Decentralized Social price prediction: What is Decentralized Social (DESO)?
The Decentralized Social blockchain aims to combine social media and cryptocurrency, but what is DESO?
Let’s see what we can find out, and take a look at some of the Decentralized Social price predictions that were being made as of 14 October 2022, too.
DESO explained
Decentralized Social (DeSo) claims to be:
DeSo plans to develop an ecosystem of decentralised social media apps. Users’ data in this model is stored on-chain, with no monopoly over access to the content.
The project believes the existing advertisement-driven social media business model, where private companies control centralised content and its monetisation, has led to “data moats”.
As a result, “the creators who actually produce this content are underpaid, under-engaged, and under-monetised thanks to an outdated, ads-driven business model”, said DeSo.
$USDC is coming to DeSo!
— DeSo (@desoprotocol) 6 October 2022
We’re proud to announce that DeSo will integrate USDC, one of the most trusted fiat-backed stablecoins globally.
For us to achieve our vision of Decentralized Social, we must make crypto easy to use and accessible to as many people as possible. pic.twitter.com/aBfuQ3MN9O
DeSo has said that it is “the only layer-1 blockchain capable of scaling social media apps”. Unlike other general purpose blockchains such as Ethereum, Solana and Avalanche, DeSo is built “to support the unique storage/indexing requirements that social media apps require”.
Social media apps generate a huge volume of data, which would be costly to store on general purpose blockchains. But due to the customised design of the DeSo blockchain network for storage-heavy social media apps, the project claims its cost of storage is significantly lower than other blockchains.
For example, the cost of storing 1GB of on-chain data is $80 on Decentralized Social, whereas it would be $393.75m on Ethereum, $1.37m on Solana, $0.99m on Avalanche and $0.7m on Cardano.
DeSo said the high cost of on-chain storage on other general purpose blockchains means that “it would cost as much as $1.00+ just to send a like or follow someone on these other blockchains”.
On 6 October 2022, DeSo announced plans to integrate USDC “one of the most trusted fiat-backed stablecoins globally”.
Features and apps
According to DeSo, more than 200 decentralised applications (dApps) have been built on the network to date. Users of DeSo can log into all the apps built on the blockchain with their profiles, which are stored on-chain.
These profiles are “solely controlled by the users’ private keys, making their identities portable between all apps in the DeSo ecosystem”.
In addition to profiles, the other on-chain features are social non-fungible tokens (NFTs), social tokens, social tipping and on-chain posts among others.
DeSo stated that the total volume of NFTs sold on its blockchain exceeded $1m in its update in October 2021.
The Octane Fund to fuel the development of DeSo
In October 2021, DeSo set up the Octane Fund, which offers $50m in sponsorship to developers looking to build their apps on the blockchain.
To apply for the funding, developers had to build a demonstration that used the DeSo blockchain. Existing companies with plans to integrate DeSo features into their products were also eligible to be considered for the funding.
By December 2021, DeSo had received more than 150 applications to the fund, and will be allocating over $11m to the projects selected.
DESO token
The native token for the network is Decentralized Social (DESO). The coin is used as a reward for node operators on the blockchain.
According to the project, the supply of DESO tokens is capped at 10.8 million, with 18.5% collectively held by the founders. Other than the founders, no single entity owns more than 5% of the supply.
DESO was listed on major cryptocurrency exchange Coinbase on 14 December 2021. The token price surged to an all-time high of $296.93 a day prior to the listing.
Project risk profile
According to cryptocurrency research and data site IsThisCoinAScam, the DeSo project has a safety score of 53%, data on 14 October 2022 showed.
The team behind DeSo
The project is supported by the non-profit DeSo Foundation, led by US-based Nader Al-Naji.
According to Al-Naji’s LinkedIn profile, he is a former software engineer for Google, and then became founder and CEO of start-up Basis.
The website did not publish any information on the other team members or developers working on the project.
