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Coinbase-Backed DeSo Disrupts Telegram, WhatsApp, and Signal – Blockchain News, Opinion, TV and Jobs

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DeSo,  a new layer-1 blockchain built from the ground up to decentralize social media, just launched decentralized on-chain end-to-end encrypted group chats, a first-of-its-kind innovation. On-chain messages are resistant to censorship and can be used pseudonymously without supplying personal information, just like Bitcoin or Ethereum.

DeSo is the only blockchain that supports seamless end-to-end encrypted on-chain messaging today, and the extension to group chats is a first-of-its-kind breakthrough. The platform recently raised $200 million from Coinbase, Sequoia, and Andreessen Horowitz. $DESO, the native currency of the DeSo blockchain and is listed on Coinbase.

At the moment, Signal is the most popular private messaging app, and yet users can’t use it without entering a personally-identifying piece of information: their phone number. This makes it so that anyone with access to Signal’s database gets full information about who the user messaging and when. Additionally, because Signal is a centralized service, it has been blocked in major countries like China.

Imagine if creating a Bitcoin wallet required users to give up their phone numbers. Why can’t users have the same level of privacy and censorship resistance that they have with Bitcoin but applied to their communications?

Today, the DeSo blockchain brings Bitcoin’s pseudonymity and censorship resistance to messaging with the launch of decentralized end-to-end encrypted on-chain direct messages and group chats.

Thanks to a recent integration with MetaMask, users of DeSo apps like Diamond can sign up without entering any personal information. Additionally, because DeSo is a decentralized layer-1 blockchain, all messages are censorship resistant, meaning that nothing can stop the users recipient from getting their message, even if they’re in a country with limited free speech.

“DeSo is the only blockchain that could support something like this today,” says Nader Al-Naji, the creator of DeSo. “It costs about $75 to store a 200-character message on Ethereum, and about fifteen cents to store it on Solana, Avalanche, or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like iMessage, WhatsApp, and Signal,” Al-Naji adds.

This is the latest in a recent string of successes for DeSo. The platform listed on Coinbase earlier this year announced a groundbreaking MetaMask integration last week that caused a significant price surge. Many new social apps like Diamond, a web3 social network built on DeSo, have launched and are growing rapidly with a recent surge in user numbers. Recently, the platform announced a USDC integration that has attracted many new builders to the ecosystem.

With the launch of decentralized messaging, DeSo’s true disruptive power becomes apparent. It is a platform that can not only disrupt social media but a platform that can ensure open communication and free speech for all citizens of the world.

 



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Crypto Analyst Says Mid-Cap Memecoin Primed To ‘Absolutely Rip,’ Updates Outlook on BNB and Dogecoin

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A closely followed crypto analyst believes one mid-cap memecoin is gearing up to go on a massive rally.

Pseudonymous trader Kaleo tells his 632,600 followers on the social media platform X that dog-themed crypto asset Floki (FLOKI) appears bullish against Bitcoin (FLOKI/BTC).

“FLOKI versus BTC looks primed to absolutely rip.”

Image
Source: Kaleo/X

Looking at his chart, the trader suggests FLOKI/BTC is in a bullish trend after printing higher lows on the one-hour chart and is on the verge of flipping a key resistance level into support.

FLOKI/BTC is trading for 0.000000003716 BTC ($0.0002629) at time of writing, up more than 13% in the last 24 hours.

He also believes Floki is primed to soar past its all-time high (ATH) of $0.0003365, which it set in November 2021.

“In my opinion it won’t be lagging here beneath ATH resistance too much longer. Price discovery soon. Expecting it to make new highs… something like [$0.000340] for FLOKI.”

Image
Source: Kaleo/X

Next up, the trader is bullish on BNB, the native asset of the world’s largest crypto exchange platform, Binance. He predicts a BNB breakout in its Bitcoin trading pair (BNB/BTC).

“BNB/BTC once again looking pretty, pretty good.”

Image
Source: Kaleo/X

Looking at his chart, the trader suggests BNB/BTC will break out of a descending trendline after making several attempts and rise to 0.0105 BTC ($744.70).

BNB/BTC is trading for 0.008220 BTC ($580.81) at time of writing, down slightly in the last 24 hours.

Lastly, the trader predicts that Dogecoin (DOGE) could soon cross the $0.28 level.

“DOGE on the move again. Send it higher.”

Image
Source: Kaleo/X

DOGE is trading for $0.22 at time of writing, up 18.5% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin Bull Flag Points To New $77,000 ATH: Analyst

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Bitcoin (BTC) is poised for a potential surge after forming a bullish technical pattern and attracting a wave of institutional investment. The world’s leading cryptocurrency recently surpassed the $70,000 mark, setting the stage for a possible breakout that could eclipse its current all-time high of $73,750.

This optimistic outlook comes from analyst Ali Martinez, who identified a bull flag pattern on Bitcoin’s 4-hour chart. This technical indicator typically follows a significant price increase and signifies a consolidation period with a slight downward trend. However, the decreasing trading volume during this phase suggests a temporary pause rather than a reversal, potentially leading to a renewed uptrend.

