I stumbled upon something new recently called BitClout
Technically, it’s a social media platform powered by a blockchain. Here’s what that means:
- A group of developers combine their computing power to run the platform. Similar to Bitcoin, if one of those computers turns off, theoretically the platform should continue running.
- What I just described above is called decentralization. Since BitClout cannot be traced back to a single company or creator (outside of the anonymous profile @diamondhands), it’s much harder to influence or attack as a platform.
- Blockchains replace networks with markets (credit: @naval). Because everyone has their own social token (think of it like stock), people can bet on other people or raise their reputation in society to increase the value of their own token. Currently there is no financial gain whether your tweet gets 1 like or 1,000,000 likes. On BitClout, the value of your token—and presumably your net worth—goes up if you go viral.
Is BitClout the real deal?
Reactions are mixed.
Proponents say that decentralized media is the future. “Why does Facebook, Twitter, and Instagram make all the money and we [the users] do all the work?” asks Shaan
from The Hustle. Whereas most creators extract only social value from today’s platforms, crypto-networks like BitClout generate financial value for creators.
Whether or not that financial value is actually being captured by the creator remains to be seen. To generate activity on the platform, BitClout created 15,000 new accounts using people’s Twitter profiles—without their consent. You also can’t withdraw your money if you buy $BTCLT, the BitClout token.
I decided to create an account on BitClout to give it a try. It required me to deposit 0.001 bitcoin (approximately $56 USD) in exchange for $BTCLT. After about 10 minutes of waiting for the transaction to go through and waiting for my profile updates to load, I was finally set up and made my first post