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Golden Observation | Decentralized social network BitClout



Recently, Sequoia, Andreesen Horowitz, Social Capital, Coinbase Ventures, Pantera Capital and Reddit co-founder Alexis Ohanian invested in the decentralized social network BitClout, which is by far the most attractive social networking platform in terms of empowering creators, But the project has also sparked a lot of controversy. What is BitClout? BitClout is a new decentralized social network. Through cryptocurrency, users can speculate based on the influence and reputation of network users. Its original purpose is to serve as a unique blockchain with a structure similar to Bitcoin, which can process complex social network data. , has functions such as posts, profiles, fans, and speculation, and its throughput and scale are also greater. The platform mimics the structure and style of Twitter, but has an exchange currency, the CLOUT token, and a currency for users, the creator token, to facilitate reputation-based speculation. After users join the platform, they can purchase CLOUT tokens with BTC. For every million CLOUT tokens sold, its price doubles, keeping the tokens scarce. Users can then use CLOUT to buy and sell Creator Tokens, which essentially represent a persona online. Buying Creator Tokens drives up their price and selling them does the opposite, meaning users can use Creator Tokens as an investment vehicle to speculate on public perception of that individual’s image. In addition to purely speculative functions, BitClout also plans to add more native functions to creator tokens, enhancing the interaction between bloggers and fans through paid content, sponsored posts, bid forwarding, etc. Before going live, BitClout preloaded the top 15,000 famous bloggers on Twitter onto the platform, which means that users can buy and sell their creator tokens even if the bloggers themselves have not joined BitClout. To date, nearly $190 million has been locked through the purchase of Creator Tokens, demonstrating a huge public appetite for speculation. In addition to advertising revenue, some critics of the platform worry that monetizing their online personas might mean that bloggers may not be presenting their true personalities, as they interact with fans in specific ways to stimulate buyer demand. Many were unhappy with the lack of permission for the 15,000 profiles preloaded on the platform, and the lack of a mechanism for users to exchange CLOUT tokens back into BTC, both of which recalled the Ponzi scheme of the 2017 ICO bubble. Golden Evening News | List of important news on the evening of November 28: 12:00-21:00 Keywords: USDT total market value, Ethereum 2.0, Bitfinex, Ethereum hash rate, ETC hard fork 1. ETC will be released in 3 hours Thanos hard fork 2. The total market value of USDT has exceeded 19 billion US dollars. 3. Bitfinex will support Ethereum 2.0 migration. 4. The hash rate of Ethereum rose to 277TH/s, close to a record high. 5. Three emails between Satoshi Nakamoto and Bitcoin early developer Hal Finney were made public recently. 6. Cai Qi, Secretary of the Beijing Municipal Party Committee: Develop financial technology and steadily promote the development and utilization of digital currency. 7. Data: Whales holding at least 1,000 BTC sold when the price reached a high. 8. Data: The current total circulation of BTC-anchored coins is 151,100. 9. Yearn will merge with Cover Protocol, a DeFi insurance project. [2020/11/28 22:27:41] Amid all the praise and criticism, BitClout has become one of the most prominent cryptocurrency projects in recent months, inspiring people to think about the role of encryption technology in addition to DeFi what effect. BitClout provides an excellent model of how social interactions can be monetized at scale on a platform as flexible and hugely engaging as Twitter. The inspiration behind BitClout The BitClout team aims to solve the following problems in today's social media: There are currently relatively few new ways for creators to make money. Most developers earn far less than they should on existing platforms. A handful of companies have effectively controlled public opinion. They decide what we see, primarily to maximize advertising revenue, not for the public good. The dominant companies have cut off the third-party developer business. These companies have completely moved the development of all new products and features in-house, which has greatly inhibited product innovation and competition. The inspiration of BitClout comes from an important concept, that is, if financial speculation can be combined with social media in an appropriate way, it will not only produce new products, provide creators with new channels for monetization, but also obtain a new business model that solves many current problems. The problem with social media. Golden Morning News丨Nov. 