Los Angeles, USA, 8 November 2022, Chainwire
The seasoned CTO brings deep expertise in business development, partner ecosystems and go-to-market to DeSo, the leader in blockchain technology for creator content.
Key points to remember
- Former Meta and Pinterest executive Salil Shah has joined DeSoa new blockchain platform that raised $200 million from Sequoia, Andreessen Horowitz, CAA, and Coinbase.
- The announcement comes after two consecutive months of more than 120% month-over-month growth for the platform.
- Shah’s motivation to join comes from his belief that DeSo has the potential to transform the creator economy.
After years of developing the category-defining technology that powers its infrastructure, Sequoia, backed by DeSo hires Salil Shah, a seasoned executive with experience at Meta and Pinterest, to scale the business.
As the only Layer 1 blockchain capable of powering content-rich social applications, and with over $200 million in funding from Sequoia, Andreesen Horowitz, Coinbase, CAA and others, DeSo was already well positioned to to succeed.
Now, with an experienced senior executive like Shah in place, DeSo can accelerate its mission to reinvent the creator economy and expand Web3’s reach from finance-only apps to creator-focused social apps and more.
“Empowering and supporting creators is a mission I am deeply passionate about,” Shah said. Shah mentioned that DeSo built the first blockchain platform that allows social content to be stored directly on-chain, giving creators more ownership, the ability to engage with fans across platforms and the possibility of establishing direct financial relations with the fans.
“I’m thrilled to join this amazing team and partner with Nader to grow the business as the industry evolves into the next phase of the Internet of Creators, powered by Web3,” he continued.
Shah joins Nader Al-Naji, founder of DeSo, and will complement Nader’s deep technical expertise with his extensive business experience as a senior executive and business leader.
Leading an emerging category
Shah joins as the emerging “decentralized social” category begins to show signs of early growth, with DeSo recently hitting 120% month-over-month growth (following 160% growth the previous month) .
“This growth is driven by the DeSo ecosystem hundreds of third-party apps, who are now starting to gain loyalty,” Al-Naji said. For instance, Diamond App and Desofy earned creators over $20 million in their early days through new monetization primitives, such as social tips, non-fungible social tokens (NFTs), and social tokens.
Meanwhile, tools like OpenProsper, a social block explorer, provides unparalleled insight into the ecosystem. And other new apps like pearlan Instagram Web3, NFTza decentralized NFT marketplace, and DAODAOa Kickstarter-style social fundraising tool, are launched and mature.
“We see a flywheel starting to form,” Al-Naji said. “Now that we have a seed of users and content, developers are building apps like never before, which is driving usage and content even further in a virtuous cycle.”
DeSo was recently listed on Coinbase, and its mission to reinvent the creator economy has never been more relevant, with Twitter founder Jack Dorsey recently proclaiming that Twitter should be “an open source protocol” and the recent purchase of Twitter by Elon Musk.
DeSo is a new layer 1 blockchain designed from the ground up to decentralize social media and scale storage-intensive applications to billions of users. DeSo’s mission is to decentralize social media the same way Bitcoin and Ethereum decentralized finance.
You can learn more about DeSo and claim your username at deso.com.
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