Project Spotlight: BitClout
BitClout (CLOUT) is a blockchain-based social media project that “mixes speculation and social media.”
BitClout (CLOUT) is a blockchain-based social media project that “mixes speculation and social media.” People make short posts that show up in a cultivated timeline, much like Twitter. Each account on the platform has a Creator Coin, a coin that you can buy or sell that works on a yield curve to determine its value. Creators can set a percentage of their coin to keep from all transactions. The goal of BitClout is to create an asset class which is tied to the reputation of an individual directly. Some of the features released, or planned for release, revolve around exclusive access to holders of coins; the company has considered Stakeholder Meetings, Premium Messages, Sponsored Posts, and Premium Content.
One of the most exciting parts of BitClout is the community that has sprung up around it. The home page has a list of major projects, all of which trade directly on BitClout and are available to invest in from the moment they launch. The top project is BitClout Pulse, a BitClout analytics company describing themselves as “Bloomberg for BitClout.”
BitClout launched in March 2021 with much of the staff being entirely anonymous – the CEO is simply known as “Diamond Hands.” The project has raised funding from many of the top tech investors, like Sequoia Capital, Andreessen Horowitz, Coinbase Ventures, and Winklevoss Capital, as well as from individuals such as Chamath Palihapitiya (a confirmed user on the site).