In a dramatic move, blockchain-based DeSo is offering a $1 million bounty to the creators who can develop a decentralized competitor to Reddit. This comes amid a wave of changes to Reddit’s API, a set of protocols that enable different software applications to interact.
DeSo, a layer-1 blockchain designed to decentralize social media, is promoting this challenge in response to the issues with centralized platforms like Reddit.
These platforms have power over content and data, a setup that has recently led to subreddit blackouts. These protests by Reddit communities have been against limitations imposed on API access.
The reward offered by DeSo is part of their vision to disrupt what is referred to as ‘Web2’ social media, traditional centralized platforms. DeSo’s aim is to provide a platform that allows for user-led and creator-owned decentralized alternatives.
This bounty challenge, appealing to visionary founders, comes at a time when influential figures like Elon Musk have criticized the structure of current social media platforms. Nader Al-Naji, the founder of DeSo, sees this as an opportunity to support the autonomy of content for users.
On the DeSo blockchain, the community becomes an asset. Users and moderators can directly own and monetize their content. DeSo supports this with features like creator coins, tokens, NFTs (Non-Fungible Tokens), and tipping.
Furthermore, DeSo ensures a censorship-resistant layer due to its decentralized nature. Unlike conventional platforms that rely on centralized gatekeepers, DeSo uses community moderation.
DeSo’s investment criteria for the $1 million bounty focuses on experienced founders with technical expertise and a proven history of building consumer products. These potential founders would need to demonstrate strategies for user acquisition and engagement, capitalizing on crypto-native methods.
Applications for this bounty are accepted on Openfund.com. The bounty presents a unique opportunity for innovators to reshape the future of social media, making it more democratic and user-centric. As DeSo fosters a revolution against centralized control, the future of social media hangs in the balance.