Articles
October 13, 2021

Announcing Diamond: The First $1M Investment From the Octane Fund

The Octane Fund is proud to announce its first $1 million investment into Diamond, founded by Steven Zeller.

The Octane Fund is proud to announce its first $1 million investment into Diamond, founded by Steven Zeller, formerly a senior software engineer at Foundry.ai and a contributor to the open-source DeSo project. Diamond is launching today as the first mainstream decentralized social network.

What if a million likes on a post was worth a million dollars cash? What if your next post could be sold for millions of dollars as a digital NFT? Because Diamond is built on the Decentralized Social blockchain, aka DeSo, it enables all of this and more.

With Diamond, you don't just get likes-- you get, wait for it... diamonds! Diamonds allow creators to receive anywhere from $0.01 to $1,000 for every single like on their post. That means a post that gets a million likes on Instagram could be worth millions of dollars in cash if posted on Diamond. That's money creators deserve but aren't getting on traditional social networks today because of the inefficient ads-driven business models they're currently reliant on.

Diamond is also disrupting the NFT space. NFTs have seen enormous growth, with billions of dollars in volume. Despite this surge, however, there's been a problem: Until now, purchasing an NFT has been hard. Very hard. Typically, you have to install a Chrome extension, remember a 12-word "seed phrase," figure out how to get your hands on some crypto, and pay a substantial “gas fee”. Diamond can bring mainstream adoption to the NFT space for the first time by enabling one-click minting and buying of NFTs, without the need to install a Chrome extension or remember a 12 word seed phrase. Users can also onboard via USD, and all users can get up to $20 free when signing up for Diamond on diamondapp.com. Additionally, because Diamond is inherently social, all of your NFTs can be shown off on your profile, and are forever associated with the creator's profile for proof of authenticity.

Diamond also introduces social tokens to the mainstream by allowing you to invest in "creator coins" associated with peoples' profiles. Creator coins are optional, but savvy creators who enable them earn a percentage fee every single time someone buys their coin, which can add up to quite a bit! Buyers of creator coins can not only enjoy exclusive experiences hosted by the creator, such as a Zoom call for top coin-holders, but they can also earn cashflows via royalties every time a creator's NFT sells on the secondary market. In the long-term, other monetization features can contribute cashflows to creator coins as well, creating a whole new asset class.

Amounts shown are real earnings thus far and verifiable via third-party tools like cloutomy.

Diamond doesn't just innovate on features. Diamond is also one of the first mainstream apps built on the DeSo blockchain. It's helping to bring about a future where social media is a utility rather than a privately-held monopoly like it is today.

With Diamond, all of your content is truly yours, and only you control it because it's stored directly on the blockchain. Diamond leverages all of the blockchain's innovative money-native features to create products with orders of magnitude better monetization for creators, while allowing creators to have a deeper relationship with their fans than what's possible on traditional social media.

When asked about his motivation to create Diamond, Steven said the following:

I became really passionate about decentralizing social media when DeSo launched. But what got me to go all-in was the product innovation that building on a blockchain like DeSo unlocks. It's really, really hard to build even a simple tipping feature using the traditional payment system, but with Diamond it was a breeze because we built it on the DeSo blockchain.

We also asked Steven what made him choose DeSo over the other blockchains that he could have used to build Diamond:

After looking at many different options in terms of what blockchain to build on, it quickly became clear that Diamond would be vastly easier to build on DeSo, and that DeSo is the only blockchain that can currently support Diamond at scale. There are very clear advantages to focusing a blockchain on a particular use-case, like social, and we're leveraging all of those advantages by building Diamond on DeSo, which is custom-built to support social apps.

Nader, the head of the Octane Fund, had this to say regarding Diamond's launch:

I couldn't be more excited for Steven, and I'm incredibly grateful that we could support his launch with the Octane Fund. This is just the first investment of many for our fund, but the caliber of product that Steven has built makes me more optimistic than ever that independent developers like Steven can collectively challenge the monopolistic social media incumbents.

As Diamond launches, the future looks brighter than ever for decentralized social, and we can't wait to see what developers build next!

