Bye-Bye Facebook, Twitter, Instagram: Time for Bitclout!
A new social media cum stock exchange platform built on blockchain tech is getting everyone excited! What's so special about it?
Blockchain has arrived in full force. And the way it is being used, is blowing our minds!
Selling digital art on blockchain technology (NFT) is old news. Now, a new social media platform has been built on blockchain, where you can bet on your favorite celebrities or creators. It changes the content and social media game completely.
ReadOn
The platform has its own currency called Bitclout. And, you can use this currency to buy or sell stakes on the reputation of a creator (called the creator coins).
Yes. Just like in the stock market, where companies trade at certain values and you bet on them.
But, it's not just a speculation platform. There's more...
Imagine spotting a Taylor Swift or Elon Musk just when they are getting started in their career. All you get to say once they get big is, "I knew it". But with Bitclout, you can buy some of their creator coins when they are cheap, and see the value soar as their popularity rises.
Cool, no?
This could also be a new way for creators to get rewarded for their content.
They could open their inboxes or comment section for only those people who hold their coins. Or, say you send Alia Bhatt a request to promote your brand post. If she does, the creator currency gets transferred from your wallet to hers. The possibilities are endless.
Yet, making a new platform is not easy...
And so, the creators of the platform ("anonymous") themselves have made the profiles for the top 15,000 twitter influencers. Even if these influencers are not on the platform, others can trade with their creator coins.
Now, those influencers will get a sort of brokerage for these transactions. And, they can claim this free money that the platform made for them.
How?
By "claiming" their accounts on the platform and sending out a tweet. Great way to get people to join the platform, eh? And not just them, anyone can create profiles and have others bid on them. Sounds too good. What's the catch?
You cannot withdraw all that cool cash that you have earned from the platform. It is like Hotel California, you can check out but you can never leave!
But, why?
Imagine if someone makes gains, won't they have the impulse to withdraw, given that it's a new currency? And if they withdraw, the whole thing will come crashing down. Bitcoin is bitcoin, because people believe in it. Faith is what is needed. And, once that is established, the platform creators might give a withdrawal option?
All grounds covered, looks promising.
But, trading on the reputation of a real person can get really ugly if people are incentivized to bring somebody down. Do we need a society where we put price tags on the reputation of people? Do we have to monetize everything?
Just like Bitcoin removes the role of banks, Bitclout removes the role of a social media platform, such as FB or Twitter. We won't have to give our data to a social media company and make them rich if social media is shifted on the blockchain. Time for Bye-Bye, Zuckerberg?
Thousands of readers get our daily updates directly on WhatsApp! 👇 Join now!
Yavantika was totally dumb-struck while researching and writing this piece!