Decentralized social price history
Let’s now cast our eyes over the DESO price history. While past performance should never be taken as an indicator of future results, knowing what the coin has done in the past can help give us some much-needed context if we want to either make an DESO price prediction, or interpret one of the many that is already out there.
The DESO price has fluctuated since it was launched in June 2021, hitting an all-time high at $296.93 on 13 December 2021 before crashing in January to a low of $39.98.
The crypto crashed to a low of $7.92 on 12 May 2022, in the wake of the market turmoil caused by the depegging of the UST stablecoin and the collapse of the associated LUNA cryptocurrency.
While there was some recovery to $17.11 just three days later, things fell down again and, after the cancellation of withdrawals on the Celsius (CEL) crypto lending platform confirmed the bear market, it dropped to $6.82 on 18 June 2022.
The price then went back up, hovering over $7, with a brief foray over $8 in August, before it fell down again, sinking to a low of $5.25 on 1 September 2022.
On 8 October 2022, DESO reached a striking high of $21.77. As of the time of writing on 14 October 2022, DESO was trading at $16.73.
At that time, there were 8,884,536 DESO in circulation out of a total supply of 10,808,492. This gave DESO a market cap of around $149m, making it the 231st-largest crypto by that metric.
Decentralized Social price prediction
With that all said and done, let’s take a look at some of the Decentralized Social price predictions that were being made as of 14 October 2022.
It is important to note that price forecasts, especially those for something as potentially volatile as cryptocurrency, often end up being wrong. Also, it is useful to remember that long-term crypto price forecasts are often made using an algorithm, which means that they can change at a moment's notice.
TechNewsLeader made a Decentralized Social coin price prediction which suggested the crypto could reach $16.43 in 2022, and expected the price uptrend to continue, reaching a possible $24.57 in 2023 and $35.70 in 2024.
By 2025, DESO could be worth $50.88 and continue to grow in value to $76.11 in 2026, $114.97 in 2027 and $160.69 in 2028, before closing the decade at $228.97. The site went on to make a Decentralized Social price prediction for 2030 of $345.85, before suggesting that it could reach $512.29 the following year.
Next, CoinsKid had a DESO price prediction that saw the coin close 2022 at around $18.56, before potentially reaching $16.54 in October 2023. A year from then, the site said the coin could be worth $28.45, before it went on to make a Decentralized Social price prediction for 2025 that suggested the token could open the year at $31.61, reach $56.29 in October and close the year at around $59.49.
The site suggested that DESO could be worth $76.47 by the end of 2026.
Meanwhile, CoinCodex had an overall neutral sentiment in terms of its short-term Decentralized Social price prediction for 2022, with 17 indicators showing bullish signs and 10 displaying bearish signals.
Finally, WalletInvestor was more downbeat in its Decentralized Social crypto price prediction, expecting the coin to lose much of its value over the next 12 months. The site said that the coin could fall to around $1.80 by October 2023.
When considering a DESO coin price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns, and never trade with money that you cannot afford to lose.
FAQs
Is Decentralized Social a good investment?
Decentralized Social claims to be “the only layer-1 blockchain capable of scaling social media apps” and has ambitious plans to take blockchain-based social media mainstream. However, the project may not meet its targets and gain popularity. A lot will depend on how the crypto market in general behaves going forward.
Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies have proved vulnerable to the current bear markets, so investors should be prepared to make losses and never purchase more than they can afford to lose.
Will Decentralized Social go up or down?
It is hard to say. While the likes of TechNewsLeader are bullish, sites like WalletInvestor are rather more bearish. Keep in mind that price forecasts are often wrong, and that prices can go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether DESO is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors.
Keep in mind that past performance is no guarantee of future returns, and never invest money that you cannot afford to lose.
Should I invest in Decentralized Social?
This is a question that you will have to answer for yourself. Before you do, you will need to conduct your own research.
Never invest more money than you can afford to lose, because prices can go down as well as up.
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