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{{Distinguish|Bitcloud}}
{{Distinguish|Bitcloud}}
{{Redirect|DeSo|3=Deso (disambiguation)}}
{{Redirect|DeSo|3=Deso (disambiguation)}}{{Confusing|date=January 2022}}{{Short description|Blockchain-based social media app}}
{{Multiple issues|{{unreliable sources|date=July 2021}}
{{Confusing|date=January 2022}}
{{Original research|date=January 2022}}}}
{{Short description|Blockchain-based social media app}}
{{Infobox cryptocurrency
{{Infobox cryptocurrency
| image_1 = Bitclout logo.jpg
| image_1 = Bitclout logo.jpg
| white_paper = {{URL|https://bitcloutwhitepaper.com}} ([https://web.archive.org/web/20210324220549/https://bitclout.com/one_pager.pdf archive])
| white_paper = {{URL|https://bitcloutwhitepaper.com}} ([https://web.archive.org/web/20210324220549/https://bitclout.com/one_pager.pdf archive])
| initial_release_date = March 2021
| initial_release_date = {{start date and age|2021|3}}
| code_repository = https://github.com/bitclout/core
| code_repository = https://github.com/bitclout/core
| author =
| author =
| source_model = Open source
| source_model = Open source
| license = [[MIT license]] ({{URL|https://github.com/bitclout/core/blob/main/LICENSE}})
| license = [[MIT license]]<ref>{{cite web|url = https://github.com/bitclout/core/blob/main/LICENSE|title = core/LICENSE at main · deso-protocol/core · GitHub|website=GitHub}}</ref>
| website = {{URL|https://bitclout.com/}}
| website = {{URL|https://bitclout.com/}}
<br> {{URL|https://www.openprosper.com/deso-scan/blocks}}
| block_explorer = {{URL|https://www.openprosper.com/deso-scan/blocks}}
| ledger_start = {{start date and age|2021|1|18|df=y}}
| ledger_start = {{start date and age|2021|1|18|df=y}}
| timestamping = [[Proof of work]]
| timestamping = [[Proof of work]]
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}}
}}


{{Use dmy dates|date=December 2021}}'''BitClout''' is an [[open source]] [[blockchain]]-based [[social media platform]]. On the platform, users can post short-form writings and photos, award money to posts they particularly like by clicking a diamond icon,<ref name=":2">{{Cite magazine |last=Lester |first=Caroline |date=9 June 2021 |title=The Dark, Democratizing Power of the Social-Media Stock Market |url=https://www.newyorker.com/tech/annals-of-technology/the-dark-democratizing-power-of-the-social-media-stock-market |url-status=live |magazine=The New Yorker |language=en-US |access-date=12 June 2021}}</ref> buy and sell "creator coins" (personalized tokens whose value depends on people's reputations),<ref name=":1">{{Cite web|last=Matney|first=Lucas|date=23 March 2021|title=Crypto social network BitClout arrives with a bevy of high-profile investors — and skeptics – TechCrunch|url=https://techcrunch.com/2021/03/22/crypto-social-network-bitclout-arrives-with-a-bevy-of-high-profile-investors-and-skeptics/|url-status=live|archive-url=https://web.archive.org/web/20210323062631/https://techcrunch.com/2021/03/22/crypto-social-network-bitclout-arrives-with-a-bevy-of-high-profile-investors-and-skeptics/|archive-date=23 March 2021|access-date=12 June 2021|publisher=TechCrunch}}</ref><ref>{{Cite web|last=Girling|first=William|date=14 April 2021|title=BitClout creates the first 'social media stock market' {{!}} Financial Services (FinServ)|url=https://fintechmagazine.com/financial-services-finserv/bitclout-creates-first-social-media-stock-market|url-status=live|access-date=12 June 2021|website=FinTech Magazine|language=en}}</ref> and create and sell [[non-fungible tokens]]. BitClout runs on a custom [[proof of work]] blockchain, and is a prototype of what can be built on '''DeSo''' (short for "'''<u>De</u>centralized <u>So</u>cial'''"). BitClout's founder and primary leader is known pseudonymously as "diamondhands"<ref name=":2" /> (slang for a person who holds an investment in a turbulent market); his real name is Nader al-Naji.
{{Use dmy dates|date=December 2021}}'''BitClout''' is an [[open source]] [[blockchain]]-based [[social media platform]]. On the platform, users can post short-form writings and photos, award money to posts they particularly like by clicking a diamond icon,<ref name=":2">{{Cite magazine |last=Lester |first=Caroline |date=9 June 2021 |title=The Dark, Democratizing Power of the Social-Media Stock Market |url=https://www.newyorker.com/tech/annals-of-technology/the-dark-democratizing-power-of-the-social-media-stock-market |url-status=live |magazine=The New Yorker |language=en-US |access-date=12 June 2021}}</ref> as well as buy and sell "creator coins" (personalized tokens whose value depends on people's reputations).<ref name=":1">{{Cite web|last=Matney|first=Lucas|date=23 March 2021|title=Crypto social network BitClout arrives with a bevy of high-profile investors — and skeptics – TechCrunch|url=https://techcrunch.com/2021/03/22/crypto-social-network-bitclout-arrives-with-a-bevy-of-high-profile-investors-and-skeptics/|url-status=live|archive-url=https://web.archive.org/web/20210323062631/https://techcrunch.com/2021/03/22/crypto-social-network-bitclout-arrives-with-a-bevy-of-high-profile-investors-and-skeptics/|archive-date=23 March 2021|access-date=12 June 2021|publisher=TechCrunch}}</ref><ref>{{Cite web|last=Girling|first=William|date=14 April 2021|title=BitClout creates the first 'social media stock market' {{!}} Financial Services (FinServ)|url=https://fintechmagazine.com/financial-services-finserv/bitclout-creates-first-social-media-stock-market|url-status=live|access-date=12 June 2021|website=FinTech Magazine|language=en}}</ref> BitClout runs on a custom [[proof of work]] blockchain, and is a prototype of what can be built on '''DeSo''' (short for "'''<u>De</u>centralized <u>So</u>cial'''"). BitClout's founder and primary leader is known pseudonymously as "diamondhands"<ref name=":2" />; his real name is Nader al-Naji.


