BitClout is a decentralized social network created on 18 January 2021. The founder of BitClout is pseudonymously known as Diamondhands. What it does is tokenizes notable Twitter personalities who are related to the Crypto world. Despite its aim to use the $170 million worth of Bitcoin (most of which have come from its users) for something socially good, BitClout has been receiving massive criticism.
Allegedly, BitClout uses people’s images to create profiles without their permission. The founder claims that it has done so to make sure imposters cannot create fake accounts of these personalities. These BitClout accounts are tied to a “coin” whose value rises and falls just like any other coin. One can follow these accounts just like on Twitter or Instagram. Since a coin is tied to a personality, his/her public reputation determines the asset their followers can own.
Diamondhands says Decrypt, “What you get to do is monetize yourself. All the positive things you put out in the world will cause people to like you and buy your coin. You can monetize pent-up enthusiasm for you, and let fans ride the rocket ship with you.“
BitClout: The Decentralized Social Media
BitClout is indeed a technological innovation. Its developers and supporters believe that this has huge potential. It provides an innovative way of earning money. On this social media, the users can buy and sell tokens that represent identities, not content.
According to Diamondhands, whose identity is no more hidden, posts are for short-term use. He says that posts cannot be assets as they are less interesting. Whereas, if you can invest in the creator of the universe, it can be a long-term investment.
It is no doubt powerful to be able to raise the value of one’s work. Yet, there are people who see distasteful aspects.
The profiles that are already created in the social network without the actual persons’ permission are regarded as reserved accounts. The people whose accounts are reserved already own a number of coins that they have earned without realizing it. These personalities can claim their accounts by twitting about them. Isn’t that a great way of free promotion?
How To Get Inside BitClout?
One can make an account in BitClout regardless of whether or not they are using Twitter. But to activate a predesigned account one has to publicly tweet details of their BitClout account. According to Diamondhands, whose identity has been unveiled as Nader El-Naji, this is proof of the legitimacy of the account.
There were 15000 preloaded accounts on BitClout that were founded on Twitter. The accounts that are not enabled are not marked blue. Though they are not enabled, their primary Twitter content is available on the platform.
Diamondhands or Nader El-Naji says, “The best thing about BitClout is it allows you to be completely anonymous, which many platforms, in general, don’t even allow.”
BitClout’s founder wants to move on to other things now just in the fashion of Satoshi Nakamoto. Some say that he has the ambition to become the next Satoshi. Yet, his identity is not the concern of many. The future of the platform is promising according to its founder as it allows users to exit positions and introduce new experiences. Also, it is going to be an open-source data structure.