Yours Network: A decentralized media platform based on Bitcoin is sustainable

The hype about blockchain decentralized media platforms has been very hot recently, and projects that have been publicly traded in the market include Steemit, Synereo, LBRY CREDITS, etc. These projects have one thing in common: they have their own tokens.

In the near future, a new generation of network competitors will emerge, and its biggest feature is that the incentive token chosen by the network is the No. 1 digital currency today - Bitcoin.

Back in April, core developers of the Yours Network, including Ryan X. Charles, Steven McKie, and Clemens Ley, unveiled plans for a social media platform for content creation incentivized by Bitcoin.

'Yours Network' will challenge other blockchain social media

Charles recently left Reddit (where he briefly worked as a cryptocurrency engineer) and launched the Yours Network, a project that aims to breathe new life into content creation and community interactions, such as commenting and photo sharing, by offering bitcoin incentives.

In a mid-April blog post, Yours Network writer and developer Stephen McKee explained:

“The Internet itself is a network, and the Yours P2P platform seeks to monetize other networks by connecting to the Internet. More specifically, we hope that Yours can help monetize content on the Internet, regardless of where it comes from. Yours allows you to put your content online while creating a separate channel that allows you to be rewarded for your innovation.”

The Yours Network team hopes that their project can fill the gap left by Bitcoin in the decentralized media space, as platforms such as Steemit and Synereo have used their own tokens.

Charles explained in July that the team will leverage Bitcoin because it is the largest blockchain technology ecosystem in existence. This is important when it comes to open source software, documentation, standards, APIs, and a significantly large community.

In Charles’ view, it is unlikely that platforms like Steem will be able to survive, as he detailed in a blog post:

“While we are excited to see blockchain social media become a reality, we are concerned that Steem may not last long. The burden is not just on a community and a technical platform, but also on a new cryptographic system and supporting economy, which is very high. These blockchain projects will also face security and scalability issues, and the lack of development experts will lead to slow progress on solutions. For example, there will be less support from wallets and exchanges, and when they encounter regulatory issues, there will be fewer allies willing to stand by them.”

On August 1, the development team of Yours Network said that they have completed basic testing, but developers still need to do some final work. It is reported that Yours Network will launch an official invitation-based preview event, and experiencers will be selected from the project mailing list.

What do you think of Yours Network? Feel free to leave your comments below.