Validating The Bull Flag Pattern: Bitcoin Consolidation Phase Analysis

Bitcoin’s recent dip below $61,000 served as a testing ground for this theory. The cryptocurrency demonstrated resilience by rebounding into the $67,000-$70,000 range, solidifying the potential validity of the bull flag pattern. This consolidation phase is crucial for market participants to reassess their positions and gauge overall investor sentiment.

The recent dip wasn’t necessarily a cause for alarm, explained Martinez. In fact, it could be interpreted as a healthy consolidation that strengthens the foundation for further growth.

Beyond technical analysis, a significant shift in Bitcoin’s ownership structure is fueling optimism. The long-awaited launch of spot Bitcoin Exchange Traded Funds (ETFs) in the United States has opened the door for institutional investors. These professionally managed funds, backed by major financial institutions, are estimated to hold a combined 5% of the total Bitcoin supply.

Total crypto market cap is currently at $2.545 trillion. Chart: TradingView

On-chain data further corroborates this institutional influx. CryptoQuant, a blockchain analytics firm, reports a deviation from past bull cycles. Traditionally, Bitcoin ownership flowed from existing large holders (“whales”) to retail investors. However, the current market cycle appears to be witnessing a transfer from these whales to new whales – traditional financial institutions.

Bitcoin’s Bullish Price Predictions

The influx of institutional capital has emboldened some analysts to make bullish price predictions. While Martinez refrained from offering a specific timeframe for the anticipated breakout above $73,750, others are more forthcoming. Optimistic forecasts range from $100,000 to $150,000 for Bitcoin by the end of 2024, with some even predicting a staggering price of $500,000 by 2025.

Related Reading: Fantom: Market Slowdown Chops Off 10% From Gains – Here’s Why

However, experts caution against blindly following such extreme predictions. The cryptocurrency market remains inherently volatile, and technical analysis is not a foolproof method for guaranteeing future price movements. The long-term impact of institutional involvement on market dynamics is also yet to be fully understood.

Despite these words of caution, the confluence of a bullish technical pattern and a surge in institutional investment has undeniably created a sense of excitement surrounding Bitcoin. As the world’s leading cryptocurrency continues its ascent towards uncharted territory, all eyes are on whether it can indeed break new ground and establish a new all-time high.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.





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Bitcoin Bull Flag Could Predict 10% Surge To $77,000, Analyst Explains

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An analyst has explained that a breakout from a bull flag pattern could lead Bitcoin to surging towards a new all-time high of $77,000.

Bitcoin Has Been Forming A Bull Flag Pattern Recently

In a new post on X, analyst Ali has discussed about a bull flag recently forming in the 4-hour price of the cryptocurrency. The “bull flag” here refers to a pattern in technical analysis that, as its name implies, looks like a flag on a pole.

In this pattern, a sharp uptrend is succeeded by a period of consolidation towards the downside. The uptrend makes up for the pole, while the consolidation period acts as the flag.

When the price is trapped inside the flag, it tends to find resistance at its upper line, so tops may be probable to form there. Similarly, the lower line may act as support, thus facilitating for bottoms to take shape.

The bull flag is usually considered to be a continuation pattern, meaning that the prevailing trend (that is, the trend of the flag) would continue once the consolidation period is over.

This happens when a break above the resistance line takes place. The uptrend emerging out of such a break may be of the same height as the pole. If the asset falls under the support line, though, the pattern could be considered invalidated.

Like the bull flag, there is also the bear flag pattern, which works similarly except for the fact that the pole in this case corresponds to a downtrend while the flag is generally a consolidation channel angled upwards. Just like the bull flag, a continuation of the prevailing bearish trend may follow this formation.

Now, here is the chart shared by Ali that shows the bull flag that BTC’s 4-hour price has recently been consolidating inside:

Bitcoin Bull Flag

Looks like the price of the asset has been breaking out of this pattern recently | Source: @ali_charts on X

From the graph, it’s visible that the 4-hour Bitcoin price has appeared to have been consolidating inside this bull flag over the last few days. It’s also apparent that, in the past day, BTC has been climbing above the resistance line of the pattern.

This could mean that the cryptocurrency is preparing a break out of this formation. Naturally, the asset would have to show more momentum before the breakout can be confirmed.

“If BTC holds above $70,000, we could see a surge of nearly 10% to a new all-time high of $77,000!” says Ali. The analyst has chosen this target as such a swing would be of the same length as the pole that had preceded this flag.

BTC Price

Bitcoin has so far been heading in a direction that would add more credence to the breakout, as its price has now broken past the $71,300 level. With this surge, BTC investors would be enjoying profits of more than 7% over the past week.

Bitcoin Price Chart

The price of the asset appears to have surged over the past 24 hours | Source: BTCUSD on TradingView

Featured image from Shutterstock.com, charts from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.





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