Coinbase-Backed Decentralized Social Blockchain (DeSo) Revolutionizes with New Proof of Stake System
Los Angeles, California, 24th March, 2023, Chainwire
DeSo, the decentralized social media blockchain, has introduced a groundbreaking Proof-of-Stake (PoS) system, setting a new standard for the industry. This innovative technology promises to revolutionize and build upon the successes of previous Proof-of-Stake systems, providing greater energy efficiency and security while making its native currency, $DESO, deflationary.
Implementing this new Proof-of-Stake system marks a significant milestone for the DeSo Blockchain, a new layer-1 that raised $200 million from Sequoia, Andreessen Horowitz, Coinbase Ventures, and more.
DeSo’s state-of-the-art system combines and refines all of the best elements of earlier PoS systems, including Tendermint, HotStuff, DiemBFT, Ethereum, Solana, Avalanche, and Flow.
It was aptly named “Revolution” because of its revolutionary new features that build on the successes of previous mechanisms of other leading layer-1 blockchains. One of the most exciting new features is a new concept called Revolt.
“Revolution represents a major breakthrough in the blockchain industry. Our new concept, Revolt, not only makes Revolution one of the most censorship-resistant systems in existence but also addresses a major issue with existing smart-contract systems – miner-extractable value,'” said Nader Al-Naji, founder of DeSo.
Nader Al-Naji added, “We’re excited to introduce roughly a dozen distinct breakthroughs over existing proof-of-stake mechanisms with Revolution. These breakthroughs are arguably worthy of their own distinct academic paper.” Al-Naji’s statement highlights the significant advancements that Revolution has made and its potential to drive innovation in the blockchain space.
Like the Ethereum PoS system, DeSo’s Revolution PoS requires validator nodes to lock up a deposit of $DESO on the network to participate in consensus. Using crypto as collateral compels the nodes to behave appropriately and helps keep the network secure.
Other exciting features include:
- Maximum deflation, where transaction fees are burned to the maximum extent possible, making $DESO deflationary.
- Revolution Rule, which automatically times out leaders that are censoring the mempool transactions.
- Sovereign staking, where users only need to lock their $DESO for roughly three hours, significantly improving security.
The white paper has yet to be released but will be very soon. Users can read more about DeSo’s Revolution Proof-of-Stake here.
Exciting times lie ahead for the decentralized social media blockchain as it gears up to release a series of groundbreaking innovations on top of Revolution Proof-of-Stake.
DeSo is changing how we interact with social media with upcoming launches such as DeSo Drive and The Decentralized Web. DeSo Drive provides users with a faster, cheaper, and more secure alternative to Google Drive, while The Decentralized Web lays the foundation for a fully-decentralized internet that is accessible to everyone.
These innovations embody DeSo’s bold new vision for the future of social media and the internet.
“As a team, we remain focused on our mission to move away from a world where a handful of megacorps control our information,” said Nader Al-Naji, founder of the DeSo blockchain. Nader Al-Naji added, “With the launch of Revolution, DeSo Drive, the Decentralized Web, and our other upcoming launches, we’re not just building a better blockchain. We’re building a technological foundation that we believe will ultimately replace the current platform monopolies that custody all of our sensitive data today.” Al-Naji’s statement emphasizes the long-term vision of the DeSo team to create a more decentralized and user-centric future for the internet.
This is just the latest in a string of successes for DeSo that recently saw them launch MegaSwap, which allows instant, cross-chain swaps for Bitcoin, Ethereum, Solana, USDC, and soon to be many more currencies.
Additionally, DeSo just went live with Openfund, a breakthrough fundraising platform that allows entrepreneurs to launch tradeable coin-backed fundraising rounds open to anyone in the world.
Users can learn more about DeSo and claim their decentralized, censorship-resistant profile here.
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. It raised $200 million and is backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winklevoss Capital, Pantera, and other blue chip funds.
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