The digital currency economy is gradually moving towards the user-generated online content market. There are plenty of digital currency based social media platforms making an appearance in the recent days to help content creators monetize their work.
Steem is one such platform which has already made its mark in the digital currency segment with its own cryptotoken. While Steem tokens happen to be the third largest cryptocurrency in terms of market capitalization, there is a new kid on the block which might turn out to be a competition for both Steem and Reddit’s upcoming DATT platform.
Paymeabit, still in beta stage is the latest Bitcoin-based social ‘value’ network where content creators can earn digital currency for their content. Created by a group of Italian businessmen — Mauro Pili, Sergio Masala and Fernando Oggiano, the platform includes all the standard features of a social network. People can create, share and like posts on the platform. Every action on the platform has a value associated with it, which allows users to earn a small fraction of bitcoin whenever they interact with it. For example, every time somebody likes a post, the creator of the post receives a bit.
Bitcoin and other cryptocurrencies are ideal for monetizing content on platforms like Paymeabit. The reduced cost of transactions associated with digital currencies allows people to make microtransactions, or nanotransactions in this case. All the bits received by Paymeabit users will be stored in the digital wallet associated with individual user’s account. Users can also add or withdraw bitcoin from the wallet whenever they want, just like any other bitcoin wallet.
Paymeabit’s home page lists three simple rules on which the whole platform is built on.
Rule 1: Everything has a value in bits
Rule 2: It is easy to earn bits
Rule 3: Everyone has bits
Paymeabit Value Network was part of the recently concluded Swiss blockchain startup program, Nexuslab Festival where the creators of the platform pitched their startup to various investors. Other startups who made it to the finals of Nexuslab festival includes Taqanu Bank from Norway, ProofOfYou and Zlick from Estonia, Zeptagram from Sweden, Mamoru from Germany, WONE from Finland and Doqum from Switzerland.
DATT – Decentralize All The Things is a decentralized social network project created by Ryan X Charles from BitPay, who was also behind Reddit’s cryptocurrency initiative. According to reports, the platform is expected to be launched sometime soon.
Ref: Diario Bitcoin | The Net Value | Nexus Squared | Image: Paymeabit