> EDIT2: and yes, we've already tried blockchain for that too.
We've not already tried blockchain for this. The rails are there, just a small matter of implementation. Everyone's too busy building shovel factories and not enough people are mining for gold to make a web3 micropayments product.
I can, right now, buy $5 of solana on Coinbase, give you $0.05, with an inconsequential fee of $0.001 or so using Solana, and with enough $0.05 payments, you can cash it out via Coinbase. It works on web on desktop via a chrome extension, I'm still working out a solution for mobile.
I'd love to have an Internet reading budget for the month and have that automatically get disbursed to the writer if I read past a certain point in the article. The rails are all there, just a small matter of code and then getting adoption.
What would you say are the main barriers to adopting a solution like this more widely?
More technical points I can think of: how fast do transactions get confirmed (If they have to wait 5 min to read a news article most people will go somewhere else)? If this becomes more popular, what stops processing fees from going up (I think this is a problem for BTC).
Too many damn choices. Too many shovel builders leading to a paradox of choice. So many different wallets, so many different coins. The larger community is so utterly totally fractured. Which is by design, if I don't like what you're doing, instead of working together, I can take my ball and go do my own thing. Decentralization is great, except it's not. And then there's whole cryptocurrency angle. In order to buy into this, you have to buy some cryptocurrency. Maybe with something that's actually useful people won't automatically tune you out when you say "crypto" these days, but that always seemed like an uphill battle to me.
Anyway, Phantom*, with Solana can do micropayments today, on mobile and desktop, it's just a small matter of coding and adoption. Transactions take 5 seconds, which isn't awesome, but is stomachable. Gas fees are fixed at 0.00015 SOL, which then varies with the exchange rate, but that's currently (Jun 2024) $0.02. This does mean it will go up as the price of SOL goes up, but, well, it's not 2016, so I don't know that anyone's expecting wild swings in the exchange rate. I am not a cryptocurrency economist though. (Nor a regular one, for that matter.)
The supported golden happy path for this is anybody who can buy Solana, which would include a US person with a Coinbase account, who's willing to install their Chrome extension. The problem is mobile. The platform I'd like to support is Safari on iOS with a Safari extension, so it's seamless, but that's not there yet. What's there is to install a new app and use that app to browse, which I guess isn't the worst thing.
That's all technical implementation details though, the real barrier to adoption is getting writers/authors to use this. You'd have to setup a medium/substack clone, get a bunch of content producers on it, and then get readers will appear. But once you're there, then anyone else can setup a clone and cut you out of the picture. In fact, that's the whole point, that in using Solana as the base currency, people aren't tied into your platform. So then what's the incentive for setting up the medium/substack clone if the whole point of your clone is that people don't need it. So there's no VC-level funding to build this thing because there's no VC-level payout, but you're out there competing with well funded firms for talent to build this thing.
I've always thought (wished?) this was a killer app for crypto currency. I would love to have a pool of news "coins", that get auto spent on articles I choose to read. As the OP stated, I'd prefer to pay for content, but I dont have an infinite pool of $9.99-a-months..
We've not already tried blockchain for this. The rails are there, just a small matter of implementation. Everyone's too busy building shovel factories and not enough people are mining for gold to make a web3 micropayments product.
I can, right now, buy $5 of solana on Coinbase, give you $0.05, with an inconsequential fee of $0.001 or so using Solana, and with enough $0.05 payments, you can cash it out via Coinbase. It works on web on desktop via a chrome extension, I'm still working out a solution for mobile.
I'd love to have an Internet reading budget for the month and have that automatically get disbursed to the writer if I read past a certain point in the article. The rails are all there, just a small matter of code and then getting adoption.