Hello, Product Hunt community.
On April 12, 2021, I saw a post from my LinkedIn connection Claudio Viola on how Defi is disrupting the finance industry and how Bitclout (now DeSo) will disrupt the social media industry.
Surprisingly for someone that spends most of his time online, I have never heard of Bitclout before. So at the peak of my curiosity, I visited Bitclout.com (currently one of many nodes on DeSo) and created an account, and in less than a minute, people started buying my coin and my coin price a few hours later was around $40.
In case this is your first time hearing about DeSo or Bitclout:
DeSo, short for "decentralized social," is the first and only blockchain custom-built from the ground up to power and scale a new category of decentralized social applications to one billion users.
Every profile on DeSo has its own coin called creator coin that people can buy and sell, and anyone in the world can run their own DeSo node. Bitclout.com is currently one of many Deso nodes.
After that day, I noticed my coin price stopped increasing. Instead, people were selling my coin, and the price plummeted. At the right-hand side of my account dashboard, there is a section with a list called top creators. The least coin price on the list was around $10k.
How do these people have such a high coin price, and how can I get there? I asked myself. So I started investigating the profiles and every other profile that has a significant coin price.
I discovered that most profiles with high coin prices are well-known people, people/projects with a verified account, or both.
It dawned on me that this is more than just a social media platform. A platform where people are stocks is an investment/trading platform than anything else.
It relates to the ever-green saying that people do business with people they know, like, or trust. Every good investor knows that the surest way to lose money is to invest in a stock without proper due diligence.
That is why I and everyone like me weren't getting significant investment, hence stuck with a low coin price. Also, the high rate of scams on the platform made it even more difficult. Most investors were playing it safe and only investing in profiles they knew or trusted.
We had a big problem, and I wanted to do something about it. So I created a new account called VeriifedForUnverified and started verifying active creators manually and posting their profile details on the feed.
It blew up. The number of verification requests I was getting became too much for one person to handle manually. A few community devs reach out to me to try to convince me to automate it.
My growing startup needs my full attention. I wasn't going to share its time with anything that isn't worth it. So I set up a waitlist page and told myself if I get up to 200 users, I am building it. In a few days, I had up to 300 users on the waitlist.
I met my target, no more excuses. I put a team together, and we built VeriifedCreators.
As DeSo grows, there will be nodes from all over the world with different feeds based on the preference of the node administrator. Anyone can fake an identity. Any scammer can rebrand and become a saint.
VerifiedCreators solves the issue of scams and fake identities for Deso as a decentralized platform. Now, investors have a transparent tool to see the identity of any creator before investing in them.
We believe VeriifedCreators can eradicate the know, like, trust barrier for creators, which will, in turn, increase the amount of investment received by creators and profits by investors.
Win-win for all parties involved.
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