BitClout is a social network platform for trading tokens that represents the identities of real people. Regarding its adoption prospects, Billionaire investor Chamath Palihapitiya is enthusiastic about the project and even compared the platform to that of Bitcoin (BTC) in its early days.
Chamath Palihapitiya Compares Bitclout to Early BTC
On April 24, 2021, a team member of BitClout took to Twitter to unveil its “vision” document for the first time, also revealing that it has changed its node technology design.
Apparently, the node structure of BitClout is now accessible for every crypto enthusiast out there.
The announcement was met with enthusiasm by billionaire venture capitalist Chamath Palihapitiya, claiming that it is when developers adopt that the massive adoption of high-tech projects begins. He even said that if the process continues, the project will be even comparable to BitClout in its early days.
“For BitClout, the process has just begun. If this process continues, it will look like the “very asymmetric one-way bet” Bitcoin (BTC) went through in its early days.”
Distributed, open source products only become relevant through developer adoption. Developers are the early adopters AND the viral marketing.
That seems to have started with bitclout and if it continues, is a very asymmetric one-way bet like Bitcoin was in its earliest days. https://t.co/ZwGuwekg9v
— Chamath Palihapitiya (@chamath) April 23, 2021
Chamath Palihapitiya was among the earliest investors in BitClout with Andreessen Horowitz, Sequoia Capital, and Alexis Ohanian.
Seeing Chamath Palihapitiya’s approval for the project, the crypto community took a different take on the platform.
For instance, VanEck’s director of digital asset strategy, Gabor Gurbacs, pointed out that BitClout monetizes peoples’ identities without authorization:
“They literally stole millions of profiles, use likeness without permission and sell their service based on stolen identities and likeness. The users that are harmed and the California attorney general don’t like this, I can tell you.”
Meanwhile, Billionaire investor Mark Cuban claims that BitClout isn’t social at all:
“The problem is that it’s a social network that isn’t social at all. IMHO, you made an enormous mistake by showing the pricing and requiring people to have coins to participate. People can’t be social. They have to try to do things that increase their value. Big Difference.”
BitClout Is an Open Source Blockchain
Started in March 2021, BitClout describes itself as not a company but rather an “open-source blockchain” working as a social media platform.
Users are given the opportunity to invest money in the social standing of famous individuals, celebrities, and influencers alike. The value of these individuals can be directly affected by their actions wherein positive actions will lead towards price increase and vice versa.