Block.one Receives Patent for Blockchain Powered Bidding on Social Media Platform
Block.one, which led the creation of the EOSIO covenant (EOS), has been issued a patent for blockchain powered bidding platform for marketing exposure linked to famous social media posts.
Block.one, which filed for patent last May, received the patent on April 28 from the US Patent and Trademark Office.
The patent, which Block.one details as methods to reward positive feedback from social media participants, explains a process where bidders can contend to get their profile exhibited at the top of other trending posts.
The filing reads as follows:
“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.”
The filing explains the system as “a computer-implemented method for bidding on a post in a social media platform” whereby “a first hash value of origin content [is stored] on a blockchain.”
The platform, while intending to incentivize positive response, commercializes all posts made on a social media network for both content creators and operators of the network.
To begin with the platform verifies the originality of a post’s content utilizing blockchain technology, with hashes representing all post info being held on a distributed ledger.
Bidders will utilize tokens given out by the platform. Funds amassed via bidding will be disbursed to the content’s author, the earlier higher bidder, and the administrator of the platform.
The patent will probably be adopted by Voice, social media network operated by Block.one, as several similarities prevail between the bidding platform detailed and the structuring of info on the platform, with Voice generating hashes corresponding to post info on a blockchain and saving the original post info on servers.
In March, Block.one poured $150 million – $100 million in cash and $50 million in intellectual property – into Voice. The investment was aimed at offering Voice with the tools to function on a standalone basis without dependence on Block.One.