BitClout is getting a lot of attention at the moment in the cryptocurrency field, and whilst I don’t claim that this is an area of expertise for me, I do like to dip my toe into new technology and check out new platforms.
There is a one pager (PDF) that goes into some detail (over 7 pages) about what BitClout is and how it works…
BitClout is a new type of social network that lets you speculate on people and posts with real money, and it’s built from the ground up as its own custom blockchain.
Every profile on the platform gets its own coin that anybody can buy and sell. We call these coins “creator coins,” and you can have your own coin too simply by creating a profile. The price of each coin goes up when people buy and goes down when people sell.
Just like Bitcoin, it’s fully decentralised, totally open source, and anyone can run a node on the network if they want to.
This means that anybody can build apps on top of the BitClout data without the risk of being de-platformed, and they can even create their own feed algorithm. When you visit bitclout.com, you’re using our node, but there are already dozens of nodes on the network
This is interesting, because it means that the same data could be displayed in different ways by different apps, with different content filters and algorithms, different moderation policies, anything really.
BitClout makes it so that you can move your “clout” in the form of your followers, posts, creator coin balances, etc anywhere as well. Thus, in some sense, BitClout is decentralizing social media in much the same way as Bitcoin is decentralizing the financial system.
For now, it’s just a fun experiment, and interesting to be an early adopter of the platform. My “founder reward” is currently 10%, so why don’t you come on over to BitClout and buy yourself some $riklewis?
My public key: BC1YLfszUgK7C7ZrKQD3gV5qnfhTMCmFobS6KaBWpvUVRDQ2HCm8Lha