Blockchain bulls could argue that just about anything on the internet can be improved through decentralization. Right now, the web — thanks in huge part to cryptocurrency — is seeing a renaissance in decentralization as a result. Blockchain networks open up the door for decentralized finance, decentralized applications and, most recently, the push for decentralized metaverses. One facet of the internet that hasn’t seen much decentralization chatter has been social media. However, Decentralized Social (CCC:DESO-USD) is changing that. Now, thanks to a DESO Coinbase (NASDAQ:COIN) listing, the platform is coming to the forefront of investors’ attention.
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Decentralization is the idea of taking the internet and outfitting it with a directly democratic method of governance. This concept can span many industries, from finance to to the metaverse and beyond, because there is a major imbalance of power on the internet. Power is largely concentrated among the largest tech companies — entities like Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), Amazon (NASDAQ:AMZN) and Meta Platforms (NASDAQ:FB). These companies hold the power to govern the internet the way that fits their business models best, because they already have a monopoly on the most widely used platforms.
Decentralized social media in particular takes on those plays like Meta, which owns Instagram and Facebook, as well as platforms like Twitter (NYSE:TWTR). These entities set their own rules, and they have free rein to exercise their omnipotence at will; Meta is showing this power most recently by repossessing an Instagram user’s 10-year-old handle unprompted and offering no recourse. Additionally, these platforms have demonstrated unethical behaviors like those exemplified in the recent Facebook probe; the company has been found to emotionally manipulate its users.
Decentralized Social Leads the Charge for a User-Dictated Platforms, Pops on DESO Coinbase Listing
Decentralized Social is a network that seeks to remove this power from centralized entities. The network is an open-source platform through which anybody can launch their own social media platform. These platforms come with rules dictated by their users, and they remove a lot of the implied evils of holding power among the few.
Users of DESO store their profiles on-chain, removing the need to track dozens of profiles. They can tip other users, and thanks to the advent of non-fungible tokens (NFTs), they can tokenize posts. As of right now, there are 100 different apps running on the Decentralized Social network.
DESO’s model is admirable, and it will surely prove to be a hot idea as users continue gravitating toward decentralization. Thus, the DESO coin is on the rise. However, there’s another major catalyst today that’s proving beneficial to the coin. A DESO Coinbase listing is massively elevating the crypto’s value today.
A Coinbase blog post on Monday announced the listing of DESO on the Coinbase trading platform. Starting today, users can swap their assets for DESO, or trade their DESO for other plays. The latter is looking like an appealing idea for existing DESO holders; indeed, the listing is sending prices skyrocketing and giving incentive for profit-taking. DESO is up nearly 35% on the day so far. Trading volume is exploding as well; over $4.5 billion worth of DESO is trading hands so far today, making for a 1,000% increase in volume over yesterday’s.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.