12 overnight important updates: 21:00-7:00 Keywords: Infura, chain split, V God, USDT additional issuance 1. Infura released a report on Ethereum API service interruption events; 2. BitMEX Research : A chain split occurred in the Bitcoin blockchain; 3. World Economic Forum: Blockchain is the key to sustainable digital finance; 4. The three major US stock indexes closed up and down; blockchain concept stocks generally closed up; 5.Tether 150 million additional USDTs were issued on the TRON network (authorized but not issued); 6. Statistics: Due to hard forks, more than 1 million BCHs flowed into exchanges in the past week; 7. Co-chairman of Bridgewater Fund: Full potential in Bitcoin The government will ban Bitcoin before; 8. V God added the ETH pledge reward rate calculation rules and expects to get rewards slightly lower than the theoretical maximum level; 9. Bitcoin continued to rise, with a daily minimum of 15,525 US dollars and a maximum of 15,979.75 US dollars. [2020/11/12 12:22:55] To achieve this, the BitClout team took inspiration from BTC and Ethereum. These platforms refer to the closed ecosystem, that is, the traditional financial system, and prove that through the platform, anyone can create a more open system, greatly increasing competition and innovation. BTC and Ethereum do not require a data moat to protect. In fact, the more open BTC and Ethereum are, the more people will build projects based on them, and the higher the value of BTC and Ethereum holders will be. These platforms show for the first time that a mainstream platform can also be created based on an open data community, preventing a company from sacrificing the interests of everyone else and benefiting shareholders. The BitClout team came up with the idea that what would happen if the decentralized model of the financial system was applied to decentralized social media? BitClout's Long-Term Potential Today, Facebook or Twitter owns the posts on the platform, not the person who posted them. Therefore, the main beneficiaries are these companies. In contrast, BitClout stores all its data on the public chain, so anyone in the world can run a "node" to publish their own content. Today, operates its own node, focusing on publishing cryptocurrency content. But for other "vertical" content-zce companies, they are also fully capable of entering this market and creating their own content. For example, imagine if ESPN ran a node, delivering the best sports content, or Politico ran a node, publishing the best political content. Moreover, since BitClout is completely open source, these companies can even customize the UI and build unique algorithms to serve specific target customers and rank influencers and posts. This could rapidly change a world in which a few giants control the main sources of information, leaving consumers with thousands of sources to choose from, each with areas of focus. Golden Evening News | List of important news on the evening of October 28: 12:00-21:00 Keywords: MicroStrategy, Grayscale, Bitcoin Network, V God 1. The CEO of MicroStrategy privately holds 17,732 BTCs, and the average purchase price is $9882. 2. MicroStrategy executives say they expect the company to continue buying bitcoin. 3. Grayscale Managing Director: Institutional investors have invested huge amounts of money in Bitcoin, which has driven its price up. 4. Data: Bitcoin network congestion is serious, and the number of unconfirmed transactions exceeds 110,000. 5. People's Digital Network: Privacy computing has become a trend, and blockchain technology can deal with sovereign technology blockade. 6. Tencent's host securely captured a new variant of the WatchBogMiner mining Trojan. 7. V God: I do not expect cryptocurrency to become a unit of account. 8. The Chongqing blockchain financial electronic bill pilot covers more than 300 municipal units. [2020/10/28] In addition, because all data is stored in a public chain, anyone with an engineer can provide a social media experience and compete with existing companies. Existing content-zce publishers can launch social applications and provide social experience as their core business. Compared with industry giants, start-ups can innovate in a relatively fair way for the first time. In contrast, building a competitive social app today typically requires a data moat of 1 billion users. In addition, if anyone runs a node to display their content, the data will also be sent to the public data pool, including personal data, posts, followers, etc., all stored on the public blockchain. Posts or "likes" on ESPN nodes can appear in Politico's content. Posts published in China can appear in content-zce on US nodes, and vice versa. Every time a node is run, more content-zce is sent to the public data pool and stored in the blockchain, which makes every node on the network more powerful and more attractive to users. In a