Sirwin
Sirwin
The lightning network is the solution to Publish0x's tipping problem.

Why Publish0x.com Needs To Add The Lightning Network & Allow Bitcoin Tipping

By James J Griffin | BitcoinDad | 11 Feb 2022


I've been a big fan of Publish0x since the day it launched. I was there (albeit later than many, but I've been busy) on the site's beta launch, and have placed in both the contest articles published over the last few months.

One thing that confuses me though, is why they're not adding the lightning protocol to the platform?

The Promise of Publish0x

The Publish0x platform is a promising one. It's a centralized, crypto agnostic media site that seems to be taking positive steps in the right direction for writers and readers alike. However, it's current state is also one of flux. This was brought home to me as I was contemplating writing this article.

The amount of tokens you earn per article viewed varies widely depending on the token you're earning. The tokens are all ERC-20 tokens, so they're all subject to Ethereum network fees. This means that the average writer makes about $0.05 USD for each article viewed (after ETH fees). This works out to about 5 cents per 1000 views, or 5 dollars per 100,000 views. Which sounds pretty good until you consider that most articles make less than 100 views, meaning your average author makes less than 1 cent per article published.

This has resulted in jibberish and sub-par content tainting the site's reputation. It's a problem for both content creator and publisher.

Why Publish0x Isn't Quite There Yet...

The crypto agnostic nature of the site is it's biggest strength and at the same time it's Achilles heel.

The current crypto agnostic stance is holding the site back from seeing wider adoption. Aampl and iFarm are great... but the ERC-20 token fees are just too high to make them viable. Even if drawing out to Kucoin.

It would be great to see this platform succeed beyond what it has already become. But I think the lack of a clear vision for how it will succeed is hurting user adoption.

The ETC vs ETH (or BTC vs BSV, etc.) fork is a perfect example of why a crypto agnostic platform is not going to gain adoption. The crypto markets are not mature enough for a crypto agnostic platform to be able to support all coins equally on-par with one another. Only some coins have enough liquidity on exchanges to support the volume of assets that this platform needs in order to be sustainable, and still maintain users by remaining profitable and not having users suffer losses due to fees, or gains due to paid-out rewards being so low that they aren't worth collecting (for example, if gas fees were $20 per transaction).

But there's an obvious solution staring us right in the face.

Bitcoin Is Credible

Lightning Network Testnet

The lightning network would allow the platform to expand it's tipping capabilities while maintaining a low fee structure. Absurdly low. 

This has been possible using an off-chain solution called the Lightning Network since 2017. The Lightning Network is a second layer solution which puts transactions off-chain in order to increase both speed and decrease fees. This works by having users open "payment channels" where they deposit some BTC into a smart contract that can then be used for multiple payments back and forth through an exponentially growing (and interconnected) smart contract network.

You see, bitcoin has become synonymous with cryptocurrency. It's the only cryptocurrency that most people know about, and it's branding has made it one of the most trusted cryptocurrencies in existence.

Bitcoin's Branding Isn't Going Anywhere

While there are hundreds of cryptocurrencies out there, Bitcoin remains far and away the most widely known and trusted.

In fact, many people don't even realize that there are other cryptocurrencies out there at all! Certainly not the coins that are available for tipping currently.

Poised to Strike

Publish0x is a really cool platform, and I think it has the potential to be something really big. For that reason alone, I hope to see a few improvements made sooner than later. If you agree, then let them know that the lightning network is what they need to improve their platform's functionality.

How do you rate this article?

130


James J Griffin
James J Griffin

Freelance writer and real estate professional splitting time between San Diego, CA and Manchester, UK.


BitcoinDad
BitcoinDad

Cryptocurrency is a space that new dads in the 21st century are going to have to pay attention to. This isn't a shift in the economy like we experienced with the gold watch and pensions.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.