Many believe that 2022 will be “the year of the DAO.” But what if it was also the year of decentralized social media? DAOs are inherently social mechanisms, more so than purely financial apps or NFTs. As such, a budding area of crypto known as Decentralized Social or “DeSo” is starting to emerge.
Still trying to figure out what a DAO is? Check out this blog post which breaks it down in simple terms.
At the forefront of this trend is DAODAO, a platform launching in May that claims to make creating a DAO as easy as setting up an Instagram account. Led by crypto veteran Nader Al-Naji, DAODAO is pioneering unique social features that could be crypto’s first real attack on the traditional social media space.
DAODAO allows users to “follow” people and DAOs, and to create social content within each DAO similar to a “subreddit.” Investors in DAOs on DAODAO get coins that they can trade on the secondary market, but these coins can also be used to govern the treasury of the DAO with social voting features built natively into the platform.
Perhaps even more interesting, however, is that unlike centralized companies like Discord and Twitter, DAODAO stores all of its content on the fully-decentralized DeSo blockchain. This means that users own their content the same way they own their digital assets like Bitcoin.
By lowering the barrier to entry for DAOs, DAODAO aims to take DAOs mainstream the same way Coinbase did for tokens, and the same way OpenSea did for NFTs. But could DAODAO’s unique social features also make it the Facebook-killer we’ve all been waiting for?
DAODAO launches in May, but readers can learn more and get involved at daodao.io.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.