What is BitClout, and what should you know about the most innovative social network yet?
What is BitClout’s innovation?
BitClout is a merge of cryptocurrency and a social network in the most profound sense possible: every user is himself a coin, whose value changes according to demand. The current value of each user is part of their identity on the platform. Every user can choose to invest in others: support a rising influencer or buy a share of someone who makes the content you love. Each user can also post content to a social feed and gain followers and thus raise the values of their personal coin.
BitClout creators market it as a stock market of influencers, with every user acting as a stock traded on the free market. They argue that they created a new type of tradable asset that monetizes social clout. In a world where follower numbers are quickly translated into sponsorships, promotions, and giveaways, attaching a price to each influencer does seem like the natural next step. The people behind BitClout hope that one’s value on BitClout will be a reflection of actual social influence and will rise and fall accordingly.
How did BitClout gain popularity?
The new platform, which may sound like a Black Mirror episode when you first hear about it, became very popular soon after launching. It has been widely publicized that BitClout’s backers have poured more than $100 million into it. And that the network that as of now has 160K users is valued at 1 Billion Dollars.
Part of this phenomenal success is due to the controversial move by its inventors. At BitClout’s launch, a profile was automatically created for the 15000 leading Twitter accounts. Thus, all of the biggest celebrities on Twitter could activate their new profile by tweeting about it. This strategy may be legally questionable, but it created an unignorable hype.
How does BitClout actually work?
A lot of buzz surrounds BitClout, and everyone seems to be talking about it, but its social feed is not very exciting right now. The interface is similar to that of Twitter, and users publish posts with quotes, questions, images, and videos. However, the most prominent subject on BitClout posts seems to be the future of BitClout itself.
Anyone can create a BitClout profile by transferring 0.0004 bitcoin, which are now valued at 20 dollars, to BitClout. Once you create a profile, your Creator Coin is created with the initial value of a few dollars. The more people buy your Creator Coins the more its value rises. As a result, the Coin owner receives about 10% of his coin sales.
It’s important to say that there is no way to sell the BitClout coin. That means that all the value we mentioned is only virtual and can not be translated back to US dollars. BitClout’s creator, known only as Diamondhands, promises exchanging their currency to other cryptocurrencies will be possible soon.
What does the future hold?
The idea of combining a social network with a cryptocurrency is a gateway to numerous innovations that will undoubtedly be part of our lives in the near future. Some are already shaping in the growing and active community that’s forming around Bit Clout. Sites that show the shifts in influencer value, trading BitClout coins on various communities, and online communities centered around owning a certain com are just some of the new phenomenons. Along with other monetizing platforms such as YouTube, Patreon and CroudSourcing, BitClout is a new form of connection between humans, content and technology.