The past days we are seeing a lot of noise on Twitter about a new platform, BitClout. Lots of Twitter celebrities and other notables tweeting about it and, as is usual for something new in the crypto space, emotions are mixed, some calling it a ponzi scheme and others believing it has incredibly potential.
So what is BitClout exactly? And what will it lead to?
Let us take a closer look.
Undeniably the marketing is brilliant, by making use of Twitter, its celebrities and most importantly the undeniable “curiousness” that us people hold. When it comes to timing, it could not have been better. The launch comes at a time where social media are under major scrutiny all over the world, for censorship and interference in politics, further dividing the world. People have grown tired of it and are looking for something new and meaningful. Bitcoin is in its latest bull-run and Non Fungible Tokens (NFT) are booming.
On their Twitter profile BitClout describes itself as “a decentralized alternative to Twitter, built on a new Proof-of-Work blockchain, with the aim of creating an open-source social media platform.”
When studying the whitepaper, the potential and soundness of this claim becomes evident.
BitClout is set up on its own blockchain and resembles Bitcoin’s architecture. However, it can only support data like posts, follows profiles, and other speculation features. It is also fully open-sourced.
Without providing any further information about the technology behind the product itself, the whitepaper goes on to explain everything about its native cryptocurrency BitClout, and the things users can do with it.
The platform’s native currency, BitClout can be bought for Bitcoin, and it can be used to “do all kinds of things on the platform, including buying a new type of asset called creator coins.”
The price for BitClout doubles for every million of BitClout sold and is what supposedly makes the coin scarce. 10 to 19 million BitClout are expected to be minted in the long run.
Focus on people
Profiles for the top 15,000 influencers from Twitter have been “imported” to its platform and users can already to buy and sell their coins while the profiles remain reserved for their rightful owner to claim.
Each profile that is created gets its very own creator coin. Anyone can buy and sell it. The platform acts as a marketplace of exchange, with prices going up and down, based on demand, just like any other market. Just as in other exchange, this kind of market is speculative, so be aware ot that. The creator of a profile will receive a “founder reward” on net buys of their coin.
The whitepaper provides a couple of solutions to the endless trolling and spamming that we currently see on social media, while it also changes the way we use and experience the “like” button, by bringing its meaning and relevance back to life by and free us of the dopamine reward mechanism of endless likes.
With BitClout it can be that only people who own a certain amount of a coin can send a message to someone or messages can simply be prioritized based on the holders of their coin. It can also be possible that in order for a message to arrive in an inbox, a coin has to be paid.
As for the example of likes, there can be a cost associated to liking someone’s post, so you will therefore definitely have to make a consideration on the meaning and value it has to you, the creator and the community at large.
Endless possibilities exist with the BitClout currency on the platform.
Thinking about what it might lead to, BitClout can go beyond just creators and being a marketplace. BitClout has reimagined the space of social media and put the onus back on the people, its users and rewards them instead of the “centralized” platform. And by this, it could empower all of us and change the way we live our lives and relate to one another. It might help us to “reconnect”.
Putting all things together, one can see that it is innovative and the start of something new and potentially big. While it may still be in its infancy and things might go wrong, we should give it an honest try and try to see beyond the tempting short-term gains. Only that will lead to its success.
“Thus, in some sense, BitClout is decentralizing social media in much the same way as Bitcoin is decentralizing the financial system,” as the whitepaper concludes.
Exciting times ahead. The new platform is very well worth giving a closer look to.
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