This should be split into milestones.
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I’m not sure how this statement:
And this statement:
Can co-exist together?
If the only thing that has ever held us back from similar models is micropayments made possible with Algorand (which I don’t think it is if you look at how twitch + tiktok use their own platform ‘currencies’ to allow for micro payments) how does using Venmo/Paypal + Debit cards to onboard people differentiate from that.
Making a Venmo/Paypal to even start using the platform… is a much bigger barrier for entry than nearly any other social network I can think of.
Presumably to off-ramp users will have to defi swap, send any algo to cex, trade for local currency etc
All of that concerns me when it comes to users. People don’t want to pay for written content - it’s been hard for the world’s leading journalists to monetize in the digital print era.
But you also say…
And then I’m lost again. The current Pressdot content looks very much like tweets - low character count messages, but they are called dots.
So what exactly is a WebMarket? How are people earning for ideas - presumably I can read them without paying if I want to?
I think proposal needs to explain more what the product is, and less speculating how many people it can onboard. Thanks!
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To address your first question, there is no difference in on-boarding. That’s kind of the point. It would be like onboarding to a premium platform, except there is no subscription. The difference is that the paywall for content would be one time payments, not a monthly subscription. As we all know well, Algorand is not very popular yet. You have to onboard people by using the legacy systems, because everyone still uses the legacy systems. But essentially you would need to either transfer in a balance of ALGO or purchase ALGO on the site to use.
But, I think the main question you are asking here is why Algorand? Why is Algorand necessary at all in this world, when we could just use a platform token to do everything that Algorand does?
A couple things:
-
Finality - no way to dispute transactions. If they happen, they are recorded forever. This has been a problem with other platforms similar to pressdot in the past, where users would buy platform tokens, use the tokens, and then dispute the transaction with their bank, and claw back their money. Nobody gets paid in that scenario. With Algorand, there are no ifs ands or buts, you pay, you receive access to the content.
-
Peer-to-peer - creators get paid directly by the viewers of their work. In the past, creators had to rely on third parties and pay extra fees in order to be paid. Now, Algorand allows a direct connection between consumer and creator for the exchange of value. Consumer receives content, creator receives money, and pressdot facilitates the exchange.
As for the current site, connect your wallet to see what dots really are. The small box that you see is just the preview, with the content behind the buy button. You can not read any articles without paying for them. It is a completely pay-as-you-go system. Every time someone wants to view your content, they have to pay you for it. And every time someone wants to comment, they have to pay you for it. This means all major interactions on pressdot are incentivized by money in some way. pressdot encourages conscientious interaction in that way. You have to think before you act, because you will be paying or get paid based on what you say.
I hope this helps, if you have any other questions let me know.
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Thanks Dugan
I understand the platform a bit better now.
Yeah I was trying to compare this platform to a legacy system. A user that wants to get paid for articles on pdot still needs to:
Download an Algorand wallet and learn about self-custody
Be able to swap PDAT to ALGO
Send ALGO to a CEX where they have a registered bank account
Sell Algo on CEX
Withdraw to bank
that’s a lot more work for a writer than… getting a medium partner program, or something similar
I connected wallet and had a play - first impression and some feedback… it feels like a block for creators to get discovered with ALL the content locked behind a paywall.
How do I as a user even know if I want to read an article - let alone buy it, without seeing it?
Do I just have to pay for a lot of content I don’t like, to find writers that I do like?
Can writers have some free content and some paid content? Can you opt to have an article as a tip system? I feel like some flexibility would help people use the platform how they want to use it.
Without that i’m not sure how a good writer going to get discovered in this format - unless the idea is that people already with an online following would just use Press Dot to publish long form articles… and advertise them elsewhere?
Have any users given feedback on the pay to comment format? I like that its a different approach, but also feels like there’s a reason no other platform does this (and not because of legacy finance models) it just feels like a quick way to make it a not very social platform!
Thanks
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You are correct, this is how it currently stands. Onboarding to Algorand takes a few steps, if you don’t have your hand held through the process. The fact of the matter is, the average person doesn’t care enough about crypto self-custody. pressdot will provide an option for everyone to keep their ALGO on the pressdot website for a non-custodial solution. In the backend, we’ll have wallets for every user to hold and send ALGO/PDAT/USDC. I outline the process here:
And, I think you bring up a good point here:
We have something in the works for v2 which is a “free” section. In the free section it would act more like Twitter/Reddit where people would be able to promote their content for free. That way, you wouldn’t have to leave the site in order to promote the content like you say. But, in an ideal world, these writers would already have a following and bring their readers to the site.
As for the comments question, in the beta platform 100% of the PDAT goes directly to the creator. In the future, comments will be how readers can earn on the site. When someone responds to your comment, you will receive a share of the PDAT. So, if you are able to start a long discussion, you would be “earning for your ideas.” That’s why comments cost something.
I hope this helps, keep the questions coming.
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While I do like the approach at a big vision, I don’t think this grant program is the right approach.
pressdot is looking to use the 500,000 ALGO to develop a new platform. After receiving second place at the Build-A-Bull hackathon, pressdot has lacked the runway to develop a strong website. The beta platform that currently exists is the result of a few days of work. With funding, pressdot would be able to create a new platform that is user-friendly, efficient, and full of potential.
First build a proof of concept and get some users on your product. Make sure that the idea has legs, because ideas are great but they don’t always work. Once that’s done, I think handing over 500,000+ is an easy YES from me.
As it stands, my xgov vote is NO.
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