One of my personal goals for 2024 was to try to open my horizon and look a bit outside of Hive. I believe that what Hive is lacking the most is to be linked with other projects in the cryptosphere. Whenever I find an interesting project, I try to dive into it and try to understand how it works and whether it's worth to share my knowledge with you guys.
A couple of days ago, I landed on DeSo. DeSo is a web 3.0 social network very similar to Hive. DeSo operates on its own blockchain. I couldn't find out much about the technicalities of the blockchain but I know that transactions are very cheap and pretty fast. The blockchain is the base layer and a multitude of apps use it.
My profile on Diamond App on DeSo
The most prominent app is called diamondapp and looks a bit like X, the former Twitter. It's mainly for short form content. I like it's simplicity and it's speed. There are plenty of different other front-ends that use the blockchain and I won't get into each of them. Here is a list of all the dapps. There are apps that intend to reproduce other web 2 services like instagram, twitter, linkedin, etc. There are also other very interesting apps that allow you to create and sell NFT's or even to fund your project.
DeSo offers interesting ways to monetize your content
DeSo offers several options to monetize your content. You can get rewarded through diamonds which are tips that you can receive from other people on the platform. Then there is a very interesting concept which is the Creator Coins.
How do Creator Coins work?
When you create an account on DeSo which is 100% free by the way, you automatically get a Creator Coin with your name. This is your own coin on DeSo. Everybody can buy or sell this coin very easily with DESO tokens.
DESO tokens are traded on Coinbase or can be purchased on site with many different cryptos.
When people buy CC, they buy into a kind of liquidity pool. The more Coins are bought, the more the price goes up. So a great way to earn money on DeSo is to invest in promising content creators and keep their tokens to sell them at a later date. You can buy your own tokens but you shouldn't sell them. It's considered being a rug pull and you will quickly lose your reputation if you do that.
I was quite suprised to see that people have already bought my CC on DeSo
Set your Founder Reward to earn with every sold CC
However there are ways to earn with your CC by setting your Founder Reward (FR). At the beginning the Founder Rewards is set to 100%. This means that when people buy your CC, you will get 100% of what they invest. So nobody will invest other than yourself at the very beginning and this is the way to go. Once you bought your own tokens, you can reduce your FR to something between 10 and 30%. So each time somebody buys your CC, you will get 10 to 30% of the invested sum in the form of DESO tokens. This means that you will earn with each time somebody purchases your token!
There are also other ways to earn with DeSo for example by minting and selling NFT's or by creating your own project that can be founded by the community. You can emit your own project token that can be actively traded.
A rather small user base
The issue with DeSo in my opinion is the relatively small number of users. According to the DeSo
explorer there are around 4000 active daily accounts which isn't that big I believe. Also the interaction on the content is limited and there are also quite a lot of bots at work.
Could Hive and DeSo build up synergies?
There are many similarities between Hive and DeSo. In my opinion, it's quite exceptional that so far I haven't found anybody that I know from Hive. It seems like these two ecosystems are evolving in parallel but hardly know about each other. I will try to go on discovering this platform and maybe there could be some ways in which linking DeSo together with Hive could help both ecosystems to evolve.
If you want to join DeSo, it's totally free to create an account and it's done in seconds. When you create an account, you only need an e-mail address and to copy a seed phrase that will be your password. Once, you are on the platform, make sure to find me:
https://diamondapp.com/u/achim_beda
It would be great to build a Hivian community on DeSo!
Let's connect ! You can find me on these platforms:
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