Categories: Ethereum

Ethereum-Powered Social Network Cent Launches Payments via Chat

Click here to view original web page at www.coindesk.com

Blogging platform Cent has launched a new feature that allows users to send each other the cryptocurrency ether via chat.

Announced Wednesday, the feature enables such payments even without downloading a crypto wallet like MetaMask. “You can just log on with an email, password and phone number,” Cent CEO Max Brody told CoinDesk.

Cent offers a built-in custodial wallet, comparable to the payments feature in Facebook messenger, and the ability to sync up with MetaMask. The team aims to offer a familiar social media experience while “still utilizing the best parts of Web3,” Cent advisor Steven McKie said, using the term for the decentralized web.

Indeed, Cent investor Jake Brukhman of CoinFund framed the startup’s mission in grand terms, telling CoinDesk:

“What Cent is doing long-term isn’t focused on tipping as much as the idea that people should be able to earn money online from their creativity, their art, their content.”

Stepping back, several publishing platforms are working to attract mainstream audiences with crypto payment features, from the journalism network Civil to the XRP-powered platform Coil. Beyond offering private chats with the ether payments feature, Cent also distinguishes itself from the pack with a unique tipping model.

Cent users “seed” content they like, basically speculating on its popularity. If, for example, a reader publicly tips $1 worth of ether to a blogger for a specific post, a quarter of the crypto goes to the content creator while the rest is divided among early readers who also “seeded” the post.

Earlier contributors who give larger amounts get a proportional fraction of the tip, which theoretically incentivizes fans to share and promote content because the more tips it attracts the more they also earn.

“The amount that you get depends on how much they gave,” Cent CTO Cameron Hejazi told CoinDesk.

Even before enabling this messaging feature, Cent was already gaining traction among ethereum fans. Up to 3,000 users transacted with ether through Cent over the past 30 days. During that time the top 10 bloggers, of which McKie is himself the leader, earned between $128–$399 each. Overall, Brody said, there is nearly $31,000 worth of ether loaded onto the platform.

“We get a lot of users from these other countries where they’ll have a family farm where they make their own food and they’ll have internet, but they won’t necessarily have big sources of income,” Brody said. “For those type of users, Cent can have a pretty significant impact.”

In conclusion, Hejazi added:

“Think of Cent more as a generalized transaction platform around any type of content. It could be that we’ll move into verticals like podcasts, photos, or video blogging. We just want to be the network that connects them, not just content-wise but socially and financially.”

Pennies image via Shutterstock

Announced Wednesday, the feature enables such payments even without downloading […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

New York Gym Grit Bxng Accepts BTC Payments

Who would have ever thought that working out and bitcoin could ever go together? Well, thanks to a new Manhattan-based… Read More

4 hours ago

Are Whales Behing Bitcoin’s Latest Dips?

A reason for the recent up-and-down behavior of bitcoin may have been uncovered. It’s being reported that several whales moved… Read More

4 hours ago

Bitcoin Drops Below $10,000 as Support Wears Thin

Bitcoin (BTC) has once again found itself caught in the throes of a choppy trading range that has provided little… Read More

4 hours ago

Bitcoin Bottomed at $9,080, BTC to Rally Into End of 2019

Once again, Bitcoin (BTC) has stagnated, finding a foothold around $10,000 for the umpteenth time in a matter of weeks.… Read More

4 hours ago

Cresio CIO Comments, New ‘Satoshi’ and BTC Games: This Week in CT Spain

As many of our readers probably know, Cointelegraph has a number of non-English branches, each covering news from different parts… Read More

4 hours ago

VeChain Attends Shanghai International Blockchain Week 2019

SHANGHAI, Aug. 24, 2019 /PRNewswire/ -- From September 14-18, 2019, Shanghai International Blockchain Week 2019, the largest and most influential… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More