The new social media platform called bitclout is out and it promises to reduce spam for creators. But, is this a scam? Read on for more!
It’s a social-media platform
BitClout is a social-media platform with a new twist. It uses a blockchain, or cryptographic system, to record messages and allow creators to limit who can access them. Unlike Twitter, where volume determines engagement, BitClout focuses on the value of a message and a creator’s influence. By leveraging a community of users, a creator can gain more attention, thus boosting their own reputation. The creator’s coin will rise and fall in value depending on its popularity.
There are two types of tokens on the BitClout network: those associated with the user and those tied to their reputation. BitClout allows creators to set limits on who can access their content, as well as a “bid” system for reposting. Those who are willing to pay for the privilege of retweeting or reposting a message can receive a portion of the creator’s token. Some people are already using BitClout as a tool for advertising. Others are investing in coins they think will go up in value.
The platform launched on Monday with 12 nodes and was expected to grow. But its rollout has been fraught. Initially, the site was blocked for many users due to password protection. In the future, the company plans to let anyone run a node. That means it won’t be governed by centralized moderation policies.
Currently, BitClout has pre-seeded an early adopter list. Several A-list investors have invested in the project, including Sequoia, Coinbase Ventures, and Andreessen Horowitz (a16z). Besides those well-heeled backers, BitClout has also raised funds from the Winklevoss twins and Digital Currency Group. According to a report from the Wall Street Journal, it has raised over $70 million.
According to the BitClout website, it has been designed to minimize spam. Influencers are rewarded for their efforts by giving them the ability to limit who can view their messages. However, this commodification of an individual is controversial, and BitClout has received an outpouring of criticism.
Compared to Twitter and Facebook, BitClout has a much decentralized architecture. Instead of relying on data-gobbling, it relies on dozens of autonomous, blockchain-based nodes. Despite being a relatively new project, BitClout has already created more than 15,000 profiles for top Twitter personalities. These profiles were posted without the account owner’s consent, and many of them haven’t been claimed yet.
Another concern is the lack of trust in the community. During the launch, many celebs who promoted the platform weren’t interested in actually using it. One celeb who did join, Mario Nawfal, learned a lot about the process and didn’t spam the site. He then built his profile with the right content type and began to engage his community.
Ultimately, while the platform has a lot of potential, its implementation is quite high risk. It requires a considerable amount of marketing and it has to be sold to users.
It could reduce spam for creators
BitClout is a new social media platform that is designed to be decentralized. It is built on a proof of work blockchain and is open source. The platform allows content creators to distribute scarce resources to fans, as well as earn a profit. While the network isn’t yet open to the general public, there are already a few prominent crypto businesses that are a part of it.
BitClout was created by an anonymous group of developers. They pre-mined two million BTCLT tokens for investors. These coins are now worth nearly $170 million. In return, the company wants to promote a positive, unified community. But is BitClout as good as it claims? Some believe it’s a scam. Others see it as a revolutionary new way to monetize social media posts.
The new BitClout could be a game changer for the social media industry. It has a built-in incentive to reduce spam and provide new ways for users to earn. This includes a token that is unique to each profile. Creator coins will be minted and translated into US dollars. A similar model is used by many other cryptocurrencies. You can purchase a coin for your favorite creator, and it will be worth more as more people buy it.
One feature is the ability to limit what types of messages can be sent to your BitClout account. For instance, you may want to keep comments on your posts to only those with a certain number of coins. Another feature is the ability to tip your creators. Just like other cryptocurrencies, you can tip them using “diamonds”. Using a decentralized model like this could also eliminate the spam that is plagued by the traditional social networks.
Like most cryptocurrencies, the price of the creator coins will increase as more people buy them. If you’re a creator, you can use the metrics associated with your coin to rank your messages and choose which ones you will post first. Whether it’s a new post, a retweet, or a private message, you can use this feature to get the most exposure.
BitClout’s model differs from other proof of work chains. Because the blockchain is built around dozens of autonomous nodes, there is no central governing body. Instead, the node operators are able to specify which block producers are considered trustworthy. That means that the network will only accept blocks that were signed by those who have demonstrated a trustworthiness in other platforms.
BitClout is also interoperable. It’s possible to use its coding to create a bridge to other chains, such as Instagram. Eventually, the BitClout code will be open source and the network itself will be open to users and third party developers.
As BitClout evolves, it could become a sort of identity hub for creators. This could help reduce spam, as a decentralized platform isn’t bound by centralized moderation policies. It could also improve the quality of conversation.
It’s a scam
Bitclout, also known as BitClout, is a decentralized social network that seeks to disrupt traditional social media. It uses a token system, which is a bit of a buzzword among crypto enthusiasts. The platform has received a lot of attention from a number of notable investors, including the Winklevoss twins. Some scoffed at the concept, while others are smitten. But is it really a scam or a legitimate new social network? Here are some facts to consider.
There is a lot to learn about this nascent social network, and many of its ilk. Like any startup, it is not without its flaws, but a number of prominent investors are backing it. And it’s not just investors: celebrities are also betting big. Chamath Palihapitiya and Ashton Kutcher are among them.
The company claims that its new platform will be a worthy alternative to other social networks, but that’s not exactly true. Aside from the fact that it isn’t Facebook or Instagram, it’s also a sandboxed environment, which means that it cannot be compromised by third-party attackers. Plus, there is no single point of failure, which makes it very unlikely that it will crash. If you are interested in trying out the service, you’ll have to make a deposit in the virtual currency, or BTCLT, and then send it back to the network to use it for your posts.
In terms of design, it is very simple and easy to navigate, but that doesn’t mean it’s a user-friendly experience. One snag is that there’s no way to withdraw your BTCLT in cash, or convert it to other liquid cryptocurrencies. This is a limiting factor, as it prevents most users from trying out the site. Another challenge is that it isn’t exactly clear what it’s supposed to do. For example, is it a social networking app or a currency? Is it a decentralized social network, or a decentralized social network that can be used to mine other coins?
It’s worth noting that the name of the smallest, but most impressive thing isn’t the one that gets the most attention. That goes to the SwapIdentity, a system that allows users to transfer their reserved profiles from one account to another. Although it’s not exactly a new thing, it’s a pretty cool idea. Ultimately, it doesn’t really change your balance, but it does keep your private keys safe. Eventually, it will be available to anyone, and it’s a great way to restore lost private keys.
Although the most expensive feature on the site isn’t quite what it sounds like. Apparently, the social media app actually uses Twitter for verification. Rather than the usual centralized moderation policies, it uses algorithms that allow users to retweet and reshare posts. However, this is only if they have tweeted to the BitClout address in the first place.