Under development since 2019, BitClout's blockchain created its first block in January 2021, and BitClout itself launched publicly in March 2021. The platform launched with 15,000 "reserved" accounts - a move intended to prevent impersonation, but which backfired as some people with reserved accounts tried to actively distance themselves. The supply of BitClout's token was fixed in June 2021. Bitclout is a prototype of what can be built on top of the DeSo blockchain.
Under development since 2019, BitClout's blockchain created its first block in January 2021, and BitClout itself launched publicly in March 2021. The platform launched with 15,000 "reserved" accounts - a move intended to prevent impersonation, but which backfired as some people with reserved accounts tried to actively distance themselves. Later, in September 2021, BitClout was revealed to be a the flagship product of the DeSo blockchain.


== History ==
== History ==
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In early 2019, Nader al-Naji became interested in "mixing investing and social media". He started creating a custom blockchain in May 2019, but didn't tell anyone else until November 2020.<ref name=":4">{{Cite web |last= |date=28 September 2021 |title=Why BitClout's Diamondhands is HODLing to the Moon |url=https://medium.com/sequoia-capital/why-bitclouts-diamondhands-is-hodling-to-the-moon-327a43b5f271 |url-status=live |archive-url=https://web.archive.org/web/20210828175720/https://medium.com/sequoia-capital/why-bitclouts-diamondhands-is-hodling-to-the-moon-327a43b5f271 |archive-date=28 August 2021 |access-date=4 December 2021 |website=Sequoia Capital Publication |language=en}}</ref><ref>{{Cite web |last=Loizos |first=Connie |date=16 November 2021 |title=Lessons from a crypto entrepreneur: A conversation with Nader Al-Naji of BitClout |url=https://social.techcrunch.com/2021/11/16/lessons-from-a-crypto-entrepreneur-a-conversation-with-nader-al-jani/ |access-date=2021-12-04 |website=TechCrunch |language=en-US}}</ref> However, in the fall of 2020, al-Naji pitched BitClout's own investors under his real name and began posting job listings for a "new operation".<ref name=":25" />
In early 2019, Nader al-Naji became interested in "mixing investing and social media". He started creating a custom blockchain in May 2019, but didn't tell anyone else until November 2020.<ref name=":4">{{Cite web |last= |date=28 September 2021 |title=Why BitClout's Diamondhands is HODLing to the Moon |url=https://medium.com/sequoia-capital/why-bitclouts-diamondhands-is-hodling-to-the-moon-327a43b5f271 |url-status=live |archive-url=https://web.archive.org/web/20210828175720/https://medium.com/sequoia-capital/why-bitclouts-diamondhands-is-hodling-to-the-moon-327a43b5f271 |archive-date=28 August 2021 |access-date=4 December 2021 |website=Sequoia Capital Publication |language=en}}</ref><ref>{{Cite web |last=Loizos |first=Connie |date=16 November 2021 |title=Lessons from a crypto entrepreneur: A conversation with Nader Al-Naji of BitClout |url=https://social.techcrunch.com/2021/11/16/lessons-from-a-crypto-entrepreneur-a-conversation-with-nader-al-jani/ |access-date=2021-12-04 |website=TechCrunch |language=en-US}}</ref> However, in the fall of 2020, al-Naji pitched BitClout's own investors under his real name and began posting job listings for a "new operation".<ref name=":25" />


Although BitClout was not originally intended to launch until mid-2021, its development was sped up after "zeitgeist about decentralized social media" and "this [[GameStop short squeeze|news about GameStop]] that ignited a trend towards investing being a more social thing" in January 2021.<ref name=":4" />{{Unreliable source?|date=December 2021}}
Although BitClout was not originally intended to launch until mid-2021, its development was sped up due to "zeitgeist about decentralized social media" in January 2021.<ref name=":4" />{{Unreliable source?|date=December 2021}}


