The bull case for DESO!
On March 29th 2021, I saw a few tweets about this new crypto social network called BitClout now rebranded to DeSo & DiamondApp.com (twitter like implementation) & I joined. As someone who has been passionate about the creator economy (tried my hand at a Youtube show), I was generally intrigued by the possibilities of ways for creators to maximise their income.
And BTW, I have my first name ‘manu’ as the handle on DeSo.
(FYI — DESO (Decentralised Social ) is the blockchain powering DiamondApp.com which is just the first Proof of Concept implementation of what all can be built on top of the blockchain)
A few reasons I actually took DESO seriously then
- Backed by investors like a16z, Social Capital, Sequioa Capital, Coinbase Ventures and many more
- Active participants on the platform included Dharmesh Shah (Cofounder & CTO of Hubspot), Ryan Hoover (Founder of Product Hunt) & many more people I admire.
- A post by Jake Udell highlighting the 7 trends why BitClout (now DeSo) could explode.
What I experienced
- A deeply engaging platform (DiamondApp.com) that mixes social & finance
- A community of fantastic builders & artists
- A way to participate as an early adopter in the Web 3.0 revolution that is happening right now.
Some more reading resulted in me curating some videos from top thinkers & investors I admire.
- Is there ability to buy & sell BitClout? — Yes, $DeSo is listed on exchanges
- Is the code open sourced — 100% of the code is open sourced
- Security issues — What Naval referred to has been implemented (identity). But security could be better for sure.
- You can’t be banned — Yes
- Payments are built in — Yes (Creator coins, Diamonds, NFTs — true innovations are in place)
- Peer governance — Clout Improvement Proposals are in place & the community is very actively participating.
- Permissionlessly programmable — About 100+ applications already built & developer adoption happening at a fast pace. New Bapps (BitClout Apps) are being added every single day. Check BitHunt here
Chris Dixon (General Partner — Andreessen Horowitz)
While this video does not directly talk about BitClout,
- The video is a primer on social tokens and why they will become big.
- How design patterns from the gaming industry will be used by broader internet products
- The idea of the creator using the coin to offer benefits & the investor speculating on creators and buying tokens.
- The right business model on the internet is to find some balance between abundance & scarcity — examples from the gaming industry
Shaun Maguire (Sequoia Capital)
- DeSo being open source & why DeSo does not need to sell data
- Why 15K profiles were reserved?
Dharmesh Shah (Cofounder & CTO of Hubspot)
- Scammers are everywhere — even Google was being scammed in the early days
- Believer in self governance — excited to see what all gets built
- Dharmesh believes DeSo is legit.
Chamath Palihapitiya (Social Capital)
- DeSo — Quantifying reputation & trust
- Excited about what can be built on top of DeSo
- DeSo is genuinely decentralised social media from a technology perspective.
- Payments are built in & that makes it interesting
Andy Artz (Social Capital)
- Why did Social Capital invest in DeSo?
- His definition of DeSo — If Burning Man & Las Vegas had a baby, that’d be DeSo.
- DeSo brings a sense of wonder and possibility — and you can build applications on top of it
Vitalik Buterin mentions DeSo
- Vitalik personally cares about building out the social media ecosystem.
- There’s a widespread belief that existing platforms suck and we need better ones.
- Vitalik mentions that DeSo is not a ghost town. There is evidence in the need for decentralised social media.
I will continue to curate and add videos from investors & thought leaders to this post. Overall, I am excited about DESO & can’t wait to see what all gets built on it.