DeSo has just announced $50 Million in funding to build on top of the DeSo Network. Truly amazing commitment to kick off the decentralized social media network.
There are several heavy investors entering the $DeSo push. It was first backed with $200 million to get started. Now they are releasing $50 million to developers to get this up and running. Truly amazing the amount of buy-in I have seen over my 4 weeks.
The Octane fund will be a great booster to really get the decentralized social network movement moving at a high rate of speed.
More About DeSo
For those of you that do not know what DeSo is I will provide a brief Summary. DeSo is the blockchain to drive decentralized social media.
The way DeSo works is your user information is all encrypted on the blockchain. You have the ability to sign in to various social networks using that one identity. You keep all of the same followers, posts, investments, nfts, and everything else regardless of what platform you sign in to.
This solves the issue of losing everything by getting kicked from a centralized social media. This is also a great solution for the issue that was seen this week when Whatsapp, Facebook, and Instagram went down. As an example, bitclout.com was the starting social platform. Say they ban you from the site or the site goes down. Problem? Not at all. Use your Deso Identity and hop on to giftclout.com or cloutfeed. You still have access to all of your users and information that you had on BitClout.
There are over 100 apps built on DeSo currently. Imagine how $50 million will help this grow.