Reward-based Social Media Platform Yours Switches from Litecoin to Bitcoin Cash
On August 22 the creator of the Yours network, Ryan X Charles, announced his blockchain based media platform is switching over from litecoin to bitcoin cash. The team just recently switched from the legacy bitcoin chain to litecoin because of the protocol’s inability to process micro-transactions.
The Yours Network Switches from Litecoin to Bitcoin Cash for Cheaper Micropayments
This week Ryan X Charles surprised the cryptocurrency community with a new announcement. The creator of the Yours network explained his development team decided the other day they would be going “full on-chain” with the bitcoin cash protocol. Yours is a social media application that gives micro-payment incentives for content such as articles with pictures, stories, audio, and video.
When Charles revealed the soft launch of Yours two months ago, he said he had difficulty with micro-transactions because of bitcoin’s fees. After the soft launch, the development team decided to utilize litecoin with the platform to lessen network fees and created a better experience for users. Charles changed his mind again and says he’s excited to switch to bitcoin cash because it will allow all the “product experiments we’ve been dreaming of.”
“We’re going to be the biggest company on bitcoin cash in three weeks,” explains Charles.
‘Reducing Code Complexity by Going On-Chain’
Following the announcement, news.Bitcoin.com reached out to Charles and asked him why they switched from litecoin to bitcoin cash. “Litecoin has fees of about five cents and no plan to scale on-chain,” Charles explains. “Litecoin will eventually face the same problem as bitcoin.
We spent over a year developing a trustless payment channel network similar to the Lightning Network except it’s not dependent on Segwit. We’ve realized that we can dramatically reduce our code complexity by going on-chain with bitcoin cash.
We then asked the Yours developer if the platform’s users will see a bitcoin cash implementation in three weeks. “You will see it a lot sooner than three weeks,” Charles details. In addition to keeping the platform on-chain, the developer explains that the Yours protocol can reduce its code size by at least 10x. “We were able to archive our micro-payments system – we don’t currently need it on BCC. We can broadcast our transactions on-chain with low fees, even just one cent,” Charles tells news.Bitcoin.com.
The Yours Creator Wishes Bitcoin the Best of Luck
As for bitcoin and the protocol’s upcoming Segwit implementation the Yours developer says he hopes it all works out.
“We wish them the best of luck. Unfortunately, bitcoin fees are too expensive for us, even with payment channels, because the cost of onboarding and offboarding users is too high,” Charles adds.
What do you think about the Yours network implementing bitcoin cash instead of litecoin? Let us know in the comments below.
Images via Shutterstock and Yours.
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The post Reward-based Social Media Platform Yours Switches from Litecoin to Bitcoin Cash appeared first on Bitcoin News.
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Author: Jamie Redman