Potential Steemit Killer Switches From Bits to Lites?
Yours.org Chooses Litecoin Over Bitcoin – Alternative Media Going Decentralized?
With the excitement of the new content creation platform Yours.org launching on May 30th, they made a huge announcement stating that they will not be using Bitcoin to pay content creators, but rather pay in Litecoin!
While Yours will be similar to Medium, many have said this could be a popular alternative to Steemit, a widely used blockchain-based social media platform that pays content creators based on their posts’ engagement in Steemit (STEEM). With YouTube demonetizing publishers’ videos and censorship occurring more regularly, Steemit has become a hub to publish content in a decentralized ecosystem.
With the rise of censorship on popular centralized platforms and trust in the mainstream media at an all-time low, Steemit has grown in its popularity and usage. Many expect Yours to become the same, a place where people get their information from.
The Yours Network aims to also provide the ability for its users to be paid, but due to the inflexibility and high transaction fees in the Bitcoin network, Yours CEO Ryan X Charles announced that Litecoin will be the digital currency used.
Litecoin – Not Bitcoin
Bitcoin’s demand has risen in the last twelve months and continues to do so, yet no scaling solution has been met to meet the market demands.
Due to high fees to have a transaction send slightly faster, micropayments are becoming more difficult on Bitcoin’s network. If anything, it’s totally pointless. Litecoin is faster, less congested, and provides a much cheaper alternative route to pay creators with.
Litecoin has now activated SegWit, an upgrade to enable much faster transaction times and a much more cost-effective way of transferring funds quickly, something that will be needed as Yours launches with high levels of enthusiasm and media attention.
Charles has pointed out that the current scaling problems with Bitcoin have made it unworkable. High transaction fees make transferring small amounts almost obsolete, as the image from Bitcoin.com illustrates:
More Innovative Start-Ups Switching to Digital Silver Over Bitcoin!
With Litecoin doing everything Bitcoin cannot, this could be the start, as cost-effective companies and projects seek the Litecoin network as a way to transfer funds and distribute quick payments to users and employees alike.
Litecoin is an ideal choice for those who would normally choose Bitcoin. With large, consistent volume and price stability, Litecoin is an ideal choice over Bitcoin, which is becoming more of a large transaction, store of value-based network.
Will Yours Network Kill Steemit, Or Even YouTube-Style Platforms?
As blockchain technology continues to innovate, there will always be a replacement for each new project or start-up that isn’t innovative enough to keep up. Bitcoin not scaling has proven this, however, with Yours providing a new innovative way to get paid for publishing content, we could start seeing more users utilize this new method for gaining publicity flood in from not just Steemit, which is extremely popular amongst crypto enthusiasts, but YouTube, Facebook, and many other more centralized platforms.
The more the establishment tries to censor free speech, the more platforms like Yours and Steemit will flourish, while stagnating centralized media platforms will slowly turn into Myspace!