Web3 continue firing up with the launch of Diamond, a Web3 social media platform on DeSo – Decentralized Social – blockchain.
In a recent cointelegraph.com press release, Diamond is said to be “the first platform ever to host its content and social graph on a decentralized blockchain.” Among other features, posts and other content on Diamond can be minted as non-fungible tokens (NFTs), while users can also earn tips in cryptocurrency as well.
DeSo founder Nader Al-Naji explained that Diamond’s choice to use DeSo blockchain for hosting all its content is practically based on cost-efficiency saying that “Existing blockchains cannot store content efficiently… It costs about $50 to store a 200-character Tweet on Ethereum and about $0.15 to store it on Solana, Avalanche or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like social, blogging and even marketplaces.”
The coinmarketcap.com has the following details regarding DeSo.
“The DeSo blockchain supports not only traditional social features like creating profiles and posts, but also novel blockchain-native features like social tokens (creator coins), tipping, and NFTs. These features unlock vast new categories of money-enabled products, from social NFT experiences to influencer stock markets. These features enable creators to more effectively monetize their content and connect with their followers on DeSo-powered apps.
Because DeSo treats social data as a public utility, creators aren’t locked-in to a handful of centralized apps. All content on DeSo is stored on a decentralized ledger and is immediately available to a large and growing network of independent third-party apps, akin to DeFi applications on the Ethereum blockchain.
DeSo’s biggest advantage lies in the fact that it is not a general-purpose blockchain. Instead, it supports a narrow set of social-oriented features that it implements on bare metal, using custom indexes that every node builds during consensus when it syncs from its peers. This allows the DeSo blockchain to reach highly-scalable storage capabilities that are unparalleled by any general-purpose blockchain.”
DeSo Foundation has raised $200 million from the crypto exchange Coinbase, and the two investment firms – Sequoia and Andreessen Horowitz.