Block.One Awarded Patent For Blockchain-Based Bidding System For Promoting Social Media Posts
Block.One Awarded Patent For Blockchain-Based Bidding System For Promoting Social Media Posts
May 4, 2020
Block.One Awarded Patent For Blockchain-Based Bidding System For Promoting Social Media Posts
Block.One Awarded Patent For Blockchain-Based Bidding System For Promoting Social Media Posts
May 4, 2020

Block.One, the blockchain software publisher, has been awarded a patent for a blockchain-based bidding system for promotional exposure tied to popular social media posts.

It has been reported that the US Patent and Trademark Office approved the patent on April 28, as Block.One filed with the office during May 2019.

However, the patent, which Block.One describes as a means to incentivize positive feedback contributions among a social media community, outlines a system where bidders can compete to have their profile displayed in a prime position on trending posts.

 The filing reads:

“One way that posts achieve influence is through positive community feedback. Although a user who creates content may receive personal acclaim and recognition through receiving positive feedback, those users who provide the positive feedback oftentimes receive only limited exposure.”

Likewise, the filing describes the system as “a computer-implemented method for bidding on a post in a social media platform” where “a first hash value of origin content [is stored] on a blockchain.”

ALSO READ :  MoneyGram Secures Over $11 Million From Ripple Labs

While claiming to incentivize positive feedback, the system potentially monetizes every single post, which produced on a social media network for both the network’s operators and content creators.

It has been analyzed that the system works by first verifying the authenticity of a post’s content by using blockchain technology, with hashes corresponding to all post data being stored on a distributed ledger.

However, bidders will use tokens issued by the platform. Funds generated through bidding will be distributed to the post’s author, the previous higher bidder, and the platform’s administrators.

Also, the patent will probably be implemented on Voice, Block.One’s social media network, as many similarities exist between the bidding system described and the organization of data on the platform, with Voice writing hashes pertaining to post data to a blockchain, and storing the actual post data on servers.

ALSO READ :  Coincurve Co-Founder Says Facial Recognition Could Help Prevent Future Bitcoin Scams That Hit Twitter And YouTube

It has also been analyzed that during March, Block.One invested $100 million in cash and $50 million in intellectual property into Voice.

Thus, the investment was intended to provide Voice with the resources to operate independently of Block.One.

Source: Cointelegraph | Image: Gerben Law Firm


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!