondhand is Nadar Al-Naji, a former Google engineer known for the Stable coin project, which raised $130 million in 2018. After that time, these projects had to be closed due to regulatory concerns.
Diamondhands had shaken the crypto and techno industry by launching its new social media project “BitClout”. BitClout contains tokens, whose value will be determined by the profile’s popularity.
This roll up had grabbed the attention of the media and people, as BitClout had created people’s profiles without their consent.
Al-Naji disclosed his identity to promote BitClout and Deso, a new blockchain built from BitClout’s Underlying technology, which aims to challenge centralized social media platforms such as Facebook, Instagram.
“With DeSo, we make it so that social network data is available to anyone,” said Al-Naji.
DeSo (Decentralised Socialmedia) platform will create the person’s social media profile on their platform and their web connection and friends are known as a “social graph”. The profile also includes the value of the tokens tied to a user.
As an example, sports players can create their own community profile for all the players on this platform. Also, This profile will carry some token value depending on the user’s profile and fame.
BitClout lives on DeSo, alongside over 100 other social crypto social applications such as Pulse and Flick. The common interest of this DeSo platform is to make social media platforms decentralised, where creators can monetize and control the content they post.
He raised $200 million in backing from A-list investors such as Sequoia, Alexis Ohanian, Social Capital, and a16z, among others. He is keen to talk about not just DeSo and BitClout, but the future of social cryptocurrencies and why Twitter, he says, will soon feel like Craigslist.
The $200 million raised will go toward setting up the DeSo Foundation, a nonprofit dedicated to “taking the decentralized ecosystem to the next level. There’s a strategy to use the treasury to support everybody from developers to NFT artists to smaller creators and their coins.”
DeSo aims to introduce a new model for content distribution by decentralizing social media the same way Bitcoin and Ethereum are decentralizing the traditional financial system. Al-Naji says now both BitClout and the underlying DeSo blockchain are ready for anyone to use.
“DeSo-powered apps are based on money-native features, rather than ads, and these features are proving to be way more efficient from a monetization perspective,” according to Al-Naji.
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