AUS
NZ
UK
CA
USA
IND
Highlights
- Decentralized Social (DESO) crypto is primarily a Layer-1 blockchain built to scale up decentralized social applications.
- As a hybrid peer-to-peer network, the primary aim of the DESO network is to make sure that users have access to decentralized tools with the feature of intuitiveness.
- On 29 March, the DESO token was trading at US$59.95 with a trading volume of US$45,666,151 over a day as per CoinMarketCap.
Decentralized Social (DESO) crypto is primarily a Layer-1 blockchain built to scale up decentralized social applications. As a hybrid peer-to-peer network, the primary aim of the DESO network is to make sure that users have access to decentralized tools with the feature of intuitiveness.
Launched in 2019 by industry expert Nader Al-Naji, one of the things that DESO protocol tries to resolve is the issue of existing blockchains that are not equipped to store and index social applications. DESO tries to fix this in the same manner as applications are built on the Ethereum blockchain.
The token has been witnessing a surge for some time now, generating a volume of over 500% on 28 March. Today, its performance is even better as the volume has spiked up by over 4000% and a price rally of over 60% in the last 24 hours.
Also read: What will be the future of unhosted wallets after 31 March?
Why has the DESO token been rallying?
The primary reason the DESO token is rallying is the news of surpassing 1.5 million users on its platform. Besides, the protocol has few developments in the pipeline with the announcement of the upgrade from the Proof-of-Work to Proof-of-Stake and a new platform launch known as DAO DAO.
The transformation of the PoS consensus is expected to make the protocol faster and more energy-efficient in the future. The Al-Naji feels that this development will ensure that the social platforms are not just controlled by the three centralized companies and will open up options to the users and creators of the network as well.
Also read: Why is TRIAS crypto rallying today?
One of the uniqueness of the DESO platform is that due to its unique Interplanetary File System (IFPS), it will ensure it is more efficient and secure against any form of spam or attacks. Besides, the DESO protocol also offers incentives to the users to curate their unique content.
DESO crypto’s price performance?
DESO crypto has been enjoying a good run for the last one month by racking up gains of over 71%. If we were to break it further, it was up by over 98% in the past 14 days and 94% in the past week. On 29 March, the DESO token was trading at US$59.95 with a trading volume of US$45,666,151 over a day as per CoinMarketCap. The 222-ranked token had a live market cap of US$532,625,948 with 8,884,536 DESO coins in circulation.
How long the rally persists remains to be seen, but investors will surely be happy with the significant rally and increased participation. We should also keep in mind that the crypto space is highly volatile, and its prices can change at any given point in time.
Therefore, it’s always advisable to tread carefully and do their respective market research before entering the space.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
