If you thought seeing Teletubby currency was wacky, just wait until you realize you can trade popular Twitter personalities through the new crypto social network: BitClout.
BitClout is the most recent addition to the blockchain craze that has been getting pumped, along with NFT's, by tech billionaires. Getting dubbed as "The Crypto Network", BitClout says it allows users to “speculate on people and posts with real money, and it’s built from the ground up as its own custom blockchain.” The platform says its structure is similar to that of Bitcoin, though it also has elements of a social media feed like posts, follows, and individual user profiles.
Basically, the site allows users to buy and trade tokens based on the value of someone’s reputation. Every profile on the platform gets its own “creator coin,” with the price of the coins fluctuating based on buying and selling on the site. If you think the coin will increase in value, then you buy early. If Dave Portnoy has a coin and becomes president, that Portnoy coin will go to the moon.
“The core insight behind BitClout is that if you can mix speculation and content together, you can not only get a 10x product that creates innovative ways for creators to monetize, but you also get a new business model that’s not ad-driven anymore,” BitClout’s lead creator, who goes by Diamondhands, told CoinDesk in a phone call.
Diamondhands, told CoinDesk last month that several major investors, including Andreessen Horowitz, Social Capital, and Coinbase Ventures, are involved in the project. I'm skeptical, but these power players give BitClout legitimacy as it tries to disrupt the social media and blockchain name.
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