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The 17-year-old was also able to push his own coin’s value from $0 to a market cap over $500,000. People who own a certain amount of a creator’s coin get access to special content. Or, alternatively, people must pay a monthly subscription in the form of the creator’s coin in order to get premium content. Most creators get a torrent of spam in their message inbox on social media. With BitClout they could make it so that only people who own a certain amount of their coin can message them, or they could simply rank and prioritize messages from the largest holders of their coin.
More or less, BitClout is trying to achieve the same on a blockchain network. Apparently, this provides more transparency, flexibility to both the users and content creators, and quality interaction. Furthermore, seeing the rise in the number of users, it is expected that BitClout will become very popular indeed. On the other hand, all of this would only be possible if these creator coins could be converted back into actual money invested.
The tokens
Thus, in some sense, BitClout is decentralizing social media in much the same way as Bitcoin is decentralizing the financial system. In short, the site allows users to buy and trade tokens based on the value of someone’s reputation. Before launching, BitClout had pre-loaded the top influencers from Twitter onto the platform.
Or imagine if they were going to offer 1,000 signed posters to their 1,000 largest holders. This is just the beginning of how creators can engage with their fans using their coins, and all such ideas could increase demand for their coin significantly. Any content hosted on a server needs to pay a sort of “toll charge” any time data is transferred from the server to the node. However, the more hits a website receives, the richer the server becomes, allowing for a sort of perpetual growth and a system in which, theoretically, everyone earns money from everyone else. Diamondhands contends that larger objections will be worked out in time, as exchange listings come to enable people to exit positions and new nodes spin up new experiences for users. Once an account has been activated, its owner can set a sort of tax on new token emissions if they so choose.
Naturally when chatting about celebs and crypto, Elon Musk’s name pops up. On March 26, reports stated that the coin representing the Tesla CEO/self-titled “Technoking” was trading for $68,000. People have created Creator Coins for Kim Kardashian, Justin Bieber, Kanye West, Ariana Grande, and Billie Eilish, too. It’s not clear whether any of these celebs gave their consent for their names to be used — but probably not.
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People are much more used to financially investing in entrepreneurial concepts or businesses rather than people themselves. Before the site was shut down on Friday March 12th, there was a countdown timer running for 12 PM PST, which indicated that the site would be re-launched, but the plan didn’t go accordingly. The network was reportedly slow as the search bar was broken and the entire page was buggy. BitCloud is cloud computing division of Bigrace International Pte Ltd. The division focuses on the design, implementation and support of cutting-edge cloud solutions and services.
- Influencers can claim their profiles and a portion of their creator coin value by tweeting about the platform.
- The thought being that if the platforms own the audience then you are at their mercy.
- At launch time, BitClout scraped 15,000 profiles of celebrities from Twitter to create “reserved” accounts in their names.
- It’s not clear whether any of these celebs gave their consent for their names to be used — but probably not.
- Track the status of backups, see file sizes, and measure backup speeds, and view color-coded displays of the type of data stored.
Cryptocurrencies, pumped up by tech billionaires, have recently seen major gains, and NFTs have been embraced by the art, music and gaming worlds alike. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology. The founder of BitClout, who goes by the pseudonym ‘DiamondHands,’ mentioned that he and his co-creators felt like they needed well-known names to make the public feel confident the project was real.
A user doesn’t need to be on Twitter to create an account, but to activate a reserved account, a user needs to tweet out their BitClout address. This verifies legitimate owners, Diamondhands said, but no doubt the publicity also helps. Lumi is a blockchain researcher who has been digging deep what is bitcloud into BitClout since it started driving conversation last week, shortly after launch. CoinDesk agreed to respect pseudonymity at the start of our discussions. Diamondhands said the creators are hiding their identities in order to keep the project decentralized in spirit as well as fact.
The platform launched with 15,000 “reserved” accounts – a move intended to prevent impersonation, but which backfired as some people with reserved accounts tried to actively distance themselves. Bitclout is a prototype of what can be built on top of the DeSo blockchain. Additionally, some critics have said that coins may be weaponized to promote “cancel culture,” which could lead to volatility. As a decentralized platform, BitClout gives a lot more opportunities to creators online.
