Cryptocurrency Micropayments and Web 3.0: What's the Future Hold?

    Blockonomi recent released an interesting article titled Understanding Micropayments & Their Role in the Web 3.0. This is a summary. Bitcoin’s Lightning Network (LN) has made micropayments quite popular. In Web 3.0, which may be the future of the internet, micropayments may be able to bring about changes such as new monetization strategies, content platforms, paywalls, and the like.

    For those who are unaware, a micropayment is a form of digital value transfer where the cost is low enough to bypass the mental accounting barrier concerning payment paradigms. The transactions have similar properties to regular payments, and they are small enough for automated M2M payments for IoT devices. The lack of overhead makes the system efficient.

    Back to Bitcoin’s LN, this is a form of micropayment because of the minuscule unit required for account transactions. Though still quite new and immature, it has a potential cost per in-channel transfer between parties that is lower than legacy payment rails, which is enough to determine the likelihood of new applications and monetization methods.

    This may even lead to the development of updated paywalls, monetization strategies, and content platforms.

    A few of the earliest elements of paywalls are already in the works. For instance, there is Yálls, which is an experimental LN that is based on a publishing web application. The application requires that users go through a micropayment paywall to view content that is on the website. Likewise, writers must also pay a micropayment for publishing on the website.

    Another example is YouTube, which has the YouTube Partner Program. The program has a high barrier, therefore other options have been developed, such as DLive. Another platform is LBRY, which gives content creators the incentivize to create content with monetization on a pay-per-stream or pay-per-click system.

    There are also web extensions for the LN payment system that is already available. A few examples include LighteningJoule and Casa Node Extension, which allow users to send invoices without a few clicks.

    Users can also purchase bitcoin and deposit it into their LN-compatible wallet. Essentially, the LN provides users with a lot of opportunities and it sets a vision for Web 3.0.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BTC Isn’t a Hedge Against Stock Market’s Poor Returns or Coronavirus But US Dollar & Inflation: BitGo CEO

    In 2020, Bitcoin has been following stock markets religiously, so much so that their correlation went to a new high. But now, the flagship...

    Netflix's ‘Tiger King' Villian, Carole Baskin at The Big Cat Rescue Accepts Crypto Donations

    With the Coronavirus (COVID-19) running rampant in the United States, Americans are drooling over the hot new docuseries on Netflix; “Tiger King: Murder, Mayhem...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.