BitClout's first block was mined on 18 January 2021.<ref>{{Cite web|title=Bitclout blockchain explorer {{!}} Cloutangel|url=https://explorer.cloutangel.com/block/0|url-status=live|archive-url=https://web.archive.org/web/20211204232724/https://explorer.cloutangel.com/block/0|archive-date=4 December 2021|access-date=2021-12-04|website=explorer.cloutangel.com}}</ref> Its next block was mined on 1 March 2021;<ref>{{Cite web|title=Bitclout blockchain explorer {{!}} Cloutangel|url=https://explorer.cloutangel.com/block/1|access-date=2021-12-04|website=explorer.cloutangel.com|archive-date=4 December 2021|archive-url=https://web.archive.org/web/20211204234840/https://explorer.cloutangel.com/block/1|url-status=dead}}</ref><ref>{{Cite web|title=The DeSo Block Explorer|url=https://explorer.deso.org/?query-node=https://api.bitclout.com&block-height=1|access-date=2021-12-04|website=explorer.deso.org}}</ref> mining sped up after that point.<ref>{{Cite web|title=Bitclout blockchain explorer {{!}} Cloutangel|url=https://explorer.cloutangel.com/block/10|access-date=2021-12-04|website=explorer.cloutangel.com|archive-date=4 December 2021|archive-url=https://web.archive.org/web/20211204234841/https://explorer.cloutangel.com/block/10|url-status=dead}}</ref><!-- To verify this statement: Note that the *tenth* block (which is *nine* blocks after the first) was also mined on March 1st, the same day that the first block was. By contrast, the gap between the 0th and 1st block was >1 month. ~Duckmather-->
BitClout's first block was mined on 18 January 2021.<ref>{{Cite web|title=Bitclout blockchain explorer {{!}} Cloutangel|url=https://explorer.cloutangel.com/block/0|url-status=live|archive-url=https://web.archive.org/web/20211204232724/https://explorer.cloutangel.com/block/0|archive-date=4 December 2021|access-date=2021-12-04|website=explorer.cloutangel.com}}</ref> Its next block was mined on 1 March 2021.<ref>{{Cite web|title=Bitclout blockchain explorer {{!}} Cloutangel|url=https://explorer.cloutangel.com/block/1|access-date=2021-12-04|website=explorer.cloutangel.com|archive-date=4 December 2021|archive-url=https://web.archive.org/web/20211204234840/https://explorer.cloutangel.com/block/1|url-status=dead}}</ref>
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=== As BitClout (March - September 2021) ===
⚫
In early March 2021, about fifty investors received links to a password-protected website with the BitClout white paper.<ref name=":2" /> They were encouraged to explore the site and send the same link to "two or three other 'trusted contacts'".<ref name=":2" /> Within weeks users were spending millions of dollars per day on the platform.<ref name=":2" /> The platform's founders said they were "completely unprepared", having planned to have a "soft-launch".<ref name=":2" />


⚫
=== As BitClout (March - September 2021) <span class="anchor" id="Controversies"></span> ===
On 24 March 2021, BitClout launched out of [[private beta]].<ref name=":1" /> Investors include [[Sequoia Capital]], [[Andreessen Horowitz]], the venture capital firm [[Social Capital (venture capital)|Social Capital]], [[Coinbase#History|Coinbase Ventures]], [[Winklevoss Capital Management]], [[Alexis Ohanian]], [[Polychain Capital|Polychain]], [[Pantera Capital|Pantera]], and Digital Currency Group ([[CoinDesk]]'s parent company).<ref name=":1" />
⚫
In early March 2021, about fifty investors received links to a password-protected website with the BitClout white paper.<ref name=":2" /> They were encouraged to explore the site and send the same link to "two or three other 'trusted contacts'".<ref name=":2" /> Within weeks users were spending millions of dollars per day on the platform.<ref name=":2" /> The platform's founders said they were "completely unprepared", having planned to have a "soft-launch".<ref name=":2" /> The leader went by the name "diamondhands" on the platform.<ref name=":0" />


On 24 March 2021, BitClout launched out of [[private beta]].<ref name=":1" /> Investors include [[Sequoia Capital]], [[Andreessen Horowitz]], the venture capital firm [[Social Capital (venture capital)|Social Capital]], [[Coinbase#History|Coinbase Ventures]], [[Winklevoss Capital Management]], [[Alexis Ohanian]], [[Polychain Capital|Polychain]], [[Pantera Capital|Pantera]], and Digital Currency Group ([[CoinDesk]]'s parent company).<ref name=":1" /> During its initial launch, BitClout's currency could be bought with bitcoin, but not sold except on Discord servers or Twitter threads.<ref>{{Cite web |last=Seward |first=Zack |date=24 March 2021 |title=The fuss about BitClout |url=https://www.axios.com/bitclout-bitcoin-blockchain-twitter-c83672b9-921f-429c-9922-f1129db0b0ca.html |access-date=2021-06-30 |website=Axios |language=en}}</ref><ref name=":19">{{Cite web |last=Kay |first=Grace |date=17 April 2021 |title=How to use BitClout to bet on the popularity of influencers like Elon Musk on the world's first crypto social network |url=https://www.businessinsider.com/what-is-bitclout-how-to-buy-creator-coins-2021-4 |access-date=28 April 2021 |website=Business Insider |language=en-US}}</ref> A single [[bitcoin wallet]] related to BitClout{{Which|date=July 2021}} received{{How|date=December 2021|title=Is this related to how BitClout was initially funded by VCs?}} more than $165M{{Quantify|date=July 2021}} worth of deposits.<ref name=":1" />
⚫
On 12 June 2021, the supply of BitClout was capped at around 11 million coins. From this point, coin value is determined by [[supply and demand]].<ref name=":2" />

