May 4, 2020 18:30 UTC
May 4, 2020 at 18:30 UTC
Block.one Awarded A Patent For A Blockchain-Based Bidding System
Block.one, the organization behind the EOSIO protocol (EOS), has been granted a patent for a DLT-based bidding system for promotional exposure attached to well-known social media posts.
The US Patent and Trademark office affirmed the patent on April 28. Block.one recorded with the workplace during May 2019.
The patent, that Block.one portrays as intends to boost positive feedback commitments among a social media network, depicts a framework where bidders can contend to have their profile shown in a prime situation on trending posts.
The filing reads –
“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.”
Patented Framework Adapts Each Social Media Post
The filing depicts the system as –
“A computer-implemented method for bidding on a post in a social media platform where a first hash value of origin content [is stored] on a blockchain.”
While indicating to boost positive feedback, the system possibly adapts each and every post delivered on a social media network for both the system’s administrators as well as the content creators.
The system works by first confirming the authenticity of a post’s content utilizing blockchain technology — with hashes relating to all post information being put away on a conveyed record.
Bidders will utilize tokens issued by the platform itself. Funds produced through bidding will be circulated to the post’s creator, the past higher bidder, and the platform’s heads.
Patented Framework Anticipated To Be Implemented On Voice
The patent will probably be implemented on Voice, Block.one’s social media network, the same number of similarities exist between the bidding network depicted and the association of information on the platform — with Voice composing hashes relating to present information on a Blockchain, and putting away the real post information on servers.
Amid March, Block.one put $100 million in real money and $50 million in intellectual property into Voice. The investment was expected to give Voice the assets to work autonomously of Block.One.