In addition to crypto currencies, blockchain technology offers many fields of application. Especially in the area of content monetarization, a large field of application lies fallow for media professionals. Both users and providers can benefit from microtransactions. How the blockchain can revolutionize the area of content monetarization.
At least since Bitcoin it has made the rounds: Blockchain technology offers extensive potential for improving complex processes. Blockchain technology and its design are regarded as problem solvers, especially in the supply chain and in the traceability of goods. Microtransactions in the area of content monetarization, however, also offer a well-known but relatively unexplored field. Time to look under the hood of this use case.
What are microtransactions?
Microtransactions are – as the name suggests – transfers in the smallest range. However, the height (or depth) of a microtransaction is not ultimately defined. Depending on the source and view, the amount of a microtransaction varies between 5 cents and 5 euros. This is also interesting for BTC casinos, read more at https://comohacerpara.com/juegos-bitcoin-populares-18685i.html.
In any case, microtransactions – very roughly – fall within the range of peanuts. They are becoming increasingly important digitally, especially in the area of paid content. Whether individual songs, individual digital information content or even content in computer games – microtransactions are becoming increasingly important.
Microtransactions are used to ignore problems that have already been discussed. For example, payments in the cent area can be used to avoid advertising banners if you want to surf without advertising. In addition, you can decide to pay for individual contents without having to take out subscriptions.
Existing solutions already exist, but one might ask oneself: Why do we still stick to old models?
Microtransactions and the mental barrier
Nick Szabo assumes that there is a “mental barrier” to microtransactions in humans. As early as 1996, the Bitcoin pioneer wrote of a “cognitive bottleneck” that prohibited us from making payments in the micro area. According to Szabo, amounts of a few cents are simply “too small” to be dealt with. For example, in the case of amounts of several US dollars, the barrier to dealing with the payments is already different, here it is worth thinking about it (according to his assessment regarding our economic thinking).
Whether a few cents for an article is now too much or too little, one does not worry about that:
- For example, if one compares the personal value of a large, diverse set of low-priced goods, this consumes a greater mental effort than the goods themselves are worth.
- To this end, Nick Szabo calls for visual metaphors, i.e. graphic conversions or images that translate microtransactions into images for us.
Blockchain solutions
In the blockchain ecosystem, there are already the first providers to provide these visual translations as wallet integrations. Above all, solutions such as the Brave Browser or the micro-payments provider SatoshiPay should be mentioned here. The blockchain technology will be used by many big companies in the future. Even Paypal might use it soon, for more info check out informateaca.com/.
The Brave Browser offers an attractive use case for microtransactions and simultaneously generates itself as one of the killer apps for crypto currencies. The crypto start-up comes with its own token, which rewards users for viewing advertising.
So if you decide to look at advertising on pages, you get BAT (Basic Attention Token) paid directly to your Uphold Wallet. The advantage: the digital currency is credited directly.
- In total, the payout comprises 70 percent of the advertising income, the rest goes to the operators of the Brave Browser.
SatoshiPay – more control for consumers and publishers - The Berlin-based start-up SatoshiPay, however, offers an opportunity through which both consumers and publishers can benefit from microtransactions. For example, you can use your payment solution to pay for articles piece by piece – and thus decide bit by bit whether you want to continue reading any articles or not.
- This not only increases consumers’ freedom of choice. It also allows content producers to control how interesting readers find content and thus ensure quality control.
In addition, there is the possibility of increased data protection.