⚫
In March 2021, law firm Anderson Kill P.C. sent Nader al-Naji, the presumed leader of the BitClout platform, a [[cease-and-desist letter]], demanding the removal of Brandon Curtis's account and alleging that BitClout violated sections 1798 and 3344 of the [[California Civil Code]] by using Curtis's name and likeness without his consent.<ref name=":25" /><ref name=":28">{{Cite web |last=Sriram |first=Samyuktha |date=26 March 2021 |title=Controversial Crypto Project BitClout Faces Legal Charges Over Selling Social Tokens Without Users Consent |url=https://finance.yahoo.com/news/controversial-crypto-project-bitclout-faces-233043748.html |access-date=2021-07-23 |website=finance.yahoo.com |language=en-US}}</ref><ref name=":26" /> Curtis also tweeted, "Adopting Bitcoin's aesthetic to raise VC funding to carry out unethical and blatantly illegal schemes like BitClout: not cool".<ref name=":28" /> (However, Curtis's coin, despite not being listed on the official website, can still be bought by users searching for the original username.<ref name=":26" />) Additionally, in April 2021, [[Lee Hsien Loong]] asked for his name and photograph to be removed from the site, stating that he has "nothing to do with the platform" and that "it is misleading and done without [his] permission".<ref>{{Cite web |last=Ang |first=Jolene |date=2021-04-02 |title=PM Lee asks for his name, photo to be removed from BitClout crypto platform that monetises Twitter profiles |url=https://www.straitstimes.com/singapore/pm-lee-hsien-loong-asks-for-his-name-photo-to-be-removed-from-bitclout-cryptocurrency |url-status=live |access-date=2021-06-12 |website=The Straits Times |language=en}}</ref>

On 18 May 2021, diamondhands announced that 100% of the BitClout code went public.<ref>{{Cite web |last=diamondhands |date=18 May 2021 |title=diamondhands on BitClout |url=https://bitclout.com/posts/46684756d5059f842646ff70d2bf5f6a788a0c2f3446ab0c2a19138358612a49 |url-status=live |access-date=18 June 2021 |website=BitClout}}</ref>

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On 12 June 2021, the supply of BitClout was capped at around 11 million coins.<ref name=":2" />


On 18 July 2021, BitClout added the ability for users to mint and purchase [[Non-fungible token|NFTs]] within the platform.<ref>{{Cite web|title=Welcome to BitClout|url=https://bitclout.com/|access-date=2021-08-19|website=BitClout|language=en}}</ref>{{Verify source|date=April 2022}}{{better source needed|date=April 2022}}
On 18 July 2021, BitClout added the ability for users to mint and purchase [[Non-fungible token|NFTs]] within the platform.<ref>{{Cite web|title=Welcome to BitClout|url=https://bitclout.com/|access-date=2021-08-19|website=BitClout|language=en}}</ref>{{Verify source|date=April 2022}}{{better source needed|date=April 2022}}
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=== As part of DeSo (September 2021 - present){{Anchor|As DeSo (September 2021 - present)}} ===
=== As part of DeSo (September 2021 - present){{Anchor|As DeSo (September 2021 - present)}} ===


On 21 September 2021, it was revealed that BitClout was a prototype built on '''DeSo''', short for "Decentralized Social".<ref name=":6">{{Cite web|last=diamondhands|date=21 September 2021|title=diamondhands on BitClout|url=https://bitclout.com/posts/89d2d0d02e1b41254992e1c09d9dd4973ce6b8d33fa33edfbb08d67acc4afc53|url-status=live|access-date=5 October 2021|website=bitclout.com|language=en}}</ref><ref name=":4" /><ref>{{Cite web|date=2021|title=Deso {{!}} The Decentralized Social Blockchain|url=https://www.deso.org/|url-status=live|archive-url=https://web.archive.org/web/20210923115654/https://www.deso.org/|archive-date=23 September 2021|access-date=5 October 2021|website=www.deso.org}}</ref>{{Better source needed|date=October 2021}} As a part of this revelation, diamondhands confirmed his identity as Nader al-Naji.<ref name=":5">{{Cite web|last=LaPorte|first=Nicole|date=2021-09-21|title=BitClout founder 'Diamondhands' reveals himself and explains why social media as we know it is dead|url=https://www.fastcompany.com/90678085/nader-al-naji-creator-bitcloutfuture-social-media-cryptocurrency|access-date=2021-10-05|website=Fast Company|language=en-US}}</ref> The Bitclout project raised $200M in funding, which went to setting up the DeSo Foundation.<ref name=":5" />
On 21 September 2021, it was revealed that BitClout was a prototype built on '''DeSo''', short for "Decentralized Social".<ref name=":6">{{Cite web|last=diamondhands|date=21 September 2021|title=diamondhands on BitClout|url=https://bitclout.com/posts/89d2d0d02e1b41254992e1c09d9dd4973ce6b8d33fa33edfbb08d67acc4afc53|url-status=live|access-date=5 October 2021|website=bitclout.com|language=en}}</ref><ref name=":4" /><ref>{{Cite web|date=2021|title=Deso {{!}} The Decentralized Social Blockchain|url=https://www.deso.org/|url-status=live|archive-url=https://web.archive.org/web/20210923115654/https://www.deso.org/|archive-date=23 September 2021|access-date=5 October 2021|website=www.deso.org}}</ref>{{Better source needed|date=October 2021}} As a part of this revelation, diamondhands confirmed his identity as Nader al-Naji.<ref name=":5">{{Cite web|last=LaPorte|first=Nicole|date=2021-09-21|title=BitClout founder 'Diamondhands' reveals himself and explains why social media as we know it is dead|url=https://www.fastcompany.com/90678085/nader-al-naji-creator-bitcloutfuture-social-media-cryptocurrency|access-date=2021-10-05|website=Fast Company|language=en-US}}</ref> (As early as April 2021, it had been believed that diamondhands indeed that person.<ref name=":25" />)The Bitclout project raised $200M in funding, which went to setting up the DeSo Foundation.<ref name=":5" />


