Block.one has patented the monetization of each post on a social network using tokenized offers and blockchain-based analytics to determine the originality of a post. Block.one, the company behind the EOSIO (EOS) protocol, has received a patent for a blockchain-based bidding system for promotional exposure linked to popular social media posts.
The US Patent and Trademark Office approved the patent on April 28. Block.one filed with the office during May 2019. The patent, which Block.one describes as a means of incentivizing positive feedback contributions among a social media community. It describes a system in which bidders can compete to have their profile displayed in a prime position in trending posts.
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Social networks on blockchain
“One way that posts gain influence is through positive feedback from the community,” the filing reads. “While a user who creates content may receive personal recognition from receiving positive feedback, those users who provide positive feedback often receive limited exposure.”
The filing describes the system as “a computer-implemented method for bidding on a post on a social media platform” where “a first source content hash value [is stored] on a blockchain.” While intended to incentivize positive feedback, the system potentially monetizes each post produced on a social network for the network operators and content creators.
The system works by first verifying the authenticity of the content of a post using blockchain technology. With hashes corresponding to all the data of the publication that is stored in a distributed ledger. Bidders will use token usage issued by the platform. The funds generated through the offers will be distributed to the author of the publication, the previous highest bidder and the administrators of the platform.
The patent is likely to be implemented on Voice, the Block one social media network. Since there are many similarities between the described tender system and the organization of the data on the platform, with voice writing hashes related to the publication of data. During March, Block.one invested $ 100 million in cash and $ 50 million in intellectual property in Voice. The investment was intended to provide Voice with the resources to operate independently of Block.One.
