AMA RECAP : CRYPTO CHALLENGERS x DESO
Venue : CryptoChallengersD
Date : 11 JAN 2022
Time : 06:00 PM UTC.

Guest: Alex Valaitis
They shared detailed information and his opinions about the project DESO.

🔴 SEGMENT 1 INTRODUCTION

Q1. Could you start by introducing yourself and perhaps regarding the key team behind Deso to us? What kind of backgrounds do you guys have prior to Deso?

Alex Valaitis:
Hello, my name is Alex Valaitis and I run strategy & operations for the DeSo Foundation. Previously I was a product leader at LinkedIn and Intuit. Before that, I also spent 5+ years building decentralized protocols on Ethereum.

I am part of the core team that are the main contributors to the DeSo blockchain. We are responsible for core blockchain updates as well as overseeing our treasury.

We were founded last year by Nader Al-Naji (Previously founder of Basis, ex-Google, D.E. Shaw) and have raised $200M+ from the likes of A16Z, Coinbase Ventures, Sequoia, Social Capital, etc.

Q2. Can you give an overview of Deso as a whole? And how do you plan to make a change in the Cryptoverse?

Alex Valaitis:
yes definitely. We believe we will play a crucial role in the future

DeSo is the only layer-1 blockchain custom-built to support decentralized social apps at scale. General purpose blockchains (like Ethereum, Solana, BSC etc.) cannot support social apps at scale because they don’t implement any custom indexing or storage optimizations.

Because we are a purpose-built blockchain, we can actually make it affordable for a node to store the entire on-chain state.

Today, we have over 200+ apps that have been built on us. Some of the top ones are: diamondapp.com, polygram.cc, prosperclout.com.

You can check out more of them at: https://bithunt.com/

Q3. May I ask at this point, do you already have some partnerships lined up?

Alex Valaitis:
Yes! This is actually perfect timing because we actually JUST announced a major partnership with Major League Hackers today to be there official Web3 sponsor for 2022:

https://twitter.com/desoprotocol/status/1480963091315802112?s=20

In addition, we recently listed on Coinbase and are working on a Coinbase earn campaign, as well as possible synergies in the future.

Furthermore, there are a number of other Web3 apps that have already begun integrating with the DeSo blockchain for their social layer (we are announcing our first Octane Fund cohort next week).

These are just the ones I can talk about now, there are also others in the process 😎

Q4. How important is the community to your project? and How can we collaborate or help share the developments of the project?

Alex Valaitis:
Community is at the core of DeSo‘s success. We have made the intentional decision to give away the application layer to other teams, and instead focus on being the best layer 1 blockchain solution for social.

If you are a developer that is interested in getting started, you can find our developer docs here:
https://docs.deso.org/code/dev-setup

If you are a team that is looking to receive funding for your company, you can apply to our $50M ‘Octane Fund’ here:
https://www.deso.org/blog/a-50-million-fund-to-fuel-the-decentralized-social-developer-ecosystem

If you are looking to try one of the 200+ DeSo apps, you can find them organized by category here:
https://bithunt.com/

If you are interested in investing in $DESO, you can find our coinbase listing page here:
https://www.coinbase.com/price/decentralized-social

We also have a more technical-focused Discord available here:

https://discord.gg/HmNDN8NK

Q5. Could you please provide some progress on your Roadmap and what results Deso achieved so far?

Alex Valaitis:
Since launching in March 2021, we have already achieved debatably as much as any Layer 1 ever in this short of a period of time.

In the time since launch, we have already seen 200+ apps deployed on DeSo, 393K creator accounts, 60 million+ transactions and are market cap grow to ~$1 Billion.

This quarter we are releasing some exciting new features including:

Smart services: https://www.deso.org/blog/smart-services

DeSo DAOs / DAO coins: https://github.com/deso-protocol/dips/blob/diamondhands/DAOs/dips/dip-6.md

Additionally, we have many coming updates to the blockchain including hypersync and Proof of Stake.

Q6. Smart Services - a new programming paradigm that they believe will take over #Web3. So as a newbie here, can you make us understand more this called #SmartService in more simple terms? How do they work & how possible?

Alex Valaitis:
Yes this is a new feature we are super excited about...

First let’s review how a normal Web2 service works:

A centralized database is used to store a user’s content/assets & then the application ingests this data & serves it to the user on the client.

Here the central party, i.e. Twitter, owns the entire experience (servers, database, app)

With smart contracts, the goal is to decentralize as much of this process as possible, including not only the storage but also the computation required to run the application.

While this does add decentralization benefits, it has MAJOR tradeoffs…

Specifically, it requires a unique programming layer that is costly to run and isn’t as performant at scale as centralized computing solutions.

It also requires developers to learn a new programming language/ecosystem that turns off many potential new adopters.

Smart services by DeSo, makes the clear decision to centralize the computation for an application, while keeping the content/assets storage decentralized by living on a blockchain like DeSo or Ethereum.

The benefit is that you get the censorship-resistance and composability benefits of smart contracts, in addition to the efficiency and ease of development benefits of Web2 applications.

Additionally, developers can use the tech stack they are already familiar with.