== Overview ==
== Design <span class="anchor" id="Overview"></span> ==
BitClout is a social media platform. Its users can post short-form writings and photos (similarly to [[Twitter]]).<ref name=":2" /> They can award money to posts they particularly like by clicking a diamond icon (similarly to [[Twitch (service)|Twitch Bits]]).<ref name=":2" />
BitClout is a social media platform. Its users can post short-form writings and photos (similarly to [[Twitter]]).<ref name=":2" /> They can award money to posts they particularly like by clicking a diamond icon (similarly to [[Twitch (service)|Twitch Bits]]).<ref name=":2" />


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The prices of each account's "creator coin" goes up and down with the popularity of the celebrity behind it. For example, if someone says something negative, the value of their corresponding account may go down.<ref name=":0">{{Cite web|last=Wieczner|first=Jen|date=12 April 2021|title=The Mysterious Influencer Stock Market Worth $1 Billion|url=https://nymag.com/intelligencer/2021/04/the-mysterious-influencer-stock-market-worth-usd1-billion.html|url-status=live|access-date=28 April 2021|website=Intelligencer|language=en-us}}</ref> This price is computed automatically according to the formula <math>price\_in\_bitclout=.003*creator\_coins\_in\_circulation^2</math>.<ref name=":8">{{Cite web|title=What is BitClout? - The BitClout Guide|url=https://docs.bitclout.com|url-status=live|access-date=23 July 2021}}</ref>{{Better source needed|date=July 2021}}
The prices of each account's "creator coin" goes up and down with the popularity of the celebrity behind it. For example, if someone says something negative, the value of their corresponding account may go down.<ref name=":0">{{Cite web|last=Wieczner|first=Jen|date=12 April 2021|title=The Mysterious Influencer Stock Market Worth $1 Billion|url=https://nymag.com/intelligencer/2021/04/the-mysterious-influencer-stock-market-worth-usd1-billion.html|url-status=live|access-date=28 April 2021|website=Intelligencer|language=en-us}}</ref> This price is computed automatically according to the formula <math>price\_in\_bitclout=.003*creator\_coins\_in\_circulation^2</math>.<ref name=":8">{{Cite web|title=What is BitClout? - The BitClout Guide|url=https://docs.bitclout.com|url-status=live|access-date=23 July 2021}}</ref>{{Better source needed|date=July 2021}}


At launch time, BitClout [[Web scraping|scraped]] 15,000 profiles of celebrities from [[Twitter]] to create "reserved" accounts in their names.<ref name=":1" /><ref name=":25">{{Cite web|last=Wieczner|first=Jen|date=2021-04-12|title=The Mysterious Influencer Stock Market Worth $1 Billion|url=https://nymag.com/intelligencer/2021/04/the-mysterious-influencer-stock-market-worth-usd1-billion.html|access-date=2021-04-22|website=Intelligencer|language=en-us}}</ref><ref>{{Cite news |last=Mittal |first=Apoorva |date=15 April 2021 |title=BitClout aims to be the 'influencer stock market' |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/technology/bitclout-aims-to-be-the-influencer-stock-market/articleshow/82065428.cms |access-date=2021-04-22}}</ref><ref>{{Cite web |last=MacColl |first=Margaux |date=15 April 2021 |title=Top VCs are loving a new crypto market called BitClout which lets them collect, and make money on, influencers like Elon Musk and Brian Armstrong |url=https://www.businessinsider.com/bitclout-lets-you-bet-on-reputations-heres-who-vcs-are-betting-on-2021-4 |access-date=2021-04-22 |website=Business Insider |language=en-US}}</ref> To claim a reserved account, the account holder would need to tweet about it (which also serves as a marketing strategy).<ref name=":25" /> The platform's founder diamondhands states that this was done "to prevent handle squatting and user impersonation".<ref name=":1" /> At least 80{{Quantify|date=July 2021}} such reserved profiles have been claimed.<ref name=":26">{{Cite news|last=Hitt|first=Tarpley|date=2021-04-12|title=The Shady Crypto Startup Selling 'Shares' in Celebs|language=en|work=The Daily Beast|url=https://www.thedailybeast.com/bitclout-is-the-shady-crypto-start-up-selling-shares-in-celebs|access-date=2021-07-23}}</ref>
At launch time, BitClout [[Web scraping|scraped]] 15,000 profiles of celebrities from [[Twitter]] to create "reserved" accounts in their names.<ref name=":1" /><ref name=":25">{{Cite web|last=Wieczner|first=Jen|date=2021-04-12|title=The Mysterious Influencer Stock Market Worth $1 Billion|url=https://nymag.com/intelligencer/2021/04/the-mysterious-influencer-stock-market-worth-usd1-billion.html|access-date=2021-04-22|website=Intelligencer|language=en-us}}</ref><ref>{{Cite news |last=Mittal |first=Apoorva |date=15 April 2021 |title=BitClout aims to be the 'influencer stock market' |work=The Economic Times |url=https://economictimes.indiatimes.com/tech/technology/bitclout-aims-to-be-the-influencer-stock-market/articleshow/82065428.cms |access-date=2021-04-22}}</ref><ref>{{Cite web |last=MacColl |first=Margaux |date=15 April 2021 |title=Top VCs are loving a new crypto market called BitClout which lets them collect, and make money on, influencers like Elon Musk and Brian Armstrong |url=https://www.businessinsider.com/bitclout-lets-you-bet-on-reputations-heres-who-vcs-are-betting-on-2021-4 |access-date=2021-04-22 |website=Business Insider |language=en-US}}</ref> To claim a reserved account, the account holder would need to tweet about it (which also serves as a marketing strategy).<ref name=":25" /> At least 80{{Quantify|date=July 2021}} such reserved profiles have been claimed.<ref name=":26">{{Cite news|last=Hitt|first=Tarpley|date=2021-04-12|title=The Shady Crypto Startup Selling 'Shares' in Celebs|language=en|work=The Daily Beast|url=https://www.thedailybeast.com/bitclout-is-the-shady-crypto-start-up-selling-shares-in-celebs|access-date=2021-07-23}}</ref>


