Yours Updates Reveal Many Ways to Earn Bitcoin
Yours is a long-awaited social media platform that promises to pay users bitcoin for different types of content. Long hailed as a potential killer app for bitcoin, Yours will have the ability for anyone anywhere in the world to start earning bitcoin with nothing more than an internet connection. As the project approaches its launch date, more details have recently been released on its website and from CEO Ryan X. Charles.
Also read: ‘Yours Network’ to Use Bitcoin in Competition Against Steemit
Over Six New and Innovative Revenue models
Yours’ biggest reveal recently has been the many types of revenue models that content
creators will have access to. At least six models have been detailed, but only two of them will be available at launch.
The first model allows creators to place paywalls inside their content. Article, story, video, or image formats were mentioned on the site. In each case, the poster could choose how much of the story is tucked away behind the paywall and how much readers would be charged to see it.
The second model is the classic endorsement model which lets content creators earn as users pay to upvote their content. Revenue is split in half between the content creator and those who made early endorsements of their content by upvoting. If the early voters pick good articles that earn more later, they too will earn from the content. Meanwhile, downvoters can also earn through ‘short-selling’ when a piece of content is unpopular.
The third model pays readers to see ads, which would show up as black boxes beside the content with a price on them. If the reader clicks on the box, they get the money listed for viewing the ad.
The fourth model pays commenters when other readers upvote good comments. Content creators set a price for comments below their post upfront, and commenters can out-bid each other for the top spot.
The fifth model is a content investment model which allows content owners to set an amount for investment beside their content. Anyone can then invest in the content by clicking a button beside it to get a cut of that content’s revenue over time.
The last model centers around user-created subcommunities. Similar to how Reddit works, niche-focused communities can be created inside Yours that let the owners earn on upvotes and pay moderators a percentage for doing a great job curating the content there.
Incentivizing Great Content
Charles’ inspiration for creating Yours was the fact that facebook, Reddit, and all other social media websites get rich without creating any content of their own. Users create all the content, but since they do not have an incentive to make good content, bad content often rises to the top, such as spam and trolling. Ads are also intrusive and predominant. Now that bitcoin allows users on the internet to directly monetize good content, Charles believes this is one problem we no longer have to put up with.
He told Bitcoin.com:
Yours is not about content you can get on other social networks. The content on Yours will be higher quality (if we can execute).
The CEO is confident that the platform he is creating will do a great job of attracting some of the best content on the web. Charles explained that his upcoming social network “absolutely will compete with Facebook” in the long-term, although he’s “not so ambitious as to think we will seriously compete with Facebook in 2017.”
Fee-free Micropayment Wallet
Since Bitcoin’s network fees can be even larger than the size of the average payment that users earn in the Yours community, Charles has spent the last nine months developing a bona-fide fee-free, decentralized micropayment solution and the resulting wallets for use on the Yours platform.
Configured much like the upcoming Lightning Network, Yours uses only bitcoin to make tiny payments across the community, and at no point does the company hold onto anyone’s bitcoin.
The payment network and wallet are both now complete, Charles reports on his website, and in a recent video he shows off the micropayments wallet inside the Yours platform.
The fully-functional wallet denominates bitcoins in bits, or one millionth of a bitcoin. There is no installation. The wallet and the whole Yours platform live within the browser like a self-installing plugin. Charles mentioned that there will be a quick-buy button later for people to get small amounts of bitcoin into their wallet from their local currency.
Plans to Get Started Soon
Once open, authors on Yours will be able to sign up for free and start earning bitcoin right
away, Charles explained. Even if they have never used bitcoin before, new users can show up to the site, get their first bitcoin wallet, and create or interact with content there to start earning immediately. This will be even easier later as more revenue models are introduced.
Until then, there will be plenty of content creators testing out the site. Charles said:
We have a variety of content creators interested in the platform. About 50% is related to bitcoin, and another 50% are various.
As for the launch date, Charles was careful to not give an estimate, only saying it’ll be “ASAP”. He did, however, note that the infrastructure is done and he’s now focused on testing. “We will launch as soon as our early preview users tell us the app is good enough to launch,” he said.
What do you think of Yours? Let us know in the comments section below.
Images courtesy of Shutterstock, Facebook, and Yours
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