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Block.one received a patent for a DLT-based social media bidding system

May 4, 2020

Block.one, the company behind the EOSIO (EOS) protocol, has the patent of a Blockchain-based bidding system for the advertising exhibition in connection with publications on popular social networks.

The U.S. Patent and Trademark Office approved the patent on April 28. Block.one appeared in the office in May 2019.

The patent, which Block.one describes as an incentive for positive feedback contributions in a social media community, describes a System in which bidders can compete so that their profile is displayed in a privileged position in trend publications.

Block.one received a patent for a DLT-based social media bidding systemBlock.one received a patent for a DLT-based social media bidding system

“One way in which publications gain influence is the positive feedback from the community,” the recording said. “Although a user who creates content receives personal recognition and recognition through positive feedback, users who give positive feedback often receive only limited exposure.”

The patented system monetizes every post on social media

The system describes the request as “a Computer-implemented method for tendering a publication on a social media platform“A first hash value of the source content is stored in a blockchain.”

Although it intends to encourage positive feedback, The system may monetize every message Created in a social network for network managers and content creators.

The system works Verification first the authenticity of the content of a message using blockchain technology, the hashes corresponding to all message data stored in a distributed data set.

The bidders use tokens issued by the platform. The funds generated by the tender will be distributed to the author of the message, the previous highest bidder and the administrators of the platform.

The patented system is expected to be implemented in Voice

Patent probably for Voice, Block.one social network, because there are many similarities between the bid system described and the organization of data on the platform; With Voice you write hashes that relate to the publication of data in a blockchain and the storage of the actual publication data on the servers.

In March, Block.one invested $ 100 million in cash and $ 50 million in intellectual property in Voice. The investment should provide Voice with the resources to work independently of Block.one.

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