Creator of innovative social networks Yours.org Ryan X Charles recently sat with news.bitcoin.com for a detailed interview about his project’s future. The low-fee network launched in August 2017, uses bitcoin cash (BCH) for making micropayments. Charles talked about the future ofcryptocurrencies, social networks and why he didn’t create a native coin for Yours.org.
On being asked about the challenge that crypto-social networks posed to established networks like Reddit and Facebook, he said that the two giants are not going away anytime soon. They will have to change the way they work if they have to survive. He mentioned that advertisements would cease to be the dominant mechanism for funding on social media and micropayment alternatives will become a reality.
He said, “I’d expect within five years these major companies are going to either embrace cryptocurrency in some sense or then they are going to have a problem.”
His platform is a direct contrast to another crypto-powered social media platform Steemit which uses a native cryptocurrency for making payments. However, Charles believes that using bitcoin cash is a more rewarding option than using a platform coin like Steemit. In his opinion, cashing in and out of a relatively larger coin like BCH is very easy for the users. They can also convert their money into fiat currency quickly when the need be. This makes BCH more acceptable at platforms like this.
Additionally, buying products from stores is relatively easier with BCH, one of the largest coins by market capitalization. The tokens could also become illegal in different countries, because of which depending on a more reliable and acceptable currency in the market is a far better idea.
He added, “All of those properties are just more desirable on bitcoin cash, and furthermore I just think — What is the future people want to see? I think it would be really annoying if in the future every store had its own token. And you gotta have a different token for every app or every platform — there should be one, bitcoin cash that we use for everything. Just internet money and we can use it wherever we want because it’s universally accepted.”
Charles believes that using one coin or a small bunch of coins will help in creating a user-friendly environment which will help in the adoption of cryptocurrencies as well as social networks that use them. Working collectively in scaling BCH with his developers as well as the BCH community, he believes that the currency will experience a network effect. He also went on to say that bitcoin cash is the biggest blockchain in the world that actually works.
Talking about regulations, he mentioned that Yours.org is regulation proof. The network has been designed in such a way that there is no regulation of user’s funds or what they do with it. Therefore, the network simply becomes a catalyst in transactions, without holding anyone’s digital assets.
An astrophysics student at Washington University, Charles previously worked for BitPay as a lead developer and started Yours.org in 2015. He will also be appearing for the inaugural CoinGeek Conference in May next month.