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To date, nearly $190 million has been locked up through purchases of creator coins, demonstrating the public demand for speculation. @Sigil told Insider he doesn’t see BitClout as any different than bitcoin. When the first decentralized cryptocurrency launched it also did not have a way to directly convert the bitcoins back to US dollars. Thus, the first step is to download a digital wallet app or create an account on a desktop and buy bitcoin.
Under “Step Two” on the page, type the amount of BitClout you want to buy or convert all the bitcoin by hitting “Max.” At this point, it is important to save a picture or write down your seed phrase, as the site will require the phrase whenever you need to log in or out of your account. The site warns that if you lose your seed phrase, your account, along with the money you put into it, will be lost forever. Here’s what you need to know to get started on investing in creators on BitClout. Creators can have an “inbox” where anyone can “bid” to have them repost (aka “retweet”) a particular post.
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Other investors include Chamath Palihapitiya’s Social Capital, Coinbase Ventures, Winklevoss Capital and Reddit co-founder Alexis Ohanian. A report in Decrypt notes that a single wallet connected to BitClout has received more than $165 million worth of bitcoin deposits suggesting that huge sums have already poured into the network ahead of its public launch. BITCLOUD IS A NEW TYPE OF DECENTRALIZED CURRENCY. Not minted or endorsed by any nation, but by users across the globe.
In the app, select “Send Crypto to another wallet.” Then, select the amount of money you want to convert into BitClout and hit “Continue.” So it seems fair to say that the market caps of the tokens are overstated, at a minimum. “This is engineered to show people paper gains very quickly so they will put in more money and buy more BitClout,” Prestwich said.
He/She becomes more valuable in terms of this ‘social currency.’ With further developments on the platform, these users who buy another personalities’ creator coins will benefit from exclusive premium content. https://cryptolisting.org/ Interaction opportunities via messages can request promotional posts and a hand in that creator’s financial acquisitions. However, it is bad that the tokens were sold without the consent of the celebrities.
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It can be used to replace YouTube, Dropbox, Facebook, Spotify, and other online, cloud-based services. It may also eventually be able to offer a method of monetizing a new mesh network. On the site you can follow other accounts, like, comment and direct message, much like Twitter. The feed is designed to emulate the feel of Twitter, but also uses a creator’s market value to determine which comments are prioritized on accounts. When the next page appears on the digital wallet, paste your BitClout address into the “To” field and select the preview button. You will see a preview of the transfer, as well as the network fee.
“Buying creates coins while pushing the price up and locking money into the profile, while selling destroys coins while pushing the price down and unlocking money from the profile.” For creators with reserved accounts, a certain number of their tokens have been set aside for them already for whenever they choose to activate. That said, users don’t need to wait for an account to be activated in order to speculate on such tokens, which could be part of why many Crypto Twitter denizens are so uneasy about this new project. It also generates social tokens , which represent actual people. Those social tokens’ supplies are controlled by automated market makers , though one governed by a bonding curve that explicitly ratchets up the value as more tokens get minted. This sets up a very powerful marketing campaign where owners of big Twitter accounts popularize the platform by tweeting about it to claim their profiles.
In any case, it’s ultimately up to the user to determine whether BitClout is something to put their money into. However, there are some red flags around the project that make it rather risky. On 12 June 2021, the supply of BitClout was capped at around 11 million coins.
From what has been found on the site and the user experiences online, BitClout cannot be traded back into Bitcoin. The concepts explored by others in the social currency space are sound, but this particular execution of it is a high-risk one. The network launches tomorrow morning so we’ll see soon enough. Many critics of the site have questioned the security of the platform, as well as the anonymity of its creator known only as @diamondhands. BitClout’s bitcoin holdings, which typically are secured on the blockchain, are held privately in servers, NY Mag reported.
Not minted or endorsed by any nation, but by users across the globe. First off, many people speculate that the project is backed by VCs who’ve pre-mined BitClout before it had hit the public market and are already sitting on huge profits. Under development since 2019, BitClout’s blockchain created its first block in January 2021, and BitClout itself launched publicly in March 2021.
