We break down the basics behind BitClout, a decentralized social media platform with massive disruptive potential.
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 due to the platform’s unique financial incentives for both creators and consumers. When creators sign up on BitClout they are assigned their own unique currency called a Creator Coin. An influencer’s success on BitClout is predicated on their ability to create value for the holders of their unique coin. Through the basic laws of supply and demand, consumers and fans speculate on the price of these digital assets based on the incentives offered by the creators to the community.
Since the platform is still in its infancy, there’s not necessarily a clearly defined blueprint for what the ideal Creator Coin incentives should look like, but their potential is vast. Imagine having access to your favorite artist’s music or tickets before they are released, or receiving free limited edition merchandise—all because you held that artist’s unique token. This is just scratching the surface of how Creator Coins could revolutionize influencer culture as we know it.
If you still have qualms about the wind at this trend’s back, check out some of the many electronic music artists embracing this new social media paradigm below. The race to become the first BitClout billionaire starts now.