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News.Bitcoin.com recently spoke with Ryan X Charles – the creator of the social network Yours.org – to find out what’s been happening with the platform that utilizes bitcoin (BCH) for micropayments. Charles says development is going well and the team is working on a slew of new features for its user base. Furthermore, Charles discusses why he thinks using BCH is the way to go rather than creating a native token for the platform. Additionally, the developer discusses the disintermediation of social media giants like Facebook and government regulations towards cryptocurrencies in the future.
Our Product Started Working Really Well with Low Fees and Reliable On-Chain Transactions
News.Bitcoin.com (BC): Can you tell our readers what’s been going on with the social platform Yours since it launched?
Ryan X Charles (RXC): We launched Yours.org on the Bitcoin Cash network last August — When we launched we had a very primitive prototype because it took about a year and a half to actually make micropayments work and at the end of the day what that meant was we had to wait until Bitcoin Cash launched. It didn’t really work well until we had really low fees and reliable on-chain transactions.
So our product started working really well last August and we launched our beta. Since then what we’ve been doing is added a lot of basic features that you would expect to have on a social media app. We had the ability to sign up and write an article with a vote button and a paywall. We didn’t have comments and we didn’t have countless other features that you would expect. So what we’ve been working on is all that stuff and I’d say we have about six more months of work to just finish all the basic features that people want in a social media platform. So, for instance, we only just recently added notifications so that when you earn money or someone comments on one of your posts, the software tells you about it. We have a bunch more features like that we need to finish so that it works as well as the other social media apps that people are familiar with.
BC: What is your opinion of some of the other blockchain social media platforms like Steemit?
RXC: First of all Steemit made their own coin. There’s a philosophical difference here where we just don’t want to make our own token for a lot of reasons. Some of the reasons include that it’s really easy to onboard users if we use the biggest cryptocurrency that works which is bitcoin cash. The users can cash in and cash out as well as get in and out of fiat currency relatively easy. They can even buy things at stores and stuff like that with bitcoin cash at a level that you can’t do with the cryptocurrency Steem, or any other token.
There are also legal reasons — Many of these tokens might be illegal and it depends on what country you live in. All of the properties of tokens are basically strictly worse from a user’s point of view. They don’t care about owning whatever token they just want to send and receive money.
All of those properties are just more desirable on bitcoin cash and furthermore I just think — What is the future people want to see? I think it would be really annoying if in the future every store had its own token. And you gotta have a different token for every app or every platform — there should be one, bitcoin cash that we use for everything. Just internet money and we can use it wherever we want because it’s universally accepted. That is the future Yours is trying to build and we think that’s the most user friendly future.
Instead of having to solve all these problems ourselves we have a very large community – the bitcoin cash community – and we collaborate with others to solve all these problems that we face together.
As far as scaling bitcoin cash, we are working on it, and the whole community is working on it. It’s something that people are researching and developing. So it’s sort of like the network effect — the network effect that we have for bitcoin cash because it’s the biggest blockchain that actually works. So bitcoin cash has always been perfect for us.
BC: How long do you think it will be before social media apps that use cryptocurrency solutions disintermediate the bigger social media platforms like Facebook, Reddit, and Twitter?
RXC: I think we are seeing the very early stages of that right now. What I mean by that is I don’t necessarily think Facebook or Reddit and so on will go away. But I do think that if they are going to survive they will have to change. We are only just at the start of seeing how cryptocurrencies are going to completely change the way the world economy works. When that comes to social media that means advertisements are not going to be the dominant funding mechanism forever. We’re gonna see alternatives come up with concepts like micropayments based on bitcoin cash or maybe other technologies we are seeing today.
I think micropayments or just payments, in general, are some of the most important use cases for users and you can do things that people thought of a while ago but these things were impossible to do until we had a real working micropayment system which bitcoin cash lets us do.
So I’d say from a timing point of view I’d expect within five years these major companies are going to either embrace cryptocurrency in some sense or then they are going to have a problem.
BC: Do you feel cryptocurrencies need to be adopted more before this takes hold of social media?
RXC: The adoption of our platform is very much tied to the adoption of cryptocurrencies as a whole for better or for worse. So it is for the better in a sense that as cryptocurrencies progress, we grow and more users come into the industry, they sort of discover our app. Then they become interested in what Yours is doing. So that’s a good thing that evolves like any emerging industry.
It’s kinda like riding this wave that you ride with other people and it works for all of us. But it’s also for worse in the sense that when the price goes up and down we go up and down with it — so when the market crashed in December until now our traffic and all of our metrics actually went down. Our metrics started going back up again but again that’s the downside because it’s not exclusively good.
BC: How do you feel about the theory that ‘platform coins’ like steem or ethereum might be less regulated in the future than ‘settlement coins’ like bitcoin cash?
