If Bitcoin is decentralizing money, BitClout is decentralizing social media. You may have heard about or seen BitClout on your social media feed. BitClout is a decentralized social network created in 2021. The founder of BitClout is only known by their pseudonym, Diamondhands. What BitClout does is that it 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 has come from its users, for the good of society, BitClout, unfortunately, has been receiving tons of criticism.
Allegedly, BitClout uses people’s images to create profiles without their permission. The founder claims it is doing so to ensure imposters cannot create fake accounts of these personalities. (What?) These BitClout accounts are tied to a “coin” whose value rises and falls like any other coin. A user can follow these accounts, such as on Twitter or Instagram. Since a coin is tied to a personality, their public reputation determines the asset their followers can own. Clearer?
Diamondhands states 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.“
The Decentralized Social Media That Is, BitClout
Despite the criticisms, BitClout is no doubt a technological innovation. Its developers and supporters alike believe that it has enormous potential. It provides an innovative way to earn money. Users can buy and sell tokens that represent identities instead of content on this social media.
According to Diamondhands, posts are for short-term use. He states that posts cannot be assets since they are less interesting. Whereas, if you can invest in the creator of the universe, it can be a long-term investment.
It is, without a doubt, powerful to raise the value of somebody’s work. Yet, some people are seeing distasteful aspects.
The profiles already created in the social network without the real person’s permission are regarded as reserved accounts. The people whose accounts are reserved already own a number of coins they have earned without realizing it. These personalities can claim their accounts by tweeting about them. Isn’t that a fantastic way of free promotion?
How You Can Get Inside BitClout
One can open an account in BitClout, regardless of whether or not they are using Twitter. But to activate a pre-designed account, he or she has to tweet details of his or her BitClout account publicly. According to Diamondhands, whose identity has been revealed as Nader El-Naji, this is proof of their account’s legitimacy.
There were 15,000 pre-loaded accounts on BitClout founded on Twitter. The accounts that are not enabled are not marked blue. But although they are not enabled, their primary Twitter content is available on the platform.
Nader El-Naji adds, “The best thing about BitClout is it allows you to be completely anonymous, which many platforms, in general, don’t even allow.”
