Crypto social network BitClout arrives with a bevy of high-profile investors and skeptics
The string of non-related words operates as a type of passcode or safety measure for protecting your account. This is often referred to as an “automated market-maker,” and it’s the same concept that powers protocols like Uniswap and Bancor. It is the essential source of information and ideas that make sense of a world in constant transformation. The WIRED conversation illuminates how technology is changing every aspect of our lives—from culture to business, science to design.
According to GlobeNewswire, they’ve recently reached #7 on the BitClout leaderboards as they’re now worth $4.5 million. This makes them the only account on BitClout’s top 10 list that doesn’t have a blue-tick verification. The value of each celebrity’s respective Creator Coin was evaluated based on their popularity. Therefore, people could be able to make gains from the sales by speculating on the coin of each and every influencer. Everyone can become a miner, it´s very easy to rent hardware and join a miningpool. Comprehensively backup and manage data from all devices and sources, store in any storage type with any protection, and recover with any recovery method.
These personalities had their identity tokenized and sold on BitCLout’s platform. According to Billboard, prices for Elon Musk and Billie Eilish’s creator coins soared right before the website shut down. The creator coin for Kanye West had skyrocketed to $7,000 and the market price for each unit of Bitclout’s native token was just $88.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock https://cryptolisting.org/ appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG. It is a proof-of-work blockchain designed for running social media. Nevertheless, a set of prominent investors and crypto businesses have bought in.
“I think it’s certainly got some Ponzi-like features, but so does everything now. Every consumer app is gamified. Frequent flier miles are basically a Ponzi.” But the lure of a pre-existing pool that appears to have already accrued value could be alluring. “People are incentivized to cancel people,” Lumi told CoinDesk in a phone call. “All you have to do is open a short position and then try to mangle someone’s reputation.” “There’s no venue to sell BitClout,” Prestwich told CoinDesk in a phone call. This has been unpersuasive to many prominent members of the industry, who by and large seem to particularly object to their images and Twitter profiles being scraped and copied onto a whole other website.
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With this open data structure, sites can invent new ways for creators to monetize or give people incentives to hold their tokens. Bitclout is a new decentralized protocol that brings forwards a social network, enabling users to speculate on people and posts using real money. Now, it seems that Bitclout is where all the rage is – a new type of social network, the intention of which is to enable users what is bitcloud to speculate on people and posts with real money. During its initial launch, BitClout could not be independently mined and the source code was not published, leading to claims of decentralization being disputed. BitClout coins could only be bought with Bitcoin, but could not be sold on the platform;[unreliable source? ] users could only sell on sites like Discord servers or Twitter threads.
In the long run there will likely be hundreds or thousands of other nodes you could visit to get access to the same content, each with their own moderation policy. It also means that your login on bitclout.com can be used on any domain that runs a BitClout node. In the same way that you can move Bitcoin from one wallet to another, BitClout makes it so that you can move your “clout” in the form of your followers, posts, creator coin balances, etc anywhere as well.
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Bitcloud is global, it faces no boundaries and connects people even from the most faraway places on earth. As of yet, the project is very young, and it’s objectively impossible to determine whether it is a scam or not. However, there are certain red flags with it that have been pointed out by plenty of prominent members of the cryptocurrency community. Without providing any further information about the technology behind the product itself, the whitepaper goes on to explain everything about its native cryptocurrency – BitClout, and the things users can do with it. In other news, several major social media sites are currently under scrutiny from Congress about the spread of misinformation on their sites. However, this looks like it will soon be changing according to an exchange called WithdrawBitClout, which is the first to facilitate this conversion that will finally make the coins earned on BitClout meaningful.
However, on 18 May 2021, diamondhands announced that 100% of the BitClout code went public, and the code for BitClout.com became available on GitHub. Perhaps BitClout’s most eyebrow-raising quirk is that the platform is launching with a way to invest into the platform and convert bitcoin into BitClout, but at launch there’s no way to cash out funds. Early backers of the platform’s BitClout currency include a who’s who of Silicon Valley investors, including Sequoia Capital and Andreessen Horowitz, the startup’s founder tells TechCrunch.
