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Friday, March 24, 2017

Social Website Based on Bitcoin Prepares to Soft-Launch With Free Off-Chain Transactions

Social Website Based on Bitcoin Prepares to Soft-Launch With Free Off-Chain Transactions

A new social media website, called Yours, has quietly launched on Bitcoin’s testnet. For Bitcoiners, that might mean within the next few months off-chain, peer-to-peer bitcoin micropayments on a social network. Yours claims to offer an “array of payment models”, which allow content creators to make money.

“Our centerpiece is the purchase model, which is very simple,” explains Mr. Charles, who once worked as Reddit’s cryptocurrency engineer. “Everybody who posts content to Yours – including articles, video, images, audio – can pick a place in their content to put a pay wall.”

Users set the price of their own content. “So, if you write a compelling article with a cliffhanger, you can hide the conclusion behind, say, a ten cent pay wall.”

Yours, as well, will offer a micro-payments wallet. This has proven a controversial technical arena in the Bitcoin universe. In recent years, as increasing amounts of throughput have been introduced to Bitcoin, the cost of transactions have gone up. Tiny transactions are no longer cost-effective on Bitcoin. Yours seeks to repair this. 

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