Communism doesn’t work. As no one has to put in the required effort, while all can potentially benefit from work others put in, less and less people do what is needed, or at a reasonable speed and quality.
That’s a problem peer-to-peer sharing has been facing for some time. The only ones really incentivized to share are hackers who hide all sorts of malware in the programs.
Everyone else does it either ideologically or altruistically, something which can’t be maintained for long considering the resources required for sharing are not quite zero.
But what if you could turn this communism into capitalism by paying those that share a small amount of, in this case, Bitcoin Cash?
That’s what JoyStream plans to do with a main-net version to be launched this March that utilizes Bitcoin Cash to make peer to peer payments for peer to peer sharing.
They says they have been working on it since 2014 when “transactions were cheap, confirmation times were low, and low value zero confirmation payments was widely relied upon” in bitcoin.
But as we know, that changed to transactions being expensive, and confirmation times being high, although it all doesn’t seem to be going to plan as the backlog has recently cleared.
They chose Bitcoin Cash because “it was easy for us to update the Bcoin toolkit to work with Bitcoin Cash,” they say. Giving other reasons too such as a large holder base and a commitment to on-chain scalability.
In regards to the Lightning Network (LN), which is still waiting for a GUI wallet, they say “it’s still highly experimental software” and:
“Both the [LN] APIs and the protocol should be expected to keep changing for quite some time. This means we risk having to invest significantly in keeping up with these rapid changes, perhaps involving invasive changes to our protocol.”
So they are keeping it simple with Bitcoin Cash to provide incentivized sharing described on their un-updated website as:
“Anyone with spare bandwith can use JoyStream and earn Bitcoin, at what ever price they choose, in exchange for seeding to peers. If you have some rare content which no one else has, you are rewarded by being able to charge higher prices.”
They’re the latest sign of growing BCH adoption, which has seen its ecosystem continue to expand, gaining pace recently.
With the latest news being that a Japanese company known for its app, which assists some two million downloaders in learning english, announcing today they are to launch a Bitcoin Cash wallet.