Bitclout: Seriously, another useless Twitter social network?

Frankly, if you have spent any time on the networks, you have certainly heard of Bitclout. It's talked about everywhere and the media hype is omnipresent, especially on the English-speaking scene.

So what is BitClout? Why is everyone talking about it? And why is there such controversy around this new decentralized social network? What are their ambitions? And finally, is BitClout just a scam, a pure Ponzi? This is what we will see in this article.

Is this just a new trend or could it be much bigger than we think?

Your turn to judge!

BitClout Overview

You know, sometimes there are hypes and trends that emerge exponentially when it comes to social media. Just yesterday, we were talking about Clubhouse and today, in the cryptosphere, the hype has arisen about BitClout

Because yes, BitClout is above all and above all a social network, which can make you think of Twitter at first glance. In any case, in the main operation which consists of writing short sentences similar to tweets.

That said, the big difference, you guessed it, is that the platform is based on a decentralized protocol and in which we can use a native crypto: Bitclout.

According to the project's white paper, Bitcloud is deployed on its own blockchain (which is also very similar to Bitcoin). The latter is more sophisticated, however, to the extent that such a social network could be set up on this architecture.

So, each node in the network will store a complete copy of all data on the blockchain and anyone can run a node.

What is BitClout cryptocurrency?

The real question is rather why do it? As soon as you register on the network, you can buy BitClout directly by depositing bitcoin. Remember that the price of BitClout doubles every time one million BitClout is sold. This is how the value of crypto increases.

You can do all kinds of things on the platform like buy designer coins.

In fact, assets represent coins which have their own displayed price. They can be purchased directly with bitcloud crypto. And understand that every person who registers on the platform becomes a creator. Automatically, because of his status, he is given his own room. In fact, a profile is above all a designer piece. Also, the more a creator is followed, the more valuable their corner is.

Each profile can keep a percentage of the resales that will be made subsequently. For example, if you create your profile and choose a percentage of 10%; if your coin is purchased for 100 BitClout, then you will have 10BitCloud which will be transferred to your wallet.

Understanding Designer Pieces

But if there is so much enthusiasm for this new social network, it is because there is also a way to earn money with it!

And this is precisely done with designer pieces.

So each profile is inseparable from its corner. So, people buy into profiles that are popular or will become more popular.

The project team had already preloaded Twitter's most influential influencers. So new users could purchase them upon registration. For example, we can find the most expensive coin which is attributed to ElonMusk (No surprise, eh).

Not all profiles are claimed yet, they are then "reserved". To recognize them, there is a clock symbol next to their names.

Those who have been validated have the small validated symbol.

Thus, Chamath Palihapitiya and Justin Sun have already claimed their profiles even if they have not yet posted on the platform. This means that they have nevertheless validated their profiles. We can imagine that if many influencers register and validate their profiles, the platform will take an even more important turn.

This is even the strong point of the platform and the team behind it which has carefully thought out its marketing. As we have seen with previous sensational projects like Hashmask, marketing can have a huge impact on the value of these projects.

Let's take a closer look:

BitCloud's formidable marketing campaign

Already, as we have seen, the fact of having already preloaded (without obviously asking authorization) the names of the biggest influencers was already very well thought out.

If we hear so much about BitClout, it's of course thanks to this storm on Twitter. You know why? In fact, to claim your profile, you have to write a tweet. This is also a very widespread technique in the cryptosphere and you must validate your profile in the same way on Rarible for example (a NFT marketplace).

This is how influential people tweeted and we indirectly advertised the platform.

Moreover, we can also point out the fact of having created profiles without the consent of people. That said, the team can respond that nothing can happen without people validating their accounts.

Ok, but this contributed to the hype because people didn't necessarily know that the profiles were not validated. Many actually believed that there was indeed Elon Musk on the platform. And, should we remind you here of the striking power of Elon Musk regarding the price of certain cryptocurrency? If you don't know, we suggest you find out about the recent price of dogecoin.

Okay, now you see where this hype for Bitclout comes from, a sort of chain reaction fueled by influential people on Twitter.

But is this justified? Is there a reason for this social network or once again, is it simply and purely empty speculation?

So, is BitClout a serious project or one that will die out once the hype passes?

Very clearly, the project is too recent to come forward and say whether it is a truly serious project or a social network which will fall like a bellows once out of the oven.

Yes, because if the social network has no other reason than being a platform similar to Twitter, you might as well stay on Twitter, right?

Some people like C0in Alchemist have suspicions about the development team which would have been largely financed by financiers who would have already largely mined Bitclout to gain a maximum profile from the launch. The new registrants would then have purchased the Bitcloud crypto at a price well above its opening price.

Other people highlight the deceitful side of their marketing technique and the fact of having made people believe (indirectly) that big names in the cryptosphere had registered on the platform.

Moreover, the entrepreneur Al-Naji, founder of Basis and former engineer at Google, filed a complaint against the platform because he did not give his consent for his name to appear on the platform.

That said, there is still one element to take into account. According to the article published on Coindesk, big names in crypto investing financed the project. Among them, we find Sequoia Capital, Andreessen Horowitz, Social Capital, and even Coinbase Ventures. Rumor has it that the platform has raised $165 million.

So, perhaps the controversy will subside and the project will create a reason for existence a posteriori. Everything will depend on how users use it and if the biggest influencers will tweet about it.

Indeed, for a social network to be a hit, it must bring real novelty! Because at the moment, it just looks like a Ponzi scheme platform where people register only to be able to resell their crypto...Nothing else...

If it continues like this, if it remains just a pale copy of Twitter, it will not be enough. Being decentralized is not enough, no... We will have to provide added value and not just copy an already existing social network... Even if we can't be sure of anything! And that maybe BitClout will grow and implement useful features?

Who knows?

And you what do you think?

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