BitClout uses [[proof of work]], but is planning to switch to [[proof of stake]].<ref>{{Cite web |title=BitClout FAQ - The BitClout Guide |url=https://docs.bitclout.com/faq/bitclout-faq |url-status=live |archive-url=https://web.archive.org/web/20220103162716/https://docs.bitclout.com/faq/bitclout-faq |archive-date=3 January 2022 |access-date=30 April 2022 |website=docs.bitclout.com}}</ref>{{Better source needed|date=December 2021}}
BitClout uses [[proof of work]], but is planning to switch to [[proof of stake]].<ref>{{Cite web |title=BitClout FAQ - The BitClout Guide |url=https://docs.bitclout.com/faq/bitclout-faq |url-status=live |archive-url=https://web.archive.org/web/20220103162716/https://docs.bitclout.com/faq/bitclout-faq |archive-date=3 January 2022 |access-date=30 April 2022 |website=docs.bitclout.com}}</ref>{{Better source needed|date=December 2021}}

== Controversies ==
{{Cleanup rewrite|date=December 2021|for neutrality reasons, there should not be a single "Controversies" section. Rather, negative aspects of the subject should be discussed throughout the article|section=yes}}
BitClout's development team made concerted efforts to remain pseudonymous. The leader goes by the name "diamondhands" on the platform.<ref name=":0" /> However, as early as April 2021, it had been widely believed{{By whom|date=June 2021}} that diamondhands is the former Google software engineer Nader al-Naji.<ref name=":25" /><ref name=":2" /> In September 2021, Nader al-Naji interviewed with [[Fast Company]] under his real name, confirming that he is indeed diamondhands.<ref name=":5" />

During its initial launch, BitClout could not be independently mined and the source code was not published, leading to claims of [[decentralization]] being disputed. BitClout coins could only be bought with [[Bitcoin]], but could not be sold on the platform;<ref>{{Cite web |last=Seward |first=Zack |date=24 March 2021 |title=The fuss about BitClout |url=https://www.axios.com/bitclout-bitcoin-blockchain-twitter-c83672b9-921f-429c-9922-f1129db0b0ca.html |access-date=2021-06-30 |website=Axios |language=en}}</ref><ref name=":19" />{{Unreliable source?|date=June 2021|reason=Literally a Twitter post.}} users could only sell on sites like Discord servers or Twitter threads.<ref name=":19">{{Cite web |last=Kay |first=Grace |date=17 April 2021 |title=How to use BitClout to bet on the popularity of influencers like Elon Musk on the world's first crypto social network |url=https://www.businessinsider.com/what-is-bitclout-how-to-buy-creator-coins-2021-4 |url-status=live |access-date=28 April 2021 |website=Business Insider |language=en-US}}</ref> However, on 18 May 2021, diamondhands announced that 100% of the BitClout code went public,<ref>{{Cite web|last=diamondhands|date=18 May 2021|title=diamondhands on BitClout|url=https://bitclout.com/posts/46684756d5059f842646ff70d2bf5f6a788a0c2f3446ab0c2a19138358612a49|url-status=live|access-date=18 June 2021|website=BitClout}}</ref> and the code for BitClout.com became available on [[GitHub]].<ref>{{Cite web|title=bitclout/core|url=https://github.com/bitclout/core|url-status=live|access-date=26 June 2021|website=GitHub}}</ref>{{Clarify|date=December 2021}}

⚫
Some people with reserved accounts have actively tried to distance themselves from the BitClout platform. For example, in March 2021, law firm Anderson Kill P.C. sent Nader al-Naji, the presumed leader of the BitClout platform, a [[cease-and-desist letter]], demanding the removal of Brandon Curtis's account and alleging that BitClout violated sections 1798 and 3344 of the [[California Civil Code]] by using Curtis's name and likeness without his consent.<ref name=":25" /><ref name=":28">{{Cite web |last=Sriram |first=Samyuktha |date=26 March 2021 |title=Controversial Crypto Project BitClout Faces Legal Charges Over Selling Social Tokens Without Users Consent |url=https://finance.yahoo.com/news/controversial-crypto-project-bitclout-faces-233043748.html |access-date=2021-07-23 |website=finance.yahoo.com |language=en-US}}</ref><ref name=":26" /> Curtis also tweeted, "Adopting Bitcoin's aesthetic to raise VC funding to carry out unethical and blatantly illegal schemes like BitClout: not cool".<ref name=":28" /> (However, Curtis's coin, despite not being listed on the official website, can still be bought by users searching for the original username.<ref name=":26" />) Additionally, in April 2021, [[Lee Hsien Loong]] asked for his name and photograph to be removed from the site, stating that he has "nothing to do with the platform" and that "it is misleading and done without [his] permission".<ref>{{Cite web|last=Ang|first=Jolene|date=2021-04-02|title=PM Lee asks for his name, photo to be removed from BitClout crypto platform that monetises Twitter profiles|url=https://www.straitstimes.com/singapore/pm-lee-hsien-loong-asks-for-his-name-photo-to-be-removed-from-bitclout-cryptocurrency|url-status=live|access-date=2021-06-12|website=The Straits Times|language=en}}</ref>