sense, BitClout can solve the problem of collective action of small publishers. Instead of sending data to a private data pool controlled by a single company, because the interests of the two parties may be inconsistent, the former can now send to public data that no one controls. Pool, never loses interaction rights. Therefore, the data is closely guarded, and the situation of privatization will be changed, and anyone in the world can access and utilize the data without any government intervention. All of this gives creators unprecedented opportunities to reach and connect with fans more directly than existing platforms. But connecting with fans is only about one aspect, the other is monetization. Jinse Finance live report 360 official personnel: The EOS problem was discovered half a month ago: Jine Finance live report, at today’s 360 media meeting, 360 official staff Zheng Wenbin said, “The EOS problem was discovered half a month ago, It’s just that only loopholes were found at that time, and no code problems in super nodes were found. It took about a week to prove that the loopholes can be exploited before releasing relevant news today.” [2018/5/29] Creator coins have changed It has opened up the way for creators to make money on the Internet, but the BitClout team told us that this is just the beginning. Because BitClout is an open source protocol with monetization at its core, anyone in the world can experiment with new ways to monetize creators. For example, suppose a large creator wants to offer premium content-zce through a monthly subscription. All it takes is one person on the Internet to set up this feature, and the entire BitClout user base can use it immediately. The same goes for other features, like inboxes, where creators can retweet posts or reply to fan messages and get paid. This also applies to other aspects, such as detecting harmful content-zce or cleaning spam, the best machine learning researchers in the world can build solutions that make full data accessible everywhere without asking for permission. Fundamentally speaking, through the BitClout protocol, the world can collaborate to create content, and we believe that in the end this will create more ways to unleash the true potential of creators and promote competition and innovation in social media. In addition, since BitClout focuses on monetization, it means that it can be used to rate content-zce more effectively. For example, one of the first experiments BitClout developers tried was to rate comments based on the value of the commenter's token. Surprisingly, this extremely simple rating mechanism has achieved some results and is able to compete with centralized platforms. The developers believe that for bloggers, ranking information by currency price will help significantly reduce spam, which is also a unique advantage of BitClout, and this is just the beginning. Imagine what new features can be produced after the whole world starts to support BitClout. How does BitClout work? BitClout launches unique tokens based on popular bloggers on Twitter, and allows users to speculate through tokens, effectively monetizing bloggers' reputation and influence. Golden Finance Live Report, Qifu Capital Investment Director Lan Hongming: At present, there are four types of industries that are suitable for being transformed by blockchain According to the chain application and innovation forum, the implementation of blockchain technology requires suitable scenarios and the use of warrants in order to achieve the possibility of success. At present, there are four types of industries suitable for being transformed by the blockchain, a large number of C-end industries, industries with innovative models, industries with online business, and industries full of industry monopoly. [2018/4/10] The picture above shows a BitClout data sample. BitClout imitates the social experience of Twitter. The content-zce is composed of small posts. These posts are called clouts instead of tweets. Users can like, reply, share or forward clouts. At the heart of the network is the BitClout Token, or CLOUT for short, which users can purchase in the BitClout app using BTC. For every million CLOUT tokens sold, the token price doubles, creating a scarcity of tokens that limits the total supply to between 10 million and 19 million tokens. In addition to CLOUT tokens, each user profile has a unique token called Creator Coin. Essentially, these tokens are used to realize the influence of personal images on social platforms. Users can buy or sell any creator tokens. The price of the tokens rises with the increase of purchases and decreases with the increase of sales. When the user buys, the system will mint the creator currency. When the user intends to sell, the system will use the lock value to buy back from the user and destroy the token.


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