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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.
BitClout is an open source blockchain-based social media platform. BitClout runs on a custom proof of work blockchain, and is a prototype of what can be built on DeSo (short for « Decentralized Social »). BitClout’s founder and primary leader is known pseudonymously as « diamondhands » ; his real name is Nader al-Naji.
Some of the top influencers have already done so on the platform; however, there seems to be no mention of them joining it on other social media sites. Due to this, users have the independence that the incumbents didn’t allow them before and access to a public feed system what is bitcloud with equal footing for everyone. There remains no party that can curate content everyone sees or support the more financially robust, but rather, this is only in the hands of the users themselves. Bitcloud is a decentralized application based on proof of bandwidth.
When a creator gets more popular as more users buy their coin, it gets more expensive to buy denominations of their coin. Creators can also opt in to receive a certain percentage of transactions deposited into their own BitClout wallets so that they continue to benefit from their own success. At launch time, BitClout scraped 15,000 profiles of celebrities from Twitter to create « reserved » accounts in their names.
Crypto social network BitClout arrives with a bevy of high-profile investors — and skeptics
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.
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.
Is Bitcloud a good investment?
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 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.
« A rumor has been going around that BitClout is insecure, » @Bitclout_ tweeted. « Just wanted to say this is untrue full-stop. The dev community completed multiple audits specifically around seed phrase handling prior to launch, and the nodes have been running since last year without issue. » Each action requires users to maintain some BitClout coins in order to pay the gas fees for each action which is recorded on the blockchain. Once the wallet is set up, the next step is to go to the « Buy BitClout » tab on the site. Copy the address under « Send Bitcoin to this address » and go back into the wallet app.
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.
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- This also includes the creator coins every profile has, their BitClout price, etc.
- The concepts explored by others in the social currency space are sound, but this particular execution of it is a high-risk one.
- However, the more hits a website receives, the richer the server becomes, allowing for a sort of perpetual growth and a system in which, theoretically, everyone earns money from everyone else.
- We call these coins “creator coins,” and you can have your own coin too simply by creating a profile.
- Some of the top influencers have already done so on the platform; however, there seems to be no mention of them joining it on other social media sites.
- However, it is questionable how the speculation based on the personalities of the creators is done.
Specialized Cloud Computers run encryption software to distribute Bitcloud and verify all transactions on the payment network. A Masternode is a server connected with the network that performs certain tasks related with PrivateSend, which is what the anonymity feature is called, and gets paid for it. Every now and then, the cryptocurrency community is taken ablaze by a new project that does the rounds.
Profiles for the top 15,000 influencers on Twitter — ranging from Kim Kardashian to Elon Musk — have already been loaded onto the platform for trading, a move that has garnered some backlash. Influencers can claim their profiles and a portion of their creator coin value by tweeting about the platform. HYPEBEAST currently has about 111.6 coins in circulation on BitClout with a coin price of approximately $5,816 USD. To buy these creator coins, users need to purchase their BitClout cryptocurrency, and this can be acquired by only bitcoins. The price of every BitCloud doubles after every million BitClouds are sold.
As mentioned above, users can spend their BitClout coins on creator coins, and this is where everything comes together. We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, https://cryptolisting.org/ cryptocurrency recommendations, and Blockchain technology resources. Lens Protocol is building a blockchain-based open-source social graph to reshape the future of social media in web3. The protocol enables devs to construct social media programs without difficulty.
What Is BitClout? We (Try to) Explain
You can also sell the coins and the profile will buy them back from you, causing the account’s value to go down. Once you have officially created your account, you can choose whether to buy BitClout coins immediately, browse Creator Coins to buy, or update your profile information by claiming a username and avatar image. Even people outside of public figures and celebrities can profit off their own Creator Coins, as well as generate money investing in other accounts. BitClout investor @Sigil told Insider, he invested about $150 Canadian dollars in his BitClout account and made thousands within three days.
It creates a chain reaction, which is why we’re currently seeing a massive hype around the project. In early March 2021, about fifty investors received links to a password-protected website with the BitClout white paper. They were encouraged to explore the site and send the same link to « two or three other ‘trusted contacts' ». Within weeks users were spending millions of dollars per day on the platform. The platform’s founders said they were « completely unprepared », having planned to have a « soft-launch ». Patreon and OnlyFans are two of the most popular platforms which allow users to get premium content from their favorite online figures by paying them.
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Unlike Banks which can require a Credit Check or Social Security Number, Bitcloud doesn’t ask for anything except a smile. A Bitcloud account is completely free & with low transaction fees. Buying bitcloud is similar to using bitcoin kaufen app, which requires setting up an account to buy bitcoins. BitClout Pulse is a service that’s officially not affiliated with the BitClout network. However, it pulls data from the public BitClout blockchain, and it offers a dashboard where users can monitor the performance of various profiles. In early 2019, Nader al-Naji became interested in « mixing investing and social media ».
You Can Buy Your Favorite Person’s Coin
« 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.
What Is BitClout? The Social Media Experiment Sparking Controversy on Twitter
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.