A single [[bitcoin wallet]] related to BitClout{{Which|date=July 2021}} received{{How|date=December 2021|title=Is this related to how BitClout was initially funded by VCs?}} more than $165M{{Quantify|date=July 2021}} worth of deposits.<ref name=":1" />
==References==
==References==
{{Reflist}}
{{Reflist}}

Revision as of 22:23, 16 July 2023

Not to be confused with Bitcloud.
"DeSo" redirects here. For other uses, see Deso (disambiguation).
BitClout
Development
White paperbitcloutwhitepaper.com (archive)
Initial releaseMarch 2021; 3 years ago (2021-03)
Code repositoryhttps://github.com/bitclout/core
Source modelOpen source
LicenseMIT license[1]
Ledger
Ledger start18 January 2021; 3 years ago (2021-01-18)
Timestamping schemeProof of work
Block explorerwww.openprosper.com/deso-scan/blocks
Website
Websitebitclout.com

BitClout is an open source blockchain-based social media platform. On the platform, users can post short-form writings and photos, award money to posts they particularly like by clicking a diamond icon,[2] as well as buy and sell "creator coins" (personalized tokens whose value depends on people's reputations).[3][4] BitClout runs on a custom proof of work blockchain, and is a prototype of what can be built on DeSo (short for "Decentralized Social"). BitClout's founder and primary leader is known pseudonymously as "diamondhands"[2]; his real name is Nader al-Naji.

Under development since 2019, BitClout's blockchain created its first block in January 2021, and BitClout itself launched publicly in March 2021. The platform launched with 15,000 "reserved" accounts - a move intended to prevent impersonation, but which backfired as some people with reserved accounts tried to actively distance themselves. Later, in September 2021, BitClout was revealed to be a the flagship product of the DeSo blockchain.

History

Origins (2019 - March 2021)

In early 2019, Nader al-Naji became interested in "mixing investing and social media". He started creating a custom blockchain in May 2019, but didn't tell anyone else until November 2020.[5][6] However, in the fall of 2020, al-Naji pitched BitClout's own investors under his real name and began posting job listings for a "new operation".[7]

Although BitClout was not originally intended to launch until mid-2021, its development was sped up due to "zeitgeist about decentralized social media" in January 2021.[5][unreliable source?]

BitClout's first block was mined on 18 January 2021.[8] Its next block was mined on 1 March 2021.[9]

As BitClout (March - September 2021)

In early March 2021, about fifty investors received links to a password-protected website with the BitClout white paper.[2] They were encouraged to explore the site and send the same link to "two or three other 'trusted contacts'".[2] Within weeks users were spending millions of dollars per day on the platform.[2] The platform's founders said they were "completely unprepared", having planned to have a "soft-launch".[2] The leader went by the name "diamondhands" on the platform.[10]

On 24 March 2021, BitClout launched out of private beta.[3] Investors include Sequoia Capital, Andreessen Horowitz, the venture capital firm Social Capital, Coinbase Ventures, Winklevoss Capital Management, Alexis Ohanian, Polychain, Pantera, and Digital Currency Group (CoinDesk's parent company).[3] During its initial launch, BitClout's currency could be bought with bitcoin, but not sold except on Discord servers or Twitter threads.[11][12] A single bitcoin wallet related to BitClout[which?] received[how?] more than $165M[quantify] worth of deposits.[3]

In March 2021, law firm Anderson Kill P.C. sent Nader al-Naji, the presumed leader of the BitClout platform, a cease-and-desist letter, demanding the removal of Brandon Curtis's account and alleging that BitClout violated sections 1798 and 3344 of the California Civil Code by using Curtis's name and likeness without his consent.[7][13][14] Curtis also tweeted, "Adopting Bitcoin's aesthetic to raise VC funding to carry out unethical and blatantly illegal schemes like BitClout: not cool".[13] (However, Curtis's coin, despite not being listed on the official website, can still be bought by users searching for the original username.[14]) Additionally, in April 2021, Lee Hsien Loong asked for his name and photograph to be removed from the site, stating that he has "nothing to do with the platform" and that "it is misleading and done without [his] permission".[15]

On 18 May 2021, diamondhands announced that 100% of the BitClout code went public.[16]

On 12 June 2021, the supply of BitClout was capped at around 11 million coins.[2]

On 18 July 2021, BitClout added the ability for users to mint and purchase NFTs within the platform.[17][verification needed][better source needed]

As part of DeSo (September 2021 - present)

On 21 September 2021, it was revealed that BitClout was a prototype built on DeSo, short for "Decentralized Social".[18][5][19][better source needed] As a part of this revelation, diamondhands confirmed his identity as Nader al-Naji.[20] (As early as April 2021, it had been believed that diamondhands indeed that person.[7])The Bitclout project raised $200M in funding, which went to setting up the DeSo Foundation.[20]

Design

BitClout is a social media platform. Its users can post short-form writings and photos (similarly to Twitter).[2] They can award money to posts they particularly like by clicking a diamond icon (similarly to Twitch Bits).[2]

Top: graph of the BitClout creator coin price curve. Bottom: a tabulated version of the same.

