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Highlights
- The DESO crypto acts as a native utility token of the Decentralized Social protocol.
- Decentralized Social (DESO) is a blockchain for empowering Web 3.0 decentralized social networks.
- The DESO chain integrates a person-to-person financial system with virtual currencies.
The cryptocurrency market appears to be back on track weeks after declining rapidly due to increased volatility caused by the war between Ukraine and Russia began on February 24.
At 5 AM EST, the global crypto market cap was over the US$ 2 trillion mark, and the total crypto volume was up about 70 per cent to US$ 105.92 billion.
Also Read: What is Celo crypto and why is its price skyrocketing?
Amid the rising market, the Decentralized Social (DESO) crypto appeared to be getting investors' attention on Monday morning, and it was up 12 per cent at the time of writing.
What is Decentralized Social (DESO) crypto?
Decentralized Social is a blockchain for empowering Web 3.0 decentralized social networks, and it was launched to address the issues caused by the centralization of social media platforms.
The DESO blockchain was established in 2019 by Nader Al-Naji, who reportedly studied at Princeton University and has worked for Google and the D.E. Shaw Group.
It is often alleged that large social media companies control public discourse and make huge profits while content creators remain underpaid. The Decentralized Social blockchain was created to end this, and it treats social media content as a public utility, and it is accessible to everyone.
The DESO chain integrates a person-to-person financial system with virtual currencies and makes it an efficient, scalable infrastructure. The protocol claims to support numerous apps built on its blockchain, including names like Pulse, Polygram, and Supernovas.
On March 27, the protocol tweeted that future of social awaits and that Decentralized Social was built as an open-source protocol so that anyone in the world can build on it. This could have caught the attention of crypto market enthusiasts.
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Bottom line
The DESO crypto acts as a native utility token of the Decentralized Social protocol, and its total and maximum supply are 10.8 million tokens. According to CoinMarketCap data, the circulating supply of the DESO crypto is approximately 8.9 million DESO tokens.
At the time of drafting, the 24-hours volume of the cryptocurrency was up over 500 per cent to US$ 1.9 million.
Notably, in December 2021, the DESO crypto had clocked an all-time high of US$ 475 per token. Meanwhile, cryptocurrency exchanges like Coinbase Exchange and CoinEx have listed the DESO crypto for trading.
Also Read: Why is DGB crypto skyrocketing? All you must know about DigiByte
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