The Creator Coin Supply Curve
This means that, eventually, it would take billions of dollars to mint even one more coin. We can also see that the price for these selected creator coins has already skyrocketed. For instance, at the time of this writing, Musk’s creator coin is priced at almost $68,000. The developers had pre-loaded profiles for the top 15,000 influencers from Twitter, and users are already able to buy and sell their coins.
- Users who believe in a budding artist can invest in their social currency and could earn returns as the creator becomes more famous and their coins accrue more value.
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- As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period.
- The value of each celebrity’s respective Creator Coin was evaluated based on their popularity.
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To extend your support to them, you might decide to buy your favorite person’s creator coin. Secondly, the platform aims to become a premium service that caters to fans and supporters of significant personalities who buy ‘creator coins’ of that person. BitClout is a decentralized social network based on blockchain technology that allows you to speculate on the reputation of influential figures online. Mimicking Twitter in its user interface and the functions it allows, there are a few stark differences. For now, users can sell their coins on various Discord servers or via Twitter threads. @Sigil is also working on his own business to solve this problem by building his own trading site called BitSwap, a site that allows people to buy and sell BitClout for Ethereum.
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Twister is my favourite of these new wave of projects exploring this, and this is the final puzzle piece in usable crypto. Megaupload, The Pirate Bay, FrostWire and other groups are all jumping on the bandwagon but I think Twister is the most advanced.” “The platforms that have existed up to today, really focus on speculating on the post as the atomic unit, rather than on the creator. And there’s a very big difference, because posts are short term,” Diamondhands said. “That makes it not really very exciting as an asset class. Whereas if you have a creator that you can speculate on, that’s a very long-term thing that you can really invest in for a long time.” There’s been a lot happening in the crypto world as of late, with creators finding new ways to monetize digital assets.
Hide your data from prying eyes while it’s in transit, in the cloud, or on your local desktop using password-protected AES-256 encryption. BitCloud.solutions incorporates innovative technology to make sure your data is for your eyes only. Back up what you want, how you want with tools like full image, file/folder-level backups, active disk cloning, event-based scheduling, non-stop backups, and a boot media builder. While the most expensive Creator Coin on BitClout currently belongs to Musk, BitClout investor @Sigil argues the best way to make money on the site is to invest in accounts that are valued near zero.
However, as early as April 2021, it had been widely believed[by whom? ] that diamondhands is the former Google software engineer Nader al-Naji. In September 2021, Nader al-Naji interviewed with Fast Company under his real name, confirming that he is indeed diamondhands.
Our data centers are Tier IV certified to ensure security and availability. Control where you store your data, whether it’s locally on an external hard drive, network folder or NAS device, off-site in the cloud, or a combination to ensure total protection. Track the status of backups, see file sizes, and measure backup speeds, and view color-coded displays of the type of data stored. Once the bitcoin has been deposited in your account, you can use the coins to buy BitClout coins. Prices for the coins fluctuate, but were $170 per BitClout on Friday. The first step to setting up your BitClout account involves keep tracking of a “seed” phrase for your account.
Diamondhands said that he and his co-creators felt like they needed those well-known names to make creators feel confident the project was real. Diamondhands said the platform welcomes exchange listings and bridges to other blockchains. It includes exchanges among its investors, and hopes listings should come soon. In order to do anything on the site, users need to get their hands on BTCLT. To really trade, that means putting in BTC to get BTCLT, but there’s no way to trade it back. Users can send BTC to BitClout for BTCLT but they can’t trade it back to BTC on the site.
However, it is questionable how the speculation based on the personalities of the creators is done. Reputation and popularity are precarious to speculate on, especially since these are somewhat subjective topics for different types of people. Due to these parameters not being something you can easily depend upon , this investment could be a tricky one. Safeguard your data regardless of where it lives with a solution that supports Windows, Macs, iOS and Android devices, as well as virtual machines and social media accounts. The money you use to buy the coins gets stored in the user’s profile and adds to the value of the account.
You can send Bitcloud to your relatives or business partners to the other side of the world. Investing in cryptocurrencies carries a high risk, and you can lose your money. On top of everything else, CryptoPotato reported on a Billboard entry on March 14th that BitClout has been selling celebrity NFTs without their consent.