BitClout is a decentralized, private, and secure messaging application that is currently being developed. It is also a social media platform. Is this platform a scam?
It’s a social-media platform
BitClout is a new social-media platform launched two weeks ago in New York. This is a decentralized, open source network designed to fix the inefficiency of the current social media model. By removing the centralized third parties that siphon value from creators, BitClout aims to create a more open, censorship-resistant alternative.
BitClout is a social-media platform that aims to make it easier for people to monetise their online presence. It generates social tokens that represent individuals, and lets users buy and sell them to express their opinion about those individuals. The system is based on the concept of proof-of-work.
Users who join BitClout receive a “creator coin,” which is not necessarily associated with their Twitter account. These tokens are designed to be non-fungible. They can be used to trade, or to purchase special content that is only available to the token’s holders.
As users invest in these coins, they gain a sense of value and appreciation. Creators can earn a payout for each repost, as well as a percentage for selling their own tokens. In addition, creators can offer special benefits to their coin holders. Those who own creator coins can bid for exclusive, one-of-a-kind content from the creators they’re following.
The social-media platform is backed by venture capital firms such as Andreessen Horowitz and Coinbase Ventures. Its investor list also includes celebrities such as Elon Musk, the Winklevoss twins, and Kathleen Breitman, co-founder of Tezos.
Like other cryptocurrencies, BitClout has been met with controversy. Some people say that the company is inflating its speculative asset. Others argue that the market creates a powerful incentive for people to cancel themselves out of the system.
Ultimately, many investors are sceptical about BitClout’s potential, as well as its impact on the monetary system. Aside from the fact that BitClout’s revenue is largely based on the value of its creators, the network was also criticized for aggressive tactics, such as scraping Twitter data and pre-loading profiles without user consent.
Although it may not be the perfect solution, BitClout offers a censorship-resistant alternative to the traditional social-media model. Its focus on value and value of the creator is aimed at aligning audience and influencer incentives.
It’s a cryptocurrency
Bitclout is a social network which uses a crypto currency, the BTCLT. The platform features a variety of tools for readers, including a personalized news experience. Unlike Twitter, which requires users to pair their accounts, Bitclout can be joined by anyone, without permission. It also offers tools for advertisers and online marketers, making it a potential business partner for a variety of companies.
While the platform is still in beta, it has already attracted prominent investors, including the Winklevoss twins. Andreessen Horowitz, Sequoia and Coinbase Ventures are believed to be among the major investors. Although the site is still in its early stages, it is aiming to gain approval to be listed on official cryptocurrency exchanges.
As with any new crypto investment, you need to do your research. While the concept is simple, it is not without red flags. A few notable examples include the lack of a definite exit channel and the absence of an automated system for buying and selling.
However, despite its flaws, the platform does have some merits. One interesting feature is the ability to earn BTCLT through social tokens, which represent actual people. These are designed to increase value over time. Users can earn a number of different ways, ranging from simple sharing to a reward for contributing to a community.
To get started with Bitclout, you first need to buy some bitcoin. This is done by sending money to a crypto address. When you receive the coins, you can send them to a Bitclout account, or you can use them to purchase tokens.
In addition to allowing you to share content with your friends, Bitclout lets you create collections and follow your favorite publications. You can even post photos on your feed.
Besides providing a way to share and collect content, Bitclout’s social tokens can be used as a form of gas, which helps to power the network’s security. Those that manage to secure the network will earn the tokens.
Other notable aspects of the platform include its ability to track and share articles and photos. Additionally, it is a proof-of-work blockchain. Similarly, it has no supply cap, and its transactions are governed by a bonding curve.
It’s a scam
As the name implies, BitClout is a crypto platform based on the same principle as Twitter. A new tokenized version of the popular social networking site, it allows users to purchase “tokens” that are tied to the accounts of celebrities and other notable individuals. The company’s website claims that it has collected 15,000 popular Twitter profiles. This data, which has been subsequently tinkered with, can be used to power new social media apps. Several VC firms have reportedly funded the project.
In addition to being a social networking app, BitClout also offers consumers the chance to own a slew of tokens tied to the accounts of famous names like Elon Musk, Katy Perry and Justin Bieber. It’s a win-win proposition. Using the service, consumers can earn diamonds for tweets and posts that are considered to be worthy of note. These “diamonds” are a nice perk for the consumer, but their real value lies in the opportunity to invest in a person’s reputation.
There’s a reason that the company has already garnered over $160 million in the first week of operation. Whether or not the hype is justified, the company is not to be taken lightly. After all, it has its own version of censorship, akin to what Mark Zuckerberg can do to Instagram. However, the company is not without its critics. For example, the naysayers believe that the company has paid out millions to Nigerians in exchange for promoting the company on the African nation’s social networks.
Although there’s been no direct evidence to back up these claims, there’s a good chance that the company has been on the receiving end of an ill-fated deal. One such company is Coinfirm, which specializes in tracing suspect crypto transactions. They’ve pointed to a number of red flags, including a recent bid to auction off the NFT for Jack Dorsey’s first tweet. Despite the hiccups, the firm’s executives describe the project as a “Bitconnect 2.0.”
While the company’s CEO goes by the name Nader Al-Naji, the company’s actual name has yet to be revealed. At least until 2021, when the “real” Nader will be revealed.
It’s a decentralized, secure and private messaging application
Bitclout is a decentralized, secure and private messaging application that lives on the Internet and is built on a custom cryptocurrency. It is created by an anonymous group of developers and is open source.
Bitclout is designed to be a social network that allows users to invest in influencers. Unlike other social networks, it does not operate a purely ad-based business model. Instead, it offers an alternative to traditional social media, such as Instagram.
In the traditional model of social media, a centralized third party controls the content that is posted, and can take action against it. Consequently, creators often experience a torrent of spam on their account. But with Bitclout, users can reduce this friction by allowing creators to set restrictions on the messages they post.
In addition to reducing spam, Bitclout offers another feature that may prove useful: users can purchase Creator Coins from the users that hold them. This allows them to increase their reputation by influencing others. And since Creator Coins are subject to supply and demand, the value of those coins can increase over time.
The Bitclout desktop app is a sandboxed environment, and is not vulnerable to third-party attacks. However, this is not a guarantee. Although Bitclout’s creators say that it has been secured by the company that develops it, a group of sufficiently motivated developers could hard fork the code.
While the founders of Bitclout claim that the project is secure, there have been several red flags. For instance, the company has been selling NFTs to celebrities without their consent. That could discourage potential buyers. Another concern is the amount of privacy and anonymity that the platform offers. Despite these concerns, Bitclout is a promising new alternative to traditional social media.
If you are interested in learning more, check out the website at bitclout.com. You can also download the desktop app, which is fully encrypted. Also, you can use the application to browse other Creator Coins. After that, you can buy and sell Creator Coins on the open market. Eventually, you can use Bitclout to issue cryptographically verifiable diplomas. Lastly, you can choose to sell your own BitClout on Discord servers.