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FAQ and Top Need To Know Info About DeSo

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Do you want to know what DeSo is? Do you have questions on how to use DeSo?

I have seen a lot of questions about DeSo. This post is a general overview and answers the questions I see posted in various places—more details for those wanting more in-depth information on the DeSo Blockchain and different platforms built on DeSo.

Follow the various Topics links below for more detail-oriented information and instruction.

What is DeSo?

DeSo is Decentralized Social. DeSo is an open-source blockchain explicitly built for operating social media platforms.

How to Sign Up On the Deso Network?

To sign up on DeSo, you can use any social platform built on top of DeSo. Currently, if you sign up on Diamond App using this link and do the KYC verification, you can get $25 in free DeSo to start your journey.

What are DeSo Nodes?

DeSo Nodes are the websites built on top of the DeSo Blockchain.

What Are Creator Coins?

Creator coins are your crypto coins minted on the DeSo blockchain for your profile. You will want to purchase at least 3 of your coins when you start your account.

How to Buy Creator Coins

Click on my profile, and you will see a big blue button in the top right corner.

what are deso creator coins

Click on the blue button and follow the instructions. Remember, if you are starting, you can sign up with my link to get up to $25 in free DeSo to start.

You can buy other people’s creator coins in the same way. Just click their profile and follow the same steps.

Things to Know About Creator Coins

Remember, it can be harmful to sell your creator’s coin. People think it is a rug pull. Buy a minimum of 3. You will want to buy more if you plan on giving some away.

Giving away portions of your creator coin can be beneficial for growing followers and investors.

If you want the ability to sell some of your coins in the future for profit, set up another account. You can leave this account unnamed if you would like.

How to Buy DeSo

There are currently three main options to buy DeSo.

Buy DeSo on the Nodes

The first method to buy DeSo crypto is on the actual nodes. Let’s use the diamond app as an example.

how to buy DeSo

Above is a screenshot from the diamond app. The Diamond App Node has the three options offered on the DeSo Nodes. You can buy with fiat using your card through wyre, buy with Bitcoin, or buy with ETH.

Buy DeSo on Exchanges

Two top-tier exchanges offer trading for DeSo at this time.

AscendEX and Blockchain.com are the two options available for exchange trading.

Update

As of December 14th, DeSo is available on Coinbase. This is the easiest way to buy and trade DeSo.

If you are buying DeSo from an exchange and would like to use it on the platform, go to your wallet, send DeSo, enter the amount and public key, and now you are done. It is a straightforward process.

How to Sell DeSo

You can sell your DeSo as usual if trading on blockchain.com, Coinbase, and AscendEX.

If you buy on the DeSo Nodes, there could be a couple of layers.

I like to invest in individual creator coins. It is just like investing in altcoins in the regular crypto market. You can see a substantial increase in creator coins over just investing in DeSo coin.

If you want to sell DeSo and have invested in creator coins, you will first need to sell them to convert to DeSo.

Go to your wallet as shown below and click on the three dots to the coin’s right. Click sell on the creator coin options.

how to sell deso

Now that you have converted the creator coins to DeSo and are in your $DeSo wallet, we can move on to the next step.

For the next step, go back to your DeSo wallet if you have already left it and click on the Send DeSo button on the right-hand side of the screen.

You will see a popup like the one in the image below. Enter the public key from your blockchain.com, Coinbase, or AscendEX wallet to cash out.

tranfer deso to exchange

How to Mint NFTs on DeSo

For this article, I will show you the simple way to mint your NFTs. I will be writing additional articles on some of the DeSo dApps created mainly for NFTs.

On DeSo, you can turn anything into an NFT. Even your first post. Below you will see a new post I have created.

mint an NFT on DeSo

Click the three dots on the top right-hand side.

mint nft on deso

Now follow the simple steps and on the one-pager and click create NFT.

How to mint an NFT on Deso

nftz.zone is a DeSo dApp that is developed on the DeSo Network specifically for minting NFTs. See the tutorial on YouTube for detailed step-by-step instructions on minting NFTs on nftz.zone.

Top DeSo dApps to Use

diamondapp.com

Diamond App is a Twitter-style social media platform built on DeSo. Join Using this Link for $25 in Free DeSo.

There is so much information to present about the DeSo network. I will continue to add to and update this article. Feel free to use the contact us for any questions you may have.

