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Block.one Awarded Patent for DLT-Based Social Media Bidding System

Block.one, the corporate behind the EOSIO protocol (EOS), has been awarded a patent for a blockchain-based bidding system for promotional publicity tied to widespread social media posts.

The U.S. Patent and Trademark Workplace authorized the patent on April 28. Block.one filed with the workplace throughout Might 2019.

The patent, which Block.one describes as means to incentivize constructive suggestions contributions amongst a social media group, describes a system the place bidders can compete to have their profile displayed in a first-rate place on trending posts.

“A technique that posts obtain affect is thru constructive group suggestions,” the submitting reads. “Though a consumer who creates content material might obtain private acclaim and recognition by means of receiving constructive suggestions, these customers who present the constructive suggestions oftentimes obtain solely restricted publicity.”

Patented system monetizes each social media put up

The submitting describes the system as “a computer-implemented technique for bidding on a put up in a social media platform” the place “a primary hash worth of origin content material [is stored] on a blockchain.”

Whereas purporting to incentivize constructive suggestions, the system doubtlessly monetizes each single put up produced on a social media community for each the community’s operators and content material creators.

The system works by first verifying the authenticity of a put up’s content material utilizing blockchain know-how — with hashes comparable to all put up knowledge being saved on a distributed ledger.

Bidders will use tokens issued by the platform. Funds generated by means of bidding can be distributed to the put up’s creator, the earlier increased bidder, and the platform’s directors.

Patented system anticipated to be applied on Voice

The patent will seemingly be applied on Voice, Block.one’s social media community, as many similarities exist between the bidding system described and the group of information on the platform — with Voice writing hashes pertaining to put up knowledge to a blockchain, and storing the precise put up knowledge on servers.

Throughout March, Block.one invested $100 million in money and $50 million in mental property into Voice. The funding was meant to offer Voice with the assets to function independently of Block.One.

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