BitClout Is the New Crypto Social Network That Lets You Bet on People’s Reputations
“The company says it is “the first tool we have as a society to trade ‘social clout’ as an asset.”
There’s been a lot happening in the crypto world as of late, with creators finding new ways to monetize digital assets. Cryptocurrencies, pumped up by tech billionaires, have recently seen major gains, and NFTs have been embraced by the art, music, and gaming worlds alike.
Enter BitClout, the most recent addition to the blockchain boom, which has dubbed itself “The Crypto Social Network.” In its own words, BitClout says it allows users to “speculate on people and posts with real money, and it’s built from the ground up as its own custom blockchain.” The platform says its structure is similar to that of Bitcoin, though it also has social media feed elements like posts, follows, and individual user profiles.
“Like Bitcoin, BitClout is a fully open-source project and there is no company behind it– it’s just coins and code,” the company explains.
In short, the site allows users to buy and trade tokens based on the value of someone’s reputation. Every profile on the platform gets its own “creator coin,” with the coins' price fluctuating based on buying and selling on the site. “So if you think a coin is going to become more popular, then you will probably make money if you buy it early,” the company explains.
Profiles for the top 15,000 influencers on Twitter — ranging from Kim Kardashian to Elon Musk — have already been loaded onto the platform for trading, a move that has garnered some backlash. Influencers can claim their profiles and a portion of their creator coin value by tweeting about the platform.
BitClout says its creator coins are “the first tool we have as a society to trade ‘social clout’ as an asset.” However, some have raised concern that while the platform has made it easy enough to invest, cashing out on funds is not as simple. Additionally, some critics have said that coins may be weaponized to promote “cancel culture,” which could lead to volatility.
BitClout’s lead creator, who goes by the pseudonym Diamondhands, told CoinDesk last month that several major investors, including Andreessen Horowitz, Social Capital, and Coinbase Ventures, are involved in the project, a sign of legitimacy for the platform as it tries to disrupt both the social media and blockchain space.
In other news, several major social media sites are currently under scrutiny from Congress about the spread of misinformation on their sites.
Everyone has a currency (they’re called “Creator Coins”), and information about who has bought them is out in the open (because it’s all on the blockchain). You can use that data to make specific services, features available. For example, I’m also on LinkedIn, but I get many spammy self-promotional messages there. It’s very one-sided. So, I have no choice but to ignore most of those messages. But imagine on BitClout someday, I can set a rule: “If someone owns $1,000 of this non-profit’s coin, their message will make it through to me. It’s like the reverse of spam — it’s a VIP inbox of sorts. That’s just one idea that pops into my head.
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