RXC: I think that sounds exactly the opposite what I think is going to happen. I don’t think they can really regulate bitcoin cash and if they regulate it it’s gonna be in a way that doesn’t affect the base protocol. I don’t actually think it’s in government’s capacity to do that — I could be wrong about that. It’s regulated in a different way because it’s the businesses that are being regulated not the protocol. So any business that’s a custodian of cryptocurrencies they have to comply with money transmitter regulations and even banking regulations. That’s very different than actually regulating a cryptocurrency and I don’t think these other coins are going to get away from regulations. I think it’s the exact opposite because they do things that are explicitly trying to evade regulatory policies.
They do it in a way that is basically illegal in a lot of places and I think what we will see this year basically the ones that are outright fraudulent they will be charged and in some cases be arrested.
BC: Do you think platforms like Yours will face regulatory scrutiny?
RXC: Basically no because we tried to architect our app in a way that is explicitly unregulated. So we don’t hold our users’ money. It’s just a wallet that users use to send and receive to each other. However, I would say that as we get bigger it does seem like regulations will be inevitable. I don’t know what that will look like exactly but it hopefully won’t be in a way that impacts our product or our users. That’s really tough to say because we are a business and we’re located in San Francisco California, and we’re in the U.S. so we do have to comply with whatever regulations we believe is reasonable. As governments get clued in on this technology they will pass regulatory guidelines down to registered businesses.
What do you think of the Yours social network? Have you tried the platform yet? Let us know your thoughts on this subject in the comments below.
Images via Shutterstock, Yours.org, Pixabay, and Ryan X Charles.
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The post Yours Developer Ryan X Charles Discusses Bitcoin-Powered Social Media appeared first on Bitcoin News.
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On May 10, 2018, the pre-ICO of the new social network Monoreto starts. The project introduces a blockchain, which will help social network users to monetize their content and their interactions with each other. This social network can disrupt the media landscape: any user will be rewarded, and influencers will get more opportunities for development.
The revenue of social networks depends on user data: content, history of actions on the network and their interactions with each other. The developers of the network do not produce those products. They just support the platform, store user data and sell network audience to advertisers.
Although users create content and share their valuable data, they do not receive revenue and even become objects of manipulation. They miss important and interesting information from their friends in their feeds. Instead, they find ads and posts sponsored by brands. Popular authors also promote goods and services explicitly or in a hidden manner. A survey conducted by Harris Insights & Analytics (Harris Poll) shows that in the 16-19 and 20-39 age groups, 74% of people don’t want to see messages from brands in their newsfeeds. Over a half (56%) of users became less active in social networks or completely left services because of excessive advertising.
The social media crisis is obvious: users are disappointed because they do not get what they want, content authors do not receive the fair reward, and advertisers pay for annoying ads, which does not sell.
Monoreto, the next generation social network, introduces an innovative solution. The blockchain technology will help to maintain the process of user interactions. Tokens of the social network will allow conducting transparent and open transactions, bound to usual actions in social networks.
First, the developers of the project care about authors of high-quality content. Posting a good photo and video content will allow users to earn cash rewards along with likes from followers and other people. With one like an author will receive a reward in tokens equal to 5 cents (or more, if a user who view and like the content wants). Monoreto will help bloggers become independent from advertisers, since popularity is something that will also result in a large number of monetized likes. Monoreto also helps foster relations between bloggers and subscribers with less annoying advertising in posts and a more loyal audience. In addition, the platform will implement content verification tools to identify unique content and to reward authors rather than pirates.
The active users are the most important element of social network: they distribute most interesting publications, leave informative and meaningful comments, their opinion is important to authors. Users will be able to rate other content with the help of likes and this will promote their accounts in the newsfeed. In addition, the social network offers a special bonus program for top-donators, contests, online-video competitions with money prizes and other mechanisms to make liking profitable. As a result, users can show their support to authors and projects, and benefit themselves.
There are unique advantages for advertisers. Monoreto allows to distribute an advertising content in a natural environment of the social network and influences its popularity. On Monoreto, not only the most liked accounts get to top, but also the accounts of users supporting interesting projects (top donators). By liking quality content of other users, a business account itself climbs upwards on Monoreto’s smart feed and gives information to potential consumers through their content. A business owner thereby gets a real return on advertising investment and his money ends up going to his favorite photographer, blogger, actor, or even another business he decides to support instead of to some advertising intermediary.
To start a crowdfunding campaign, the team launches MNR app token under the ERC-20 standard with a limited release. Distribution of tokens will be done by a smart contract. Raised funds will be used to launch the platform and to develop it further, as well as to finance advertising and marketing, and to maintain the platform’s operation.
The distribution campaign for MNR ERC-20 tokens pre-ICO starts on May 10, 2018 and continues to June 10, 2018. During the pre-ICO, 6% of tokens will be sold with a 50% discount of the ICO price excluding ICO discounts (2.5 cents).
