DESO Crypto: What Is DESO Crypto And What Caused DESO Crypto Spike?

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The world of cryptocurrency is growing at an astounding rate. And as a result, there are many new and exciting opportunities for investors to consider. DESO Crypto is one of the cryptocurrencies that has recently gained a lot of popularity. And now, we’re taking a look at all the details surrounding this cryptocurrency. Keep reading to find more about DeSo blockchain and its native crypto.

What is DeSo Blockchain?

DeSo, short for "decentralized social," is the first and only blockchain custom-built from the ground up to scale decentralized social networks. Scalability has been a challenge for all blockchains since their inception, but Deso is working to solve that with their innovative tech.

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For the uninitiated, scalability of blockchain networks is the ability of that platform to support increasing load of transactions, as well as increasing the number of nodes in the network. Social applications generate a lot of data, which means there’s an increased need for scalability. However, existing blockchains are not equipped to handle such large volumes of data.

DeSo aims to solve this issue by building the first truly decentralized social platform that will scale to billions of users. In addition, DeSo also enables users to control their data and monetize it, while ensuring privacy and security.

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What is DESO Crypto?

DESO is the native crypto token of the DeSo blockchain. Every profile on the DeSo network gets its own coin that anybody can buy and sell. These coins are called “creator coins,” and you can have your own coin too simply by creating a profile.

The price of each coin goes up when people buy and goes down when people sell. You can also buy your favourite person's coin by simply navigating to their profile on any DeSo app.

Creator coins are a new type of asset class that is tied to the reputation of an individual. The value of someone’s coin is correlated to that person’s popularity.

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For example, if Elon Musk succeeds in landing the first person on Mars, his coin price theoretically goes up. And if, in contrast, he makes a racial slur during a press conference, his coin price theoretically goes down.

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What Caused DESO Crypto Spike?

On December 14, Coinbase announced that they are launching Decentralized Social (DESO) crypto on Coinbase Pro. The same day, DESO crypto witnessed a huge spike of 464% to reach an all-time high of $475. However, the coin has lost a lot of its value since then.

The DESO crypto is currently trading at $106.98 USD with a 24-hour trading volume of $38,019,433 USD. The token is up 21.51% in the last 24 hours. If you would like to buy DESO crypto, the top cryptocurrency exchanges for trading in Decentralized Social stock are currently Coinbase ExchangeHotbitAscendEX (Bitmax), and Blockchain.com.