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Yours Developer Ryan X Charles Discusses Bitcoin-Powered Social Media!

Apr 20, 2018 Posted /  690 Views

Yours Developer Ryan X Charles Discusses Bitcoin-Powered Social Media!

According to the report of a leading daily who spoke with Ryan X Charles, the founder of the social network, found out what’s been taking place on the platform that uses bitcoin for micropayments. He says "growth is going fine plus the team is working on a swing of new characteristics for its user base. Moreover, he talks about why he considers using Bitcoin cash is the approach to go instead of making a native token for the platform.

Updates about the launch

He says that "we launched on the BCH network last August. When we launched we had a very primitive prototype since it took about a year and a half to really make micropayments work and in the end what that meant was we had to wait until Bitcoin Cash launched. It didn’t actually work well until we had actually low fees and consistent on-chain transactions."

Further, he added "So our product started functioning really well last August and then we launched our beta. Ever since then what we’ve been doing is added many essential qualities that you would wait to have on a social media app. as a result what we’ve been working on is all that stuff and I’d say we have about six more months of work to just finish all the basic features that people want in a social media platform. Therefore, for example, we only just lately added notifications so that when you receive money or someone comments on one of your posts, the software lets know you about it. We have a lot more traits like that we need to conclude so that it works as well as the additional social media apps that people are well-known with."

How long will it be before social media apps that use cryptocurrency solutions disintermediates the superior social media platforms?

He adds "I think we are seeing the very early phase of that presently. What I mean by that is I don’t inevitably believe Facebook, twitter etc. will head off. But I do believe that if they are going to carry on they will have to transform. We are only just at the beginning of considering how cryptocurrencies are going to totally revolutionize the manner the world economy works. When we talk about social media that means advertisements are not going to be the leading funding system perpetually. We are going see options come up with an idea like micropayments derived from bitcoin cash or perhaps other technologies we are witnessing nowadays."

Do cryptocurrencies have to be accepted more prior to this takes hold of social media?

He said "The acceptance of our platform is very much linked to the embracing of cryptocurrencies as one for good or for bad. Accordingly, it is for the good in a sense that as cryptocurrencies growth, we grow up and more users approach the industry, they kind of find out our app. Then they happen to get involved in what Yours is doing."

What about the matter that ‘platform coins’ like Ethereum may be less regulated in the future than ‘settlement coins’ similar to bitcoin cash?

"I believe that sounds just the contradictory what I think is going to occur. I don’t think they can actually control bitcoin cash and if they regulate it's going to be in a method that doesn’t have an effect on the base protocol. I don’t really think it’s in government’s ability to do that; I can be erroneous about that. It’s regulated in a different technique since it’s the businesses that are being regulated not the protocol. Thus any business that’s a custodian of cryptocurrencies they have to act in accordance with money transmitter regulations as well as banking regulations. That’s very dissimilar than really regulating a virtual currency and I don’t believe these other coins are going to escape from regulations. I think it’s the contrary for the reasons that do things that are openly trying to escape regulatory policies." he added.

Do platforms like Yours will face regulatory inspection?

On this issue, he said "On the whole, not because we tried to design our app in a manner that is openly unregulated. So we don’t seize our users’ money. It’s just a wallet that users make use of to send and receive to one another. Though, I would say that as we get bigger it does appear like regulations will be predictable. I don’t know what that will look like precisely but it confidently won’t be in a manner that influences our product or our users. That’s actually tough to say since we are a business and we’re situated in San Francisco California, and we are in the U.S. so we do have to meet the terms with whatever regulations we believe is sensible. As governments get clued in on this technology they will bypass regulatory guiding principles down to registered businesses."

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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Tags: BCH network Bitcoin Cash

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