BitClout 2.0 Announced as Next Stock Market for People
Los Angeles, USA, April 26th, 2023, Chainwire
Today, an exciting announcement was made on decentralized social app Diamond that Bitclout 2.0, the highly-anticipated follow-up to 2021’s viral sensation that took the crypto world by storm, has been revealed by the infamous @diamondhands.
Bitclout 2.0 aims to build upon the success of the original by introducing several new products and features, effectively turning reputation into an asset class on par with what NFTs are today.
BitClout 2.0 is expected to launch with a sophisticated airdrop after the DeSo blockchain’s transition to its new Revolution Proof of Stake consensus mechanism is complete. The white paper for BitClout 2.0 can be accessed at bitclout2.deso.com, and the password can be obtained by sending a DM to @bitclout on any DeSo app like Diamond or DeSo Chat Protocol.
Bootstrapping A Stock Market for People
One of the most groundbreaking new products BitClout 2.0 introduces is Creator Coins V2, a reimagined version of the original trading product that sparked thousands of celebrities and influencers to join the platform.
Creator Coins are a new type of asset class introduced by BitClout 1.0 that are tied to the reputation of an individual rather than to a company or commodity, and Creator Coins allow creators, celebrities, influencers, and everyday users to monetize their work in ways never before possible in web2.
Since Creator Coins track the reputation of an individual, if Elon Musk successfully lands the first person on Mars or alternatively go bankrupt, it will affect the price of his Creator Coin.
Creator Coins V2 are fully backward compatible with V1, allowing users to transfer over seamlessly, and will be tradeable on DeSo DEX, the world’s fastest on-chain order-book exchange (showcased by Openfund).
Trading activity on BitClout 2.0 will be incentivized with a new $BITCLOUT token, allowing people to accrue fees through Creator Coin V2 trading activity.
Bitclout 2.0 will reward early adopters through a sophisticated and viral airdrop scheme that takes inspiration from both BitClout 1.0 and from NFT marketplace Blur. BitClout 2.0’s airdrop mechanics will not only drive trading liquidity but also “content liquidity” by compensating the most active creators on the platform.
Creators who post regularly and engage the community will also earn $BITCLOUT tokens through airdrops, adding an innovative new incentive structure for creators never seen on other platforms.
People interested in participating in the $BITCLOUT airdrop can start familiarizing themselves with DeSo apps like Diamond, Openfund, Desofy, or DeSocialWorld, and many more listed on deso.com, before the launch.
BitClout 2.0 will be built on the Decentralized Social Blockchain. According to the BitClout 2.0 white paper, “DeSo is the only blockchain that can support the storage and indexing requirements needed for a decentralized social platform like BitClout 2.0.” This is thanks to DeSo’s vastly-superior content storage costs, which make it finally feasible for apps to extend beyond DeFi to storage-intensive social applications, and much more.
The History of BitClout
In March of 2021, a mysterious password-protected link began to go viral.
The link allowed users to access a new app called BitClout, created by the pseudonymous founder known as @diamondhands. What started as just a white paper and an associated demo quickly evolved into an addictive worldwide phenomenon, thanks to BitClout’s introduction of a novel new concept known as Creator Coins.
BitClout and its concept of Creator Coins were initially so viral and engaging that the early prototype alone attracted organic signups from hundreds of influencers and celebrities.
It also spawned numerous articles about its burgeoning “stock market for people,” including a long-form piece in the New Yorker.
The Next Great Decentralized Social Application
With the launch of Bitclout 2.0, the true power and capabilities of the DeSo Blockchain will be on full display for the world to see.
Already one of the fastest and cheapest layer-1 blockchains on the market, DeSo’s move to Proof of Stake is likely to cement DeSo’s status as the industry leader for developers wanting to build storage-intensive infinite-state applications.
Once completed, DeSo will inch closer to its final form, “The Sovereign Internet” featuring a “Decentralized Web,” enabling developers to deploy censorship-resistant storage-intensive applications at scale from anywhere in the world.
Bitclout 2.0 will likely be the first example of what can be built on DeSo post-Proof of Stake, but it won’t be the last.
Currently, other proposals are circulating, including Bitfair, the first crypto-native sports betting app, and Pseudo, the first decentralized identity marketplace.
Learn more about the DeSo roadmap and what’s next here.
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. It raised $200 million and is backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winklevoss Capital, Pantera, and other blue chip funds.