DeSo Challenges Developers with $1M Prize for Decentralized Reddit Project

Founded in 2019, DeSo offers monetization features such as creator coins, nonfungible tokens, tokens and tipping. The firm claims to store user identity, profiles, content and social graphs 100% on-chain, and its content cannot be banned or blocked on a protocol level. Recently, the firm released new in-app proposals such as Openfund 2.0, a decentralized exchange platform.

In September 2021, DeSo raised $200 million in funding led by A16z, Coinbase Ventures, Sequoia, Pantera Capital and others, including, perhaps ironically, Reddit co-founder Alexis Ohanian. Currently, over 150 projects are listed on the DeSo community, although their market caps are somewhat small.

Via a July 6 announcement, decentralized social media protocol DeSo has issued a $1 million bounty for building a competitor to Reddit using its native blockchain.

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