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12. Market Competition: DeSo
DeSo Crypto, also known as Decentralized Social, is the first decentralized social media-based blockchain that offers users the functionality of Web 2.0 social media platforms with the added benefits of ownership over their own content and the ability to monetize it. DeSo is the native cryptocurrency on the Decentralized Social blockchain that supports and scales social media applications that require large amounts of data. DeSo is based on the Ethereum blockchain and uses a hybrid proof-of-work (PoW) consensus mechanism to operate, resulting in far lower energy costs.
DeSo uses an Interplanetary File System (IPFS) that connects all devices on the network to the same set of files, making data less prone to hackers. The token-based system allows all users to easily access and contribute to the network. Users can earn tokens by posting content, commenting or liking posts, and tagging other users. Content creators can also easily be tipped diamonds, which are directly deposited into the user’s wallet. All activities on the DeSo platform have a price, and users must pay tokens for various actions. The more active a user becomes on the blockchain, the higher the fee becomes.
However, 25 percent of the fees collected are redistributed to token holders.
DeSo aims to be the first decentralized blockchain-based social media platform that connects people with common interests, gives people more control over their social media interactions, and ensures users maintain a sense of privacy and added security when interacting with one another. DeSo’s cost-effective technology is designed to efficiently store data, making it easier for social media applications to scale. The DeSo platform also allows users to control every aspect of their social graph in a decentralized environment, which means users truly own their own data.
- 1.Lack of user adoption: A blockchain platform can have all the technical features and innovations, but if there are no users, the platform will not succeed.
- 2.Poor business model: Without a viable business model, the blockchain startup will not generate revenue, and its long-term viability will be in question.
- 3.Competition from other blockchain platforms: With so many blockchain platforms in the market, it can be difficult for a new startup to differentiate itself and gain traction.
- 4.Regulatory challenges: The blockchain industry is still largely unregulated, but there are potential legal challenges that could impact the viability of a blockchain startup.