The Octane Fund is proud to announce its first $1 million investment into Diamond, founded by Steven Zeller, formerly a senior software engineer at Foundry.ai and a contributor to the open-source DeSo project. Diamond is launching today as the first mainstream decentralized social network.

What if a million likes on a post was worth a million dollars cash? What if your next post could be sold for millions of dollars as a digital NFT? Because Diamond is built on the Decentralized Social blockchain, aka DeSo, it enables all of this and more.

With Diamond, you don't just get likes-- you get, wait for it... diamonds! Diamonds allow creators to receive anywhere from $0.01 to $1,000 for every single like on their post. That means a post that gets a million likes on Instagram could be worth millions of dollars in cash if posted on Diamond. That's money creators deserve but aren't getting on traditional social networks today because of the inefficient ads-driven business models they're currently reliant on.

Diamond is also disrupting the NFT space. NFTs have seen enormous growth, with billions of dollars in volume. Despite this surge, however, there's been a problem: Until now, purchasing an NFT has been hard. Very hard. Typically, you have to install a Chrome extension, remember a 12-word "seed phrase," figure out how to get your hands on some crypto, and pay a substantial “gas fee”. Diamond can bring mainstream adoption to the NFT space for the first time by enabling one-click minting and buying of NFTs, without the need to install a Chrome extension or remember a 12 word seed phrase. Users can also onboard via USD, and all users can get up to $20 free when signing up for Diamond on diamondapp.com. Additionally, because Diamond is inherently social, all of your NFTs can be shown off on your profile, and are forever associated with the creator's profile for proof of authenticity.

Diamond also introduces social tokens to the mainstream by allowing you to invest in "creator coins" associated with peoples' profiles. Creator coins are optional, but savvy creators who enable them earn a percentage fee every single time someone buys their coin, which can add up to quite a bit! Buyers of creator coins can not only enjoy exclusive experiences hosted by the creator, such as a Zoom call for top coin-holders, but they can also earn cashflows via royalties every time a creator's NFT sells on the secondary market. In the long-term, other monetization features can contribute cashflows to creator coins as well, creating a whole new asset class.

Amounts shown are real earnings thus far and verifiable via third-party tools like cloutomy.

Diamond doesn't just innovate on features. Diamond is also one of the first mainstream apps built on the DeSo blockchain. It's helping to bring about a future where social media is a utility rather than a privately-held monopoly like it is today.

With Diamond, all of your content is truly yours, and only you control it because it's stored directly on the blockchain. Diamond leverages all of the blockchain's innovative money-native features to create products with orders of magnitude better monetization for creators, while allowing creators to have a deeper relationship with their fans than what's possible on traditional social media.

When asked about his motivation to create Diamond, Steven said the following:

I became really passionate about decentralizing social media when DeSo launched. But what got me to go all-in was the product innovation that building on a blockchain like DeSo unlocks. It's really, really hard to build even a simple tipping feature using the traditional payment system, but with Diamond it was a breeze because we built it on the DeSo blockchain.

We also asked Steven what made him choose DeSo over the other blockchains that he could have used to build Diamond:

After looking at many different options in terms of what blockchain to build on, it quickly became clear that Diamond would be vastly easier to build on DeSo, and that DeSo is the only blockchain that can currently support Diamond at scale. There are very clear advantages to focusing a blockchain on a particular use-case, like social, and we're leveraging all of those advantages by building Diamond on DeSo, which is custom-built to support social apps.

Nader, the head of the Octane Fund, had this to say regarding Diamond's launch:

I couldn't be more excited for Steven, and I'm incredibly grateful that we could support his launch with the Octane Fund. This is just the first investment of many for our fund, but the caliber of product that Steven has built makes me more optimistic than ever that independent developers like Steven can collectively challenge the monopolistic social media incumbents.

As Diamond launches, the future looks brighter than ever for decentralized social, and we can't wait to see what developers build next!

Want to decentralize social media and save the internet? Start building or apply to the DeSo Foundation!

Subscribe to our newsletter today

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.