BitClout
Can Social Tokens Pave a New Future for Music? BitClout’s Still Banking On It
“It was almost too good to be true,” says Udell, who has worked with artists like Krewella and ZHU. “All these people involved? Really? But then I read the white paper, and I was super inspired.” That white paper described a platform resembling Twitter, where users have profiles and can post, like, comment and share content. Anyone who joins the platform gets a creator coin in their name, the value of which theoretically fluctuates depending on that person’s social standing and how many coins are in circulation. Users can then can buy and sell each other’s coins using the platform’s native cryptocurrency, BitClout. (“If Elon Musk succeeds in landing the first person on Mars, his coin price should theoretically go up” because more users would buy his coin...
What is BitClout and Why Are Electronic Music Artists Flocking in Droves?
Electronic music artists from all walks of life are flocking to BitClout, a new social media platform rooted in the ever-evolving field of blockchain technology. For years, proponents of blockchain have claimed that the technology had the ability to support decentralized social media networks. In this case, decentralized just means that there isn’t one point of failure, such as the private server room owned by a traditional social media company. Instead, the decentralized network is supported by thousands of independent nodes run by consumers from all over the world. To make a long story short, BitClout is one of the first successful applications of blockchain as it relates to social media. And word is getting around fast. A large part of BitClout’s early success is ...
‘NFTs for People’: BitClout Sells Coins Based on Celebs Without Their Permission
In a FAQ published on the site before it was taken down Friday afternoon — due to “overwhelming support,” a note on the now-empty website states — BitClout describes itself as a social network that allows users to “speculate on people and posts with real money.” BitClout claims to be a fully open-sourced project that built a custom blockchain using architecture comparable to Bitcoin with “no company behind it” that will allow users to purchase a new asset class called “Creator Coins” for accounts on the site, which includes celebrities, musicians, and influencers. “They were on there mostly without their permission,” a source tells Billboard. Current users can buy and sell coins that will increase and decrease in value depending on the “social clout” of the user the coin is based on, or ho...
