As many of you may know, cryptocurrencies are no longer confined to the domain of payments. Today, many developers have come up with novel uses for the blockchain, including social media sharing, distribution of news etc. In the same vein, Clout has been made to serve as a blockchain based platform that promotes the use of cryptocurrencies, but at the same time provides its users with quality news, information from all over the globe. Basically put, this platform tries to bring together the world of social media with that of community interaction and incentives.
What Is Clout Exactly?
According to the official company website, the Clout network has been designed to host a variety of “news articles about the blockchain as well high-potential crypto investments”. However, what really sets Clout apart from other news sharing platforms is its ability to provide users with detailed analysis of various ICO’s ( both current and future ones).
How Does Clout Work?
Clout is designed to be used with two seperate native currencies. One is called the Clout token (ERC223), and the other is its daughter token called CLC. Users who generate, and spread quality content on the network, will receive incentives/remuneration in the form of CLC.
In more detailed terms, we can see that users can procure CLC either by uploading interesting content that has been created by them, or share other quality pieces that have been created by other members on the network. Lastly, there is also an option to earn CLC by ”upvoting” quality posts as well as by leaving quality comments on existing posts.
What really sets apart Clout from its competitors, is the use of its 2nd currency CLC. Clout is the only social platform on the blockchain that rewards both, the content creator and the content sharer. Simply put, each and every member of the Clout family has the potential to receive regular incentives simply through their use of the platform.
Clout + CLC Token
In all, there are a total of 100 Million Clout tokens that have been created to meet current market demands. Out of this figure, 1/10th of the total tokens will be made available to customers during the Initial Coin offering (ICO). In the long run, Clout plans to release an average of one million more tokens per year, for the next five years.
In terms of CLC, we need to understand that these tokens will be generated as a result of users holding on to Clout Coins in their e wallets. Also, for all new users, the number of Clout tokens that one purchases, we will receive the same number of “CLC” tokens free of cost. According to the official company webpage, after the commencement of the ICO, the CLC generation and distribution rate will be lowered.
Is Clout Secure?
In order to maximize security and privacy of all users, Clout tokens have been designed using some of the latest advancements made in the world of cryptography. In addition to this, the company has also used latest token protocols based on the ETH network. Similarly, the platform lies in strict adherence with a more robust and secure ERC223 standard, rather than the conventionally used ERC20 protocol. Infact, Clout is one of the earliest adopters of this technology (thereby proving its commitment to safety and security).
As mentioned previously, ERC223 compliant tokens are more secure and come with the added advantages of being:
- Backwards compatible with all ERC20 functions and contracts
- Increased overall functionality
- Efficient/ faster token transfers
- Ability to take care of multiple forms for all incoming contracts,
- Protection against sending tokens to an incorrect or inappropriate address.
In addition to tall this, ERC223s tokens also come with the capability to ward of quantum attacks (something that ERC20 is incapable of). With all of these features in mind, it is only a matter of time until ERC223 becomes the token standard on the Ethereum blockchain.
How Can I Make An Investment Using Clout?
To become part of the Clout network, users can join the ICO by visiting the official company website. The ICO is scheduled to end soon (on the 17th), and to avail of early bird advantages users should act now. After the commencement of the ICO, tokens will be available for regular purchase via various exchanges.
Last but not least, we noticed that that company’s whitepaper is not accessible at the moment. Hopefully this issue will be rectified soon.
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