Social network with blockchain receives investment of US$ 200 million

Another social network, in addition to the most popular ones we already know, has been gaining attention in Silicon Valley, California. Its differential is the use of blockchain to establish a decentralized structure. Decentralized Social (DeSo) attracted venture capital funds and, this Tuesday (10 ), announced the raising of US$ 100 million (R$ 1 billion at the current price) in Bitcoin. Investors include Andreessen Horowitz, Sequoia, Coinbase Ventures and Winklevoss Capital.

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Investors deposited the cryptocurrency in a company’s portfolio and received DESO, the exclusive token of network, as a guarantee. During the period of the private sale, which ended in July, another 97 thousand users would have purchased the cryptoactive. The issuance of the currency was fixed at 10, 8 million units. The sale price of the cryptocurrency to investors was not disclosed.

Image: Reproduction/Pixabay/WorldSpectrum

The platform has common social networking features. In addition, there are social tokens, non-fungible (NFT) tokens and tips with cryptocurrencies. Its creator is Nader Al-Naji — who started BitClout in March 2021, with a similar proposal. Al-Naji is known by the pseudonym “Diamondhands”, used to describe investors who are unfazed by market declines.

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In addition to creating profiles and publications on the network’s own blockchain, it is possible to buy assets traded by users. “Similar to Ethereum, the more open the DeSo blockchain and the more applications built on it by independent developers, the more transactions will flow and the more valuable DESO will become,” Al-Naji tells The Block.

According to him, BitClout was released to test the DeSo blockchain before its public release. Currently, there are about 97 apps “built or being built” and although the platform is already live, it still depends the offering of compatible applications. Around h24 this Tuesday, CLOUT was traded at just under US$ 44, up 6%.

Source: The Block

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