If you are on the DeSo Network or signing up now, you can reach me at TheCharlieBrown or CryptoBite.

supernovas.app

Supernovas.app is designed mainly as an NFT creation dApp for DeSo. They are rapidly moving with significant advancements on the website.

Even though Supernovas is designed mainly for NFTs, you can still use it for posting, investing, and other activities.

If you are a new creator just getting started, Supernovas is very fast verifying your information and getting you a verified blue check.

supernovas deso nft

DeSo is The True Decentralized Social Media Blockchain

I have been testing out numerous so-called decentralized social media platforms, and of all of them, DeSo is the only real true one I have found.

All of the other decentralized social media platforms I have found I would classify as blockchain social media. Your info may be minted on that blockchain, but there is only one application that you can use.

DeSo stands out due to the fact that the information is minted on the blockchain and can be carried between 100s of dApps currently. I am sure in the future it will be thousands.

DeSo DEcentralized SOcial Conclusion

The conclusion is short and simple. DeSo is the way!

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2 Comments

2 Comments

  1. Mahnoor Shawal

    December 6, 2021 at 2:29 pm

    Before coming across this blog I had many questions in mind regarding DeSo. While reading this blog, all of my questions were being answered. It not only covers the basics about DeSo but also talks about the benefits it can give and bring a change to the world of cryptocurrency. DeSo is going to be the new normal, I must say.

  2. jimmy

    December 10, 2021 at 1:15 pm

    oh dear god!, i was so confused and thought deso was so complicated before coming to this blog and now that i am finished i am pretty sure i know everything or at least the basics of deso. It is a very nice blog and i am going to recommend it to my friends who eats up my mind asking about deso. Keep up with the good work, good job.

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Crypto News

How high leverage crypto lending market collapses

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As the number of crypto lending projects increases, the demand for high-quality banks in this space has also increased. However, the current market is in a tailspin and not much can be done about it. Like other asset markets, such as stock and bond trading or real estate development, the crypto lending market faces multiple headwinds: low-interest rates, rising competition, and regulatory uncertainty. Traditional lenders are unwilling to offer crypto loans at competitive rates or as a package deal. Even if they did deliver it at competitive rates, many others would reject it out of hand. This leaves traditional financial institutions as the only alternative left. To avoid becoming an antiquated sector that cannot support itself, we need more than just more conventional lenders. There needs to be a higher level of leverage on offer so that creative digital assets can become its main attraction instead of simply being another commodity – another loan option. Lenders with leveraged portfolios are necessary even if they do not have the best business practices (e.g., investment vehicles). Weakening the competition will only make things harder for traditional players who have grown accustomed to buying their way into certain industries (e.g., oil) or using other conventional means to reach their goals (e.g., banking).

What is the current crypto lending market worth?

There are over 1,000 crypto lending projects in the market. Some of them have raised more money than others and it is not unusual for projects to generate more than the sum of their (usually smaller) parts. However, the total number of lenders in the market would not be significant without the adoption of blockchain and the payment network it creates. However, the market suddenly collapses in early 2022 due to the market downturn. It makes many people wonder why the market is so fragile. 

The demand for high quality digital banks

New digital banks are opening their doors worldwide and offering loans to customers in various forms. Some common forms of lending include cash-out refinance, termite and mortgage loan, and money market funds. Other assets usually secure these loans rather than security-rated assets. They may offer higher interest payments but the risk of default is also very high.

How big of an impact will the current market have on business confidence?

The amount of money raised through these projects can greatly affect a lender’s business. If the number of lenders increases and the number of projects increases, then the number of do-it-your-self (DIY) loans will increase as well. However, the most significant impact will be on the confidence of the banks in the industry. This will have a dramatic and far-reaching impact on the entire commodities and financial services industry. There will be a loss of vendor relationships, reduced transparency, and a decline in investment confidence in banks. These will hurt all parties, from the lender company to the government. One example is the lending company Vauld. Unlike traditional lending services, crypto lending solely depends on the algorithm to determine the opportunities. It works when the market goes up but it does not work when the market goes down. When valuation goes up, the interest payments are worth less than the company holds. However, the interest payment is worth more than the company has when the market goes down. He suddenly reversed the market, putting the company out of business immediately.

What is next for crypto lending in terms of transparency and regulation?

The crypto lending market is small and has little industry publicity, meaning there is not much regulation or regulation-like regulation that could be applied. However, it would be wise to consider this market a low-hanging fruit, as most regulatory and legal developments occur very slowly in a sector that experiences massive fluctuations in demand and supply.

