FAQ

1. Social Market & DeSo

What is DeSo?

To avoid all confusion and to get the best understanding possible for all DeSo related questions, please refer to their documentation here:

DeSo Vision | DeSo • Decentralized Social Media Blockchaindocs.deso.org

What is Social Market?

For a full explanation of Social Market and our beliefs, please visit our pages titled The Vision and App Guide pages. But in summary, Social Market is a self-custody social crypto wallet that allows anyone to earn as creators and stay up to date on the latest financial news.

Is Social Market a part of DeSo or separate?

Social Market is 3rd party to DeSo, you can think of us as separate, the same way MetaMask, Coinbase, Binance, and many other services are separate from the blockchains that provide users connectivity.

How does Social Market protect me?

We decentralize your content and identity with DeSo. Through this method, we do not store your content or data in a database or in our servers. This means we do not have any capabilities to control your account, money, or content externally, giving you full control and ownership of your account.

How can I get paid in Social MarketSocial Market?

Payments at the moment are only enabled through $DESO currency. Any earnings on your account can be cashed out to $USDC, any other currency, or to an external wallet that lets you convert it to fiat, like Coinbase. Alternatively, you can use our convenient affiliated HeroSwap tool to swap your earnings to $USDC:

https://webssey.com/swapwebssey.com

What are Creator Coins?

Creator Coins are one of the core features of the DeSo blockchain where we enable users to earn money through a coin that is tied to their account. For more in-depth information please look at the official documentation from DeSo:

Creator Coins | DeSo • Decentralized Social Media Blockchaindocs.deso.org

Is Social Market available in any other platform?

Not yet as of August 2024, but please keep an eye out for future releases!

Why is Social Market in Beta?

We, as a company, are in our growth stage, but we still want to solve the starving artist problem as soon as possible. Given the bandwidth of our team, we are only able to provide features and our app availability to a limited amount of people.

How long will Social Market be in Beta?

We are not sure and its still a bit early for an accurate answer, but while Social Market is in Beta, please expect improvements when enough feedback is provided, as well as to how fast we are able to provide a fix!

2. Blockchain & Web 3.0 Concepts

What is Web 3.0?

Web 3.0 refers to the next generation of the internet, which is built on blockchains and decentralized systems, giving more control at a security level to users. Currently in this generation, Web 2.0, the internet is mostly controlled by centralized entities such as tech giants and governments. Web 3.0 aims to create a more open, transparent, and decentralized internet where users have more control over their data and can participate in online communities without intermediaries.

Web 3.0 enables this through concepts and tools, such as decentralized applications (dApps), smart contracts, and cryptocurrencies that enable peer-to-peer transactions, secure data sharing, and trustless interactions.

What is a blockchain?

A blockchain is a digital ledger that records transactions in a secure and decentralized aspect. It is composed of a network of computers (nodes) that collectively maintain a shared database of information, which cannot be tampered with or altered without the consensus of the network. Each transaction on the blockchain is verified and validated by the nodes, which use complex algorithms to ensure the integrity and authenticity of the data.

Blockchains enable secure and transparent transactions without the need for a middle man, such as banks or governments, and can be used for a variety of applications, such as cryptocurrencies, supply chain management, voting systems, and digital identity. The key features of blockchains are decentralization, immutability, transparency, and trust.

What are NFTs?

NFTs (non-fungible tokens) are digital assets that represents ownership or proof of authenticity of a unique item or piece of content, such as digital art, music, videos, or even tweets. These NFTs are also stored on a blockchain. Additionally, what makes NFTs different from other digital assets is that they are unique and cannot be replicated or exchanged for something else, hence the term “non-fungible."

This means that owning an NFT represents owning a one-of-a-kind asset that cannot be duplicated or replaced on-chain. A use case for NFTs is artists making them to monetize their digital creations and for collectors to invest in unique and valuable pieces.

Why do I pay transaction fees when engaging online?

Simply put; this is the cost of decentralization. Blockchains are peer-to-peer ledgers where making a transaction or action has gas fees to process a transaction, or in this case, an action directly on-chain. However, we offer the lowest fees in the industry thanks to the DeSo blockchain.

How much are gas fees?

Given how we are a DeSo blockchain provider, blockchain fees/transactions are 10,000x cheaper than other popular blockchains Ethereum, making it so whenever you like a post or create one, cost as much as 0.00001 $USD or one ten thousandth of a penny!