Crypto is Transforming Social Media. Here's How to Get in Early:
Consider your favourite public figure. It could be Elon Musk, Oprah Winfrey, the Beebs. Picture them before they got famous.
You’re one of their original die-hard fans. You bring their name into every conversation. You re-share each post on social media.??
Then they start to grow big, and one day you wake up to find them trending online. They become a millionaire, and you’re overshadowed by thousands of fans.
Now picture the same scenario, but add BitClout.
What in the World is BitClout?
You still tell everyone about them, but you do one more thing: you invest in them by buying “stock” in them through their creator coin on BitClout. ??
As they get more famous, their coin value increases, and you profit off their success. You are rewarded for being a fan and an early adopter.
They, the Influencers and celebrities, are incentivized to bring their audiences there because they can claim their coin and benefit from their appreciation. Current market cap for Elon Musk? $34m. A pretty nice payday for claiming his account. ??
It’s rumoured to be completely open-sourced. The creators are still widely unknown. You can put money in, but you can’t take it out. Yet.
And up until this week, it was invite only. ??
Sounds crazy, right? Keep reading, It gets better.
How it Could Revolutionize Social Networks:
Like Bitcoin, BitClout is a custom blockchain.
The difference between the two, according to BitClout, is that Bitcoin is decentralizing money, and BitClout is decentralizing social.
The purpose is to let users control the platform. ??
How Does BitClout Work?
Each person has their own coin. A “creator coin.” The coin is set at a value determined by the market. The “market” is the public’s perception of that creator. ??
To get momentum, BitClout pre-made accounts (pre-made creator coins) for the top 15,000 Twitter accounts.
Now someone could buy a coin (or a portion of a coin) belonging to one of these Twitter stars. To buy a coin, you need to use Bitcoin to buy the cryptocurrency BitClout, and then you can buy into someone’s limited coin. ??
When you buy someone’s coin, the default setting is that the creator keeps 10%. If someone were to buy 20 coins of mine, I would get two of those coins, and my BitClout market cap will grow. ??
This amount is adjustable, and some people set it on zero to gain traction. But whatever the percentage is, the “brokerage fee” goes straight to the creator.
In the words of Shaan Puri:
“It's like the stock market, for people.”
In fact, the home page of BitClout Pulse -- which is described as the Bloomberg for BitClout -- is structured similarly, showing the +/- change of a creator coin over a 24 hour period.
BitClout itself is limited, as the price doubles for every million BitClout sold (so it’s actually more scarce than Bitcoin).
BitClout is Transforming Social Media Equity Entirely
It’s about speculating on a person’s future behaviour and potential.
When someone does something societally right, the value of their coin should increase. If they do something we view as wrong, the value of their coin should plummet. People are rewarded for producing good content or doing good works.??
As BitClout says, “[creator coins] are truly the first tool we have as a society to trade ‘social clout’ as an asset.”
Bitclout = Bitcoin + twitter + social clout
If you get more popular, your coin becomes more popular. Which means it’s more expensive.
So in essence, you’re rewarded for your social network equity.
What Are Your Thoughts?
What do you think of BitClout? How do you see it evolving?
If you’re testing it out, feel free to say hi to me on BitClout ????
My user name is: https://bitclout.com/u/Invoker.
As always, please reach out with any comments, suggestions or feedback!
If there are topics you’d like to see covered in future, or if you’ve got more good news stories from 2020, please let me know below or join the conversation here. And please tell your colleagues to subscribe here. Until next time!
*Disclaimer: please do not interpret this article as financial advice. In the future, I may or may not benefit from people buying my coin. The purpose of the article is to educate people on the new trends emerging in tech.
Entreprenuer, Marketing Lead, Web 3, Consultant, Coach, Mentor, Crypto Director, MBA
2 年is Hootsuite connecting to blockchain or going into crypto?
Owner/Founder - Toons Universe
3 年Worth it to read! Thanks for sharing! Cryptocurrency is a good way of investment. As what Bill Gates said "The future of money is digital currency."
◆Junior Accountant ◆ Bookkeeping ◆ Taxation ◆ Cost-Inventory Accounting and Analysis ◆ Financial Planning
3 年I'm not really into taking risks and I see crypto as some sort of gambling which I don't really do. However, with how cryptocurrency is becoming prominent and a lot of businessmen are investing in it, it might change my viewpoint. And seeing this article made me think a bit.
Economic Development for Entrepreneurs and Innovation
3 年Thanks for this Ryan Holmes Trying to wrap my head around a notion, and perhaps you've uncovered the simple way to convey this... Is it not accurate that BitClout is (essentially) a currency where as a user is a coin? Go with me here... With Bitcoin, I own Bitcoin. That's the currency and the dime, so to speak. I have it, it has its value, and that value is what it is for me, until I exchange it. BitClout isn't like that. We have the currency $CLOUT but then we each create our own coin on that currency - The Ryan Holmes quarter, the Paul O'Brien dime And because of the distributed and open framework of BitClout, people can build experiences on the currency market. That, some other site/platform could build on BitClout, say a marketplace, and the users on it could have their "coin" associated with that marketplace, with the respective value of their coins available to trade on THAT different experience. The talk of social media, tokenization, and all the crypto enthusiasts and investors, are muddying a bit (best of intentions and all that, just making it a bit distracting) so that it's a little more challenging for the entrepreneur/marketing/startup types who aren't crypto enthusiasts or engineers, to really grasp the possibilities here. Would love your perspective. - https://bitclout.com/u/paulobrien
Connecting Top Talent with Leading Companies | Building B2B & B2C Relationships.
3 年Interesting Read.