Social network Yours to earn bitcoins immediately after launch

in steem •  9 years ago 

The new decentralised social network will use the cryptocurrency to reward content creators and those who help promote the platform. It plans to start generating revenue from its first working day.The users of the platform will be able to send micropayments as little as 0.05 US cents to publishers of interesting content. Furthermore, as Steven McKie, Yours Operations Manager, told BraveNewCoin, early supporters of popular content will get a share from subsequent tips. Thus, not only content creators but also those who upvote the content can earn some bitcoins. Users can also earn money if they post an off-site link to the platform or endorse such a link.Not only payments but also user identities will be decentralised, according to McKie. However, users will be able to control their data and their private keys, enabling them to take their money out of the platform at any point. The company intends to compete for the leading place among similar projects. Says McKie:

“No matter where on the web the content comes from, we want Yours to be the destination for where you come to monetize that content.”

A social network based on similar principle, Steemit, launched in beta version in May, has achieved great suсcess, attracting a large number of customers and bringing its cryptocurrency, Steem, to the third place by market cap in the blockchain ecosystem after bitcoin and Ethereum. However, the creators of Yours are sceptical. Аccording to Ryan X. Charles, the leader of the project,

“Although we are delighted to see blockchain social media a reality, we worry that Steem can’t last. The burden of building not just a community and a technical platform, but also a novel cryptosystem and supporting economy, is extremely high. Security and scaling problems with their blockchain have a smaller team of experts incentivized to solve them, so solutions will come slower. Companies and services such as wallets and exchanges will be fewer in number and less featureful. When they encounter regulatory issues, they will have fewer allies.”

He believes that if a blockchain-based social network is to be built there is no alternative to bitcoin with its powerful ecosystem and a “huge number of open-source contributors and companies.”The company will receive a portion from every payment so it plans to generate revenue “from day 1” of its launch. McKie claims Yours enjoys “overwhelming interest” from investors. It plans to make a decision on funding in the near future and launch the social network later in the year.

Yours is a new decentralized content network that uses bitcoin to reward creators. As the project gets closer to launch, more details have surfaced from the development team, and a new project website has just been revealed.The idea came about a little over a year ago, when project leader Ryan X Charles left Reddit. Charles was employed as the one and only Reddit Cryptocurrency Engineer, where his primary goal was to decentralize the platform.After a pivot and management change, Charles went on to start Yours. “Whether at reddit, Inc., or somewhere else, the technology to create a decentralized reddit is almost entirely in place,” Charles said at the time. “Bitcoin provides the mechanism for p2p payments, and Web RTC, or something similar, provides p2p connections between the users.”


An early technology demonstration of YoursBraveNewCoin caught up with Steven McKie, Yours Operations Manager, to chat about the project. “We think we’ve found a way to make sure you get the best content,” said McKie, “served in a way that is simple, rewarding, and most importantly, fun.”The platform leverages the Lightning Network to send bitcoin micropayments, and an open source bitcoin wallet that Charles created when he worked at Bitpay, shortly before starting at Reddit. “You will be able to send micropayments as little as .05-.10 cents,” McKie explains.McKie described the platform as a fun way for anyone to earn bitcoin, and pointed out that whoever uploads the content will make the most money.Readers of the site are called “curators,” and in order to encourage them to tip small amounts of bitcoin for their favorite content, the users who upvoted the best content get a cut from subsequent tips. Another way users can earn is from off-site links to Yours, called 'endorsements.' "Users of the platform can Post a link or a thread to Yours," McKie explained, "and receive endorsements for their posts (tips); and any users who endorse that post can profit from their endorsement if the post goes viral, as they get a shared portion of all revenue generated from a posts virility." The unique plan is designed to grow Yours by giving users a reason to engage users offsite and bring them onto the platform. "The original posts of the link/thread to Yours is rewarded with every endorsement," McKie added, "and a portion of that is pooled to be divided amongst all who discovered and endorsed that content." Eventually the team plans for there to be a wide range of incentives bringing people to the platform. “Yours will allow you to take content you put online, and create a separate channel for you to get the $ you really deserve for your creativity,” McKie added. “No matter where on the web the content comes from, we want Yours to be the destination for where you come to monetize that content.”The company plans to keep a tiny portion of each transaction, which is generating “overwhelming interest” from investors. “We will be revenue generating from day 1,” McKie explained during the interview. “We're actively vetting investors and may soon be close to deciding on funding.”


“Yours will be the first mainstream consumer product to leverage the Lightning Network to monetize that which was previously unmonetizable: small pieces of content.”- Yours


Alongside payments, user identities will also be decentralized. “We plan to utilize a form of decentralized ID like BlockStack,” McKie said, although they haven’t settled on which framework they’ll be using yet.The developer was adamant, however, about users being in full control over their own data. “Yours accounts will only have as much information as you give,” he explained. “You have full control of your private keys in your Yours wallet (and unlike Steemit) you can pull your funds out at anytime without jumping through any hoops.”Steemit recently rocketed to fame in the cryptocurrency industry. The platform uses a proprietary currency called Steem to incentivize posters to submit great content, generating a US$275m market cap in under a month.The Yours team makes no apologies for sticking to bitcoin, and list several reasons why. “We don't think others in the space have gotten just right yet,” McKie told BraveNewCoin. “We think we're close.”While the frontend of the platform is complete, according to the developer, work continues on the backend. When that is finished, McKie says that they’ll be slowly sending out invitations to the people that registered on the website, “to try the service as we tweak it prior to full launch.”The developers hope to launch later this year, following staggered beta testing. “We want the product to be ready,” McKie said. “It'll be done when we feel it's safe and secure.”

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