Bitclout Introduces a New Way to Do Social Media
Bitclout (Official Website) is a decentralized open-source blockchain social media network. The platform introduces a new business model that creates value based on the creator. This approach is different from Twitter and other platforms that focus on the content as the primary source of monetization. As such, the network has received support from some of the top players in the sector.
In the Bitclout ecosystem, every profile is assigned a token. These tokens are designed to appreciate and depreciate based on the overall social status of the participant. Like a traditional cryptocurrency, the more people that buy a profile’s creator coin, the higher the price rises. This process is automated and is set up to operate at a faster rate as more people purchase the creator’s coins.
This strategy is unique in many ways. Specifically, it allows you to speculate on people and posts using real value. You can help bolster individuals you believe in, and in return, you share in their success via rising coin prices. This strategy is better for the users because it incentivizes them to repost, share, and participate with creators as much as possible.
Major Support From The Blockchain Sector
Bitclout has already secured major support from some blockchain heavyweights. The firm’s crowdfunding campaign saw participation from Andreessen Horowitz, Sequoia, Social Capital, TQ Ventures, Coinbase Ventures, Winklevoss Capital, Arrington Capital, Polychain, Pantera, Digital Currency Group, Huobi, Variant, and more.
Celebrities Already Joining
Notably, Bitclout has already caught the attention of some well-known celebrities. Specifically, Pamela Anderson and the Winklevoss twins already started accounts. The Winklevoss Twins are well known for their legal battle against Facebook CEO Mark Zuckerburg, in which they claimed he stole the concept from them. Additionally, they were one of the first Bitcoin billionaires in the world.
Benefits of Bitclout
There are a ton of benefits Bitclout’s business model introduces to the industry. For one, it creates a completely new market in the sector. People can now trade coins that are based on the social clout of an individual. In this way, the firm has discovered a way to align the audience and influencers’ rewards.
Bitclout eliminates the need to collect and resell your personal data. They also remove the need for sponsors and advertisements. Making the monetization effort the main characteristic of interactions provides a more transparent and profitable solution that benefits users and content creators.
The platform can also support third-party Dapps. You can create your own social media platform or add-ons on top of the BitClout data without the risk of being de-platformed. Network nodes can easily create their own custom data feeds as well.
The developers have decided to keep the scarcity of content creators’ coins to a minimum. There are fewer than 100 to 1,500 coins in existence for each profile. This decision should help to drive further demand for these digital assets as the platform expands.
How Does Bitclout Work
Bitclout combines social media features with an exchange where users buy and sell coins centered on a specific user’s social currency. The entire network is decentralized and operates simply as code. There is no central office or organization to censor your posts or regulate your content. Users can generate content and revenue.
The entire Bitclout project revolves around the concept of creator coins. These coins allow individuals to interact with content creators. Everything in the Bitclout ecosystem has a relative cost. To repost, you must pay a small fee using their creator coin.
Uniquely, each time someone purchases their token, that increases the total supply. A small portion of these newly issued coins goes to the content creator directly. This strategy allows both parties to generate profits through social media promotion. Users can speculate on community members such as up-and-coming artists, sports players, or musicians.
Creator Coins can also work as a gatekeeper. Content creators can set up their accounts in a way that only allows coin holders to interact with their posts. They can also set up special offerings or memorabilia using their coin stats. For example, the top 100 coin holders receive a special release album, NFT, or more.
Users and advertisers seeking to have an influencer repost their offerings can do so via the repost mechanism. Users can attach the post and the amount they are willing to pay for the repost. The content creator can then review the offering. If they choose to accept it, the funds will be released to the creator when they repost.
In the Bitclout ecosystem, a node is any site that reposts Bitclout’s feed. Nodes can set up their own feeds to meet the needs of their desired market. Notably, Nodes receive rewards for their efforts. The developers believe that this setup will create a better UX.
Top Twitter Profiles Already Ported
In a somewhat controversial move, Bitclout choose to import the top 15,000 influencers from Twitter. They preloaded these accounts, and people have been trading their coins already. Uniquely, these accounts are simply placeholders for the actual Twitter account user.
To claim their account, they have to Tweet out their Bitclout address. You can see what influencers have claimed their accounts by the type of logo next to their name. A blue checkmark represents a claimed account, and a clock means the account is unclaimed.
Bitclout – Social Media Just Got Profitable for Users
Bitclout provides users and content creators with new opportunities. Shifting the monetization model from behind-the-scenes information grab over to a decentralized model can now share the profits throughout the user base.
Privacy and censorship concerns continue to be major issues within the social media sector. Bitclout users avoid these headaches via its open structure. Considering the heavy support the platform already has, you can expect to hear more from Bitclout in the coming weeks as more influencers claim their accounts.