Block.one, a company specializing in providing high-performance blockchain solutions, has recently received a patent for a blockchain-based bidding system corresponding to promotional exposure for social media platforms.
The company had filed the Patent Application with the US Patent and Trademark Office (USPTO) last year in May. The office approved the patent this year on 28th April.
Block.one has described the patent as a means of incentivizing positive feedback contributions among a social media community. It has explained the system as a medium where the bidders can efficiently compete to have their profiles displayed on a prime position in the popular and trending posts.
The Patent Filing has mentioned that social media posts can achieve influence in a lot of ways, one of which is through positive community feedback. It has described the system as a computer-implemented method, which looks forward to bidding on the posts on social media platforms, where the first hash value of the original content would be stored on the Distributed Ledger Technology (DLT). The system could monetize every single social media post on a given platform, that too, for both the operators and the content creators.
The way the system will work effectively is by enabling the bidders to use tokens, which, in turn, will be distributed to the author or creator of the post, the administrators of the platform, and the previous highest bidder in question. The program will most probably make use of Voice, which is Block.one’s own social media network, as there are quite a lot of similarities existing between the bidding system described over here and the organization of the data and related information on the platform – with Voice writing hashes applicable to post data to a blockchain and further storing the actual post data on servers.
This year in March, Block.one invested $50 million in the Intellectual Property (IP) and $100 million in cash into Voice. The reason behind this investment was to provide Voice with all the necessary resources to operate independently of Block.one.