Q7. One problem for content creators is that private companies effectively control public discourse and make monopolistic profits from content they don’t even create, how can creators legally obtain results and benefits from #Deso?

Alex Valaitis:
Yes. this is a really important question that is central to our mission...

Since the DeSo blockchain is an open database, all of the content is on-chain and can be leveraged by ANY app that wants to build on it.

This effectively takes away the monopolistic controls from a handful of companies (I.e. Facebook, Twitter, etc) and instead let's creators take back control of their content and monetization.

We also have a number of great features baked into the protocol for creators including: Creator coins, NFTs, social tipping, etc.

⚪ SEGMENT 2 TELEGRAM LIVE

Q1-Crypto:
Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?

Alex Valaitis:

Are supply is currently capped at 10.8M tokens. You can see the distribution on our website: deso.org.

Q2-Afnan Cr:
Q, Could you share your overview of aog Tokenomics, or UTILITY of Token?

Q, Did you plans any Coin Burn and BuyBack system or any future plans Token Burn and increase the value of aog Token & attract Investors to invest?

Alex Valaitis:
$DESO is a layer 1 coin, which makes it much more valuable than a layer 2 token, since it is the native cryptocurrency for the DeSo blockchain.

It is needed to do transactions on the network and also incentivizes the nodes.

Furthermore when we do have DAO coins in the future, they are still ultimately denominated in $DESO.

Q3-SFBJ SOIKAT.:
Do you have a whitepaper? if yes please share it with us and secondly are you working to AUDIT your project, to make its security more secure and reliable?

Alex Valaitis:
Here is our whitepaper/vision doc as well as developer docs:

https://docs.deso.org/

Here is out Github:

https://github.com/deso-protocol

Note -- we are not a smart contracts platform, so the typical smart contract audit process do not apply to us like most DeFi projects.

Q4-Crypto Hash:
Can you list 1-3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?

Alex Valaitis:

So the biggest killer feature by far is that we can actually affordably support decentralized social apps at scale due to our custom indexing and storage customizations.

To be clear, other layer 1s like Solana, Ethereum, etc. fundamentally CANNOT support these apps at scale. Here's an example of what storing the on-chain state looks like for a node on different blockchains:

This blog post also describes in more detail why we need a standalone layer 1 blockchain just for social:

https://www.deso.org/blog/web-3-will-not-be-built-on-smart-contracts.

I’ll also add that we have also launched some killer features in the industry:

Creator coins, social tipping (via diamonds), royalties through NFTs (which only cost a few fraction of a few cents to mint), etc.

Q5-No Name:
Does your project support staking program? If yes. how is your stake system work, what is the requirement for user if they want to stake in your platform??

Alex Valaitis:
With the launch of DAO coins and DeSO DAOs, we expect to see many more DeFi related use cases built on DeSo.

Furthermore, we are actively working on bridges to other layer 1 blockchains and see many more cross-chain use cases that will be unlocked through smart services.

Q6-Roky Furi:
Why you choose Binance Smart chain? we see some chain pop up with good scalability too, then why you choose BSC??@AlexValaitis

Alex Valaitis:
To be clear, we do not use Binance Smart Chain. DeSo is it's own stand alone layer 1 blockchain.

We specifically chose not to build on other layer 1 blockchains because they cannot support decentralized social media apps at scale.

Q7-I Love You Shinthiya:
How do users participate in DESO? I think this is the most important? I hope you see my question.
please answer me))

Alex Valaitis:
A few dfferent ways to participate:

1. Try out DeSo apps as a user: https://bithunt.com/

2. Apply for funding from our $50M octane fund: https://www.deso.org/blog/a-50-million-fund-to-fuel-the-decentralized-social-developer-ecosystem

3. Join our community Discord:

https://discord.gg/GXZcmVvf.

Q8-Picky Blinder:
Since NFT is popular nowadays, is there a plan for NFT integration?

Alex Valaitis:
NFTs are definitely super popular today. We already support minting of NFTs on DESO (it's less than a few cents per mint). We also have a number of exciting NFT marketplaces built on DeSo:

Polygram.cc & https://nftz.zone/ are 2 of my favorites.

Lastly, we are also exploring integrations/partnerships with some of the bigger NFT marketplaces. Hoping to have more info to share later this quarter

Sure I just had a few final thoughts I wanted to add...

IMO, Decentralized Social Media is one of the most clear and obvious use-cases for blockchain technology that exists.

Up until now, none of the other blockchains have been able to scale decentralized social media apps, because they fundamentally CANNOT do it.

For instance this is what it looks like for a decentralized social app built on Binance Smart Chain. Literally $0.10 just to follow someone.

For background, I have spent less than that TOTAL on 10 months on DESO

Given all of that info I would say the following in addition...

We believe that DeSo will be the next big category. It is no longer Bitcoin + Ethereum, it's DeFi + DeSo.

Overlooking DeSo now is the equivalent to overlooking Ethereum back in 2016.

So my advice is to get involved in any way that you can now. Because this is truly the future of Web3

Thanks again for having me. And looking forward to seeing more of you on DeSo apps and on social media in the future!

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