BitClout is the first open-source crypto social network platform that is powered by blockchain where users can trade tokens representing their identities. In short, this platform generates social tokens, which represent actual people on the blockchain network.
As briefed by the lead creator of BitClout, Diamondhand, the central idea behind BitClout is that by combining speculation and content, you can create a 10x offering that not only provides new opportunities for developers and creators to monetize, but also a new business model that isn’t ad-driven.
BitClout isn’t a company. It’s a proof-of-work blockchain-backed social media platform. It was developed by an unnamed community of programmers. Only the token, BTCLT, is held by the creators of the platform. Nonetheless, many well-known founders and crypto companies have invested.
In order to trade on the site, users need to get their hands on BTCLT. To really trade, that means putting in BTC to get BTCLT, but there’s no way to trade it back. Users can send BTC to BitClout to get BTCLT but they can’t trade it back to BTC on the site. These crypto social platforms are highly controversial but innovative too at the same time. BitClout emphasizes more on the value of the creator and not their content.
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Currently, BitClout has reserved usernames of popular tech personalities which could be activated further by users by tweeting the BitClout address on Twitter to verify the legitimacy of the BitClout profile. If a BitClout page doesn’t have a blue check next to it, that means the person it supports hasn’t yet activated on the blockchain, but their basic Twitter content is already out there. Celebrity accounts and other crypto users with preloaded accounts can find that a part of their tokens is already set aside for them on BitClout. According to Diamondhands, the value was set proportionally to their followers. There are about 15,000 pre-loaded BitClout profiles based on the Twitter accounts of some popular personalities.