Former Reddit Cryptocurrency Engineer Explains How His Decentralized, Bitcoin-Powered Social network Platform Will Work

The idea of a social networks platform with Bitcoin-powered monetary incentives has actually become rather popular since previous Reddit Cryptocurrency Engineer Ryan X. Charles composed about how Bitcoin might be utilized to address a few of Reddit’s core problems earlier this year.Although lots of believed

that this brand-new social networks application would be nothing more than a copy of Reddit with a couple of Bitcoin-centric functions added to it, Charles recently informed an audience at an SF Bitcoin Meetup that the end product might look rather different from the”Frontpage of the Google.”Instead of an option to Reddit, it appears that Charles’s production, Datt, will be a completely new sort of experience.Bitcoin Connected to Upvotes Throughout his current discussion, Charles displayed a few mockups of exactly what Datt could resemble when it’s prepared

for some sort of public release

. The examples shown in his presentation slides looked quite just like Reddit, but Charles noted that the capability connected with upvoting and downvoting worked a bit differently: This is an example of the front page. It looks much like Reddit– you see links, you see images– with one difference being those little dots you can see on the left. When you push that dot, when you highlight the dot, that’s the same thing as like upvoting on Reddit, but you’re in fact paying the individual bitcoin. So, you’re offering them a little bitcoin suggestion. You can think about it– it’s sort of if ChangeTip were incorporated to a website or if Zapchain looked like Reddit, it would look like this.Features, Storage, and Onename Integration Obviously, Datt is not just about cloning Reddit and connecting bitcoin to upvotes. There will be other functions added to the system , which might make the platform a bit more dynamic. For example, Charles kept in mind that there might be some functions that are comparable to exactly what is foundon Twitter: There will probably be following, like Twitter,

so it will not be exactly the same as Reddit.Charles also wished to make the point that a user does not need to have any bitcoin to make use of Datt: You do not need to have bitcoin to do anything. That’s another concern– people ask about this a lot … You don’t need to have bitcoin to see material or to publish content. It’s sort of a function, but you do not need to have

it.With this being an open-source task with the pledge of decentralization, it makes good sense that user data and material will not be stored on a centralized server owned by Datt. Charles noted that IPFS or another P2P procedure where each user is able to keep data associated with the subreddits(or whatever Datt neighborhoods are called) they want might be used for saving content, while Onename will likely be utilized to solve the identity problem.How Will Datt Be Monetized?In addition to describing how Datt will work as an application, Charles also spent some time talking about how a successful company could be developed around the platform. He sees monetization as a non-issue, and he thinks taking a cut of each deal made on Datt might be an operation design that works over the brief term : To me, this is a non-issue. I believe it’s very evident– we will just take a portion of payments. Almost no one is going to modify the client to get that portion. It’s technically optional, but we’ll simply take a cut of the payments. I think that will work; we’ll see.Charles indicated OB1(the company behind OpenBazaar)

as an example of an alternative business plan, but it’s clear that he will try generate income from the method initially: There are other ways we might generate income. We might supply services [like what OB1 plans to do. OB1] is going to do more like developing other services and products, not so much monetizing the protocol. I’m aiming to monetize the method. When individuals make payments on this thing, a cut goes to the business by

default. At least, that’s the plan.It’s still somewhat tough to picture exactly what Datt will look like when it’s launched to the public early next year, and an early prototype release in November might help Charles and the rest of the advancement group find out which instructions to

move in next. Any individual interested in getting included with the advancement process can visit the Datt GitHub page. The post Previous Reddit Cryptocurrency Engineer Describes How His Decentralized, Bitcoin-Powered Social

Media Platform Will Work appeared first on Bitcoin Magazine. Bitcoin Magazine

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