The prices of each account's "creator coin" goes up and down with the popularity of the celebrity behind it. For example, if someone says something negative, the value of their corresponding account may go down.[10] This price is computed automatically according to the formula .[21][better source needed]

At launch time, BitClout scraped 15,000 profiles of celebrities from Twitter to create "reserved" accounts in their names.[3][7][22][23] To claim a reserved account, the account holder would need to tweet about it (which also serves as a marketing strategy).[7] At least 80[quantify] such reserved profiles have been claimed.[14]

BitClout uses proof of work, but is planning to switch to proof of stake.[24][better source needed]

References

  1. ^ "core/LICENSE at main · deso-protocol/core · GitHub". GitHub.
  2. ^ a b c d e f g h i Lester, Caroline (9 June 2021). "The Dark, Democratizing Power of the Social-Media Stock Market". The New Yorker. Retrieved 12 June 2021.{{cite magazine}}: CS1 maint: url-status (link)
  3. ^ a b c d e Matney, Lucas (23 March 2021). "Crypto social network BitClout arrives with a bevy of high-profile investors — and skeptics – TechCrunch". TechCrunch. Archived from the original on 23 March 2021. Retrieved 12 June 2021.
  4. ^ Girling, William (14 April 2021). "BitClout creates the first 'social media stock market' | Financial Services (FinServ)". FinTech Magazine. Retrieved 12 June 2021.{{cite web}}: CS1 maint: url-status (link)
  5. ^ a b c "Why BitClout's Diamondhands is HODLing to the Moon". Sequoia Capital Publication. 28 September 2021. Archived from the original on 28 August 2021. Retrieved 4 December 2021.
  6. ^ Loizos, Connie (16 November 2021). "Lessons from a crypto entrepreneur: A conversation with Nader Al-Naji of BitClout". TechCrunch. Retrieved 4 December 2021.
  7. ^ a b c d e Wieczner, Jen (12 April 2021). "The Mysterious Influencer Stock Market Worth $1 Billion". Intelligencer. Retrieved 22 April 2021.
  8. ^ "Bitclout blockchain explorer | Cloutangel". explorer.cloutangel.com. Archived from the original on 4 December 2021. Retrieved 4 December 2021.
  9. ^ "Bitclout blockchain explorer | Cloutangel". explorer.cloutangel.com. Archived from the original on 4 December 2021. Retrieved 4 December 2021.
  10. ^ a b Wieczner, Jen (12 April 2021). "The Mysterious Influencer Stock Market Worth $1 Billion". Intelligencer. Retrieved 28 April 2021.{{cite web}}: CS1 maint: url-status (link)
  11. ^ Seward, Zack (24 March 2021). "The fuss about BitClout". Axios. Retrieved 30 June 2021.
  12. ^ Kay, Grace (17 April 2021). "How to use BitClout to bet on the popularity of influencers like Elon Musk on the world's first crypto social network". Business Insider. Retrieved 28 April 2021.
  13. ^ a b Sriram, Samyuktha (26 March 2021). "Controversial Crypto Project BitClout Faces Legal Charges Over Selling Social Tokens Without Users Consent". finance.yahoo.com. Retrieved 23 July 2021.
  14. ^ a b c Hitt, Tarpley (12 April 2021). "The Shady Crypto Startup Selling 'Shares' in Celebs". The Daily Beast. Retrieved 23 July 2021.
  15. ^ Ang, Jolene (2 April 2021). "PM Lee asks for his name, photo to be removed from BitClout crypto platform that monetises Twitter profiles". The Straits Times. Retrieved 12 June 2021.{{cite web}}: CS1 maint: url-status (link)
  16. ^ diamondhands (18 May 2021). "diamondhands on BitClout". BitClout. Retrieved 18 June 2021.{{cite web}}: CS1 maint: url-status (link)
  17. ^ "Welcome to BitClout". BitClout. Retrieved 19 August 2021.
  18. ^ diamondhands (21 September 2021). "diamondhands on BitClout". bitclout.com. Retrieved 5 October 2021.{{cite web}}: CS1 maint: url-status (link)
  19. ^ "Deso | The Decentralized Social Blockchain". www.deso.org. 2021. Archived from the original on 23 September 2021. Retrieved 5 October 2021.
  20. ^ a b LaPorte, Nicole (21 September 2021). "BitClout founder 'Diamondhands' reveals himself and explains why social media as we know it is dead". Fast Company. Retrieved 5 October 2021.
  21. ^ "What is BitClout? - The BitClout Guide". Retrieved 23 July 2021.{{cite web}}: CS1 maint: url-status (link)
  22. ^ Mittal, Apoorva (15 April 2021). "BitClout aims to be the 'influencer stock market'". The Economic Times. Retrieved 22 April 2021.
  23. ^ MacColl, Margaux (15 April 2021). "Top VCs are loving a new crypto market called BitClout which lets them collect, and make money on, influencers like Elon Musk and Brian Armstrong". Business Insider. Retrieved 22 April 2021.
  24. ^ "BitClout FAQ - The BitClout Guide". docs.bitclout.com. Archived from the original on 3 January 2022. Retrieved 30 April 2022.
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