Bottom line

The demand for high-quality banks in this market is very large. There will be no significant movement in the market with the advent of decentralized, blockchain-based ledgers. And with the advent of more blockchain-based assets, demand for high-quality banks will continue to grow. However, a major event like a government ban on virtual currency will spark a meaningful change in the market. There is little chance of this happening soon. With so much disruption and uncertainty in this sector, it is unrealistic to predict the future of bankine. But one thing is for sure: the use of blockchain in banking will become more common, if not inevitable, in the near future.

If you enjoy reading my articles, buy me a coffee here.

Photo by Jason Pofahl on Unsplash

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Crypto News

We are in a recession, no doubt?!

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Are we in a recession? Well, it depends on who you are talking to.

The traditional view is when there are two consecutive quarters of decline in a country’s real gross domestic product is commonly used as a practical definition of a recession.

But, the definition of a recession has started changing.

Nowadays, we cannot agree on the definition anymore. Everything is open and up to debate.

All indicators show that we are heading or have already in a recession.

From the government bailout companies to not allowing a recession anymore in the economy, where are we heading if there is no clear guidance on the economy from the government?

So, we are technically in a recession, but we are not in a recession.

And we are heading into an even worse economic cycle:

But that is okay, and we can redefine everything from now on.

Here is the question about a recession, is a recession man-made or a natural process?

If a recession is caused by humans and is a man-made event, the government has the right to change the definition. Since the government has been created collectively to represent the majority of the people in the nation, they have a right as a creator of the collective force to change the definition of the recession.

What if a recession is a part of nature?

Then refusing a recession is a violation of natural law.

I think a recession is man-made, and it is okay for the government to change the definition if they want to. They have to convince citizens that the change is acceptable. 

So, we are in a recession according to the traditional definition, but we may not yet be in the recession if the broader definition claims “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.”

https://www.npr.org/2022/07/28/1113649843/gdp-2q-economy-2022-recession-two-quarters

At the end of the day, it becomes a political debate that does not affect people’s daily lives.

https://twitter.com/WallStreetSilv/status/1553062802004353027

If you enjoy reading my articles, buy me a coffee here.

Photo by Annie Spratt on Unsplash

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Crypto News

The Froots Are Here and Moving Fast

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froots solana nft

I was surfing through transactions on the Solana blockchain yesterday, and I noticed a large volume moving on Froots NFTs and decided to check things out.

Froots NFTs sold out fast, and the floor started running up. The mint price started at 2.75 Sol on July 21st. When I saw the project and could get in yesterday, the floor was sitting at 4. Last night and today, the Floor has been floating around 5.5 to 6.5.

solana froots nfts

What are Froots?

Froots is a collection of 7,777 fruit NFTs.

Froots, also known as ‘The Vibers of Solana’ is a community driven project of cute froots that aims to spread good vibes and provide its holders with great opportunities, through their different ventures. With Froots, we want to experiment and set a precedent for what can be done between Web2, IRL businesses and Web3. While our main goal is to develop multiple subsidiaries in various industries ranging from F&B, Merch, Books,etc… We will always put our community first and make sure that we’re always innovating and keeping it fun.

Froots

Let’s Breakdown the Froots NFT Project

The project appears to be a fast-release project. A short roadmap section briefly discovers the project and utilities of the NFTs. Froots announced that only 3 of the 6 NFT utilities had been released the other 3 are still a surprise.

What is Driving the Popularity?

It’s all about the community. The Froots has a fantastic community helping to push this project to the top of Solana.

The Road Map

Froots is a multi-venture brand where holders of the genesis NFT collection will be benefiting from each ventures of the Froots umbrella, through our rev-share program. The first subsidiary will be a juices/smoothies company, and the 2nd one is a merch service venture to help projects develop high quality merch that suits their needs and brand image. We have a lot more in stock but we’d rather overdeliver than overpromise, however we can tell you that the future of Froots will include: Merch, 1/1 Charity Auctions, Web 2 + Web 3 partnerships, Lore related projects, Cute art… and VIBES!

https://frootsnft.com/

Suggested Read: The Art Collective Multichain DAO by Metazens – Cryptobite

My Thoughts On Froots NFT Solana Project

I had to jump in on the rise up and make a little profit at least. I love the idea behind it and am curious to see what the other utilities will be. I will also hold at least one just to see where the project goes. They make some cool PFPs for Social Media when all else fails.

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