The barely three weeks old digital currency has already attracted a new project according to an announcement by Ryan Charles, CEO of Yours, a formerly bitcoin based micropayments platform initially designed for Reddit. Charles said in a series of tweets:
“We decided to go full on-chain BCC. Reduces our code size at least 10x. Can run all the product experiments we’ve been dreaming of. We’re going to be the biggest company on BCC in three weeks. We take 20% of revenue. The killer app for Bitcoin lands on Bitcoin Cash.
Won’t need to raise another round. We’ll earn $1 mil by the end of the year. We’ll be a billion dollar company by 2018. The Instagram of internet money. Blocks will get to 32mb before p2p protocol needs to change. 128mb before tough optimizations will need to be made.”
The projections appear to be very optimistic, but the platform is already out. In its current incarnation it seems to be basically medium but with the functionality of adding a paywall at any part of the content. Readers would then need to pay 16 cent or whatever amount to read the rest.
Introducing the alpha Charles says the platform was initially based on bitcoin, but even the then fees of 5 cent were too high, so he spent a year or so working on a layer two payment channels protocol.
By the time he was finished, fees on bitcoin rose to $3, so it became too expensive to open a channel. Making the project unworkable even with second layers, which led him to move to litecoin and now Bitcoin Cash. Then, the article tells us to pay up:
We sort of tried to, but as you can see above it asked us to sign in/up, which we are far too lazy to do as we preferred pondering why they chose litecoin, or now Bitcoin Cash, instead of ethereum and how is this different to a normal paywall when we have to sign up.
One difference seems to be that instead of paying monthly you can just pay per article, but why is that necessarily better from both a reader’s and publisher’s perspective?
If a publisher was able to persuade them to pay up, then they’d probably be able to persuade them to pay monthly too so ensuring some revenue. While from a customer’s perspective, signing up and then having to click pay all the time must be a bit of a hassle.
Without a sing-up requirement, this just click option would have been nice. With the requirement – well, perhaps it will attract millions of users, who knows.
But we might have a good guess as to why they didn’t go with eth. They already have something like it. It’s called Metamask. A browser plugging which doesn’t require any signing in.
However, to integrate MetaMask on a website like trustnodes does require a lot of work. If it can be done at all without requiring a sign-up, in which case we’ll definitely want to try it.
The problem might be how do you know, in a sort of permanent form, that someone did pay, without requiring them to sign up. Because you certainlty don’t want to ask them to pay again if they refresh or whatever.
One potential, but somewhat rough solution, might be the use of IP addresses. Another one may be browser cookings. You could perhaps even ask them to enter a unique name or password without necessarily having to create a full sign-up account.
It’s a low hanging fruit and as the popularity of digital currencies increases something like it is probably just a matter of time, not least because a bitcoin or eth button has been talked for years.
Yours might be one step in that direction, giving Bitcoin Cash some potential utility as the currency now has plenty of capacity to bring back that old meme:
They now brag of pretty low fees and as good as instant transactions with the network currently able to handle micropayments.
Which is seemingly attracting some businesses, like Yours, and might attract others as choices and options now increase between bitcoin, eth, bitcoin cash and other digital currencies.