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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One of China’s top social networking sites announced Monday that it will no longer be censoring content related to gay issues after the plan triggered a loud public outcry. Weibo.com was flooded over the weekend with the hashtags “#I’mGay” and “#I’mGayNotaPervert” after the Twitter-like platform said that cartoons and…
There’s a new website bitcoin cash proponents are chatting about called Memo. It’s an on-chain social network built on the Bitcoin Cash network. The creator of Memo says the platform is both a protocol and a front-end application that uses the BCH chain to store written data.
An On-Chain Social Network Built on the Bitcoin Cash Blockchain Called Memo
On April 15 a new on-chain social network was launched for the Bitcoin Cash blockchain called Memo. The platform allows users to create a profile which is tied to a specific BCH address and a public/private key pair. Users can then tether certain data using the program such as a website URL, a quote, or a certain date which is hashed into the BCH chain using an OP_RETURN transaction.
“I’m happy to announce the launch of Memo, an on-chain social network built on Bitcoin Cash — Memo is both a protocol and a front-end application,” explains the developer of Memo. “The protocol works by writing transactions to the Bitcoin Cash blockchain. Client applications can read these transactions to see the activity on the network.”
With current social networks, users do not control their data and can have their accounts removed without reason — The blockchain is more than an uncensorable way to send money, it’s an uncensorable way to store data — Memo is an experiment leveraging the blockchain’s data storing capabilities.
A Censorship Free and Immutable Environment
Using Memo is pretty straightforward as all a user has to do is create a username and password which is then tied to a specific key pair with an address. The user’s address can be seen on any blockchain explorer and you need to load up the address with BCH in order to utilize the platform’s features.
It doesn’t take much, as writing a memo or interacting with others on Memo costs less than a penny. In order to trial the Memo application we just loaded up $ 1 USD worth of BCH to get started. This allows you to follow specific profiles which will create a feed for you at the bottom of the screen.
Creating a memo is very simple as you just write or copy and paste the text into the dialogue box, and then enter the password tethered to your profile. After that, the memo can be seen by everyone using the platform and the data is tied to a transaction. Users will receive the ‘memo’ if they are following the profile who shared it, and they can also “like” and tip the memo as well. This means if you like what the user shared you can add BCH to their profile which is essentially tied to the user’s key pair. If a user collects a good amount of tips from their followers then they can withdraw the funds by utilizing the “export key” button. A short URL of this article has been stored in the BCH chain and can be found at this address here.
Users of Memo should take into consideration that the application is still in its alpha-testing period. This means you probably shouldn’t add too much BCH to the account until the developer releases a stable platform. Right now Memo is getting a lot of use from the public today, and the developers say the “Memo server has been under extreme load.” The website also states that Memo is highly experimental at the moment, and gives everyone a risk disclaimer to accept before using the protocol.
“You acknowledge that you are using an application that is in alpha testing, that your account could be wiped at any time, and that memo takes no responsibility for your account or keys,” explains the Memo development team’s disclaimer.
Another Cool Application Returns to Bitcoin
There’s already a lot of people to follow on the platform and some of them are cryptocurrency luminaries but it’s hard to tell if the person is who they say they are. There’s a bunch of funny comments so far and people adding links to Satoshi’s white paper. Memo is just another addition to the insurgence of applications now being trialed on the Bitcoin Cash network that were once considered ‘killer apps’ by the bitcoin community in the early days, before such ambitions were effectively killed by Bitcoin Core’s high fees.
What do you think about the Memo application? Let us know what you think about this new platform in the comments below.
Disclaimer: Bitcoin.com does not endorse this product/service. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Images via Shutterstock, Memo, and Jamie Redman.
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The post Meet Memo: An On-Chain Social Network Built on Bitcoin Cash appeared first on Bitcoin News.
Dear Liz: I am married and six months away from my full retirement age, which is 66. I have not filed yet. My wife started collecting Social Security at 62 but does not get very much. We are both in excellent health and have longevity in the genes. We don’t own a home. I have around $ 960,000 in…
A social worker worried about the welfare of the Hart family called 911 in Washington state the same day the family’s SUV plunged off a cliff in California. The Department of Social and Health Services employee told dispatchers in the March 26 call that she was requesting a welfare check…
South Korean cryptocurrency exchange Bithumb is launching a P2P payment platform for social media including social networking sites and blogs. The exchange is also preparing to sell 12,500 kinds of mobile vouchers from 600 brands.
Social Media Crypto Payment System
The second largest crypto exchange in South Korea, Bithumb, recently announced that it is launching a “social media optimization payment platform.” Tentatively called SNS Pay, this P2P platform supports payments on social media including social networking sites (SNS) and blogs, the exchange detailed, adding that:
SNS Pay is a service that integrates support for sharing, billing, and marketing products registered on social media. In particular, [we are] implementing a system to allow payments with the same UI/UX and social media.
