Bitclout is a social network similar to Twitter, but Bitclout will operate on a decentralized mechanism and allow users to create social tokens on behalf of actual users. BTCL is the official token of the BitClout platform.
On the Bitclout platform, Influencers can create Creator Coins that represent their reputation and value. Conversely, Followers can buy Creator Coins to enjoy privileges and benefits from Influencers.
Highlights of BitClout
It is the combination of decentralized social network and NFT. The NFT tokens are the Creator Coin representing the KOLs and Influencers that the community is following. Anyone can create their own representative NFT token on Bitclout.
However, the value of each NFT will be different based on the support level of the followers (followers).
Basic Information BitClout
- Token Name: BitClout
- Ticker: BTCLT
- Blockchain: updating
- Token Standard: updating
- Contract: updating
- Token Type: Utility
- Total Supply: ~19,000,000 BTCLT
- Circulating Supply: updating
For BTCLT token
According to Diamondhands (Founder of BitClout), there are 2 million BTCLT pre-mined tokens available to founders and investors. Technically, BTCLT has no supply limit.
In the next few years, miners will be able to mine BTCLT. However, for many years to come it will not exceed 500,000 BTCLT. When the supply reaches 19 million BTCLT, the cost of mining will make it difficult to increase the supply.
For Creator Coins
Creator Coin will have a tight supply, usually between 100 and 1,500 coins in existence per Influencer Profile. The number of coins is small because as more and more people buy Creator Coins, its price will increase at an increasingly fast rate. This means that later on, minting 1 more Creator Coins can cost millions of dollars.
BitClout (BTCLT) does not organize a Private sale or IDO, to own BTCLT token and Creator Coin.
Token Release Schedule
Functions of BitClout
For BTCLT token
- Used as a means of payment for Creator Coins.
- Used to fund activities on the platform.
For Creator Coin
- Enjoy the privilege of interacting with influencers.
- Access to “premium” content of influencers.
- Participating in Influencer-generated reward distribution programs.
BitClout Pulse is a combination of Etherscan and CoinGecko will allow investors to track capitalization value and On-chain data on the BitClout platform. Access BitClout Pulse here.
The only information currently available is about the founder, whose pseudonym is Diamondhands.
Diamondhands previously revealed to CoinDesk that the project has had many investors involved, including Andreessen Horowitz (a16z), Social Capital and Coinbase Ventures, Winklevoss Capital, Arrington Capital, Polychain, Pantera, Digital Currency Group, and Huobi. However, this is still a revelation but there is no confirmed information yet.
Despite having a good price start and interaction, BitClout is facing opposition and doubts about the credibility of the BitClout platform because users can buy BTCLT with Bitcoin, but they do not allow transactions to transfer BTCLT vice versa to BTC.
According to information from the project, in the future BitClout will deploy WithdrawBitClout floor that allows investors to convert between Creator Coins and convert back to BTC value when needed by users.
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