Bithumb explained that customers can use its new platform to buy goods that are popular on social media without having to search for an online store that sells the products. “By utilizing SNS Pay [for] shopping on social media, the conversion rate leading to the actual purchase is expected to be significantly improved,” a Bithumb official said, adding that “SNS Pay increases the payment convenience to lower transaction costs.”
South Korea is among the countries with the highest proportion of active social media users. Its current population is 51,118,262 as of March 31, based on the latest United Nations’ estimate. According to data from Statista, 84% of the population are active social media users as of the third quarter of last year, with almost 43 million people actively using Kakao Talk in the second quarter of last year.
Partnership with Wincube Marketing
Last week, Bithumb also announced that it has formed a strategic partnership with Wincube Marketing, a Korean e-commerce site offering coupon services.
“Under the partnership with Wincube Marketing, Bithumb will sell 12,500 kinds of mobile vouchers from 600 brands through gift certificates,” the exchange wrote, adding that customers can use their cryptocurrencies held at the exchange or Korean won to purchase gift certificates and gifts. Bithumb currently offers trading of 15 cryptocurrencies: bitcoin, ripple, ether, eos, icon, qtum, tron, ethereum classic, vechain, bitcoin cash, litecoin, bitcoin gold, monero, dash, and zcash. The exchange elaborated:
Cryptocurrency is now out of the investment vehicle only [phase]. [It] started to play a function of real money.
What do you think of Bithumb’s social media payment system and partnership to sell gift vouchers? Let us know in the comments section below.
Images courtesy of Shutterstock and Bithumb.
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At the moment, there are a few bitcoin cash (BCH) based tipping bots allowing the transfer of micropayments between Reddit users, Twitter feeds, and Telegram conversations. Over the past few months, the BCH community has been utilizing two micro-tipping bots that can transfer BCH on all three of these platforms.
Tippr the Bot That is Spreading Bitcoin Cash Across Reddit and Twitter
The bitcoin cash community likes to spread adoption, and these days they have been using tools that help spread the use of BCH across the internet and even over SMS (Short Message Service) as the currency can be sent as a text message. A few months ago there was an application called Cash Tipper that allowed Reddit users to tip each other BCH but the platform has since gone offline. Following that tipping platform, a new bot called Tippr that BCH proponents can use on both Reddit and Twitter platforms.
The tipping bot Tippr has distributed thousands in BCH since its creation on both platforms. According to Tippr statistics, the bot currently has 11,810 users who have sent 25,576 tips just on Reddit worth $ 85,261 (59.9 BCH). Users like ‘Asicshack’ are very generous as the Reddit user has given away $ 7,582 in BCH to fellow users. The top eight largest tippers have spent well over $ 2K per individual. On the receiving end, some users in the bitcoin cash community have reaped the benefits of Tippr’s services. For instance, the lead developer of Bitcoin ABC, Amaury Séchet (Deadalnix) has received over $ 2,300 worth of BCH.
Tip People on Telegram With TipmeBCH
Another platform, Telegram, is one of the most popular instant messaging applications worldwide, and just recently the platform announced the accumulation of 200 million active monthly users. A large portion of users on Telegram are cryptocurrency proponents and there’s a wide array of different digital currency channels and groups. Further, there are many tools on Telegram that crypto-enthusiasts use on the platform to get news bots and automated Twitter and Reddit feeds. One unique tool on Telegram is the app ‘Tip me BCH’ an in-line bot that enables Telegram users the ability to tip each other bitcoin cash.
The developer Andreas Brekken created ‘Tip me BCH’ so users can tip friends and random Telegram users pennies or even dollars worth of BCH. The bot works very well on the instant messaging application and the bot offers a list of commands like “deposit,” “tipbch,” “balance,” and more. Brekken details that users should only keep a small amount of funds on the bot as there could be a loss of BCH if there happened to be a bug. The ‘Tip me BCH’ codebase is available on Github for review. Brekken states on the repo that the software is “highly experimental and may lead to loss of funds.”
So far both ‘Tip me BCH’ and Tippr has been welcomed by the BCH community and the applications are getting their fair share of users. Bitcoin cash proponents believe platforms like these will definitely spread adoption by showing how cheap and easy it is to send BCH.
What do you think about Tipme BCH and Tippr? Let us know what you think about these apps in the comments below.
Images via Tippr, Shutterstock, and TipmeBCH
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Feel out of sync with 9-to-5 life? You’re not alone: A massive study of college students shows that 60% take classes at hours conflicting with their schedules, causing them to suffer academically, phys.org reports. Published in Scientific Reports , the study of nearly 15,000 students at UC Berkeley and…