Micro-transactions via Blockchain
This is literally the solution media has needed since the Internet began.
Whether Twitter solves that by charging them a subscription is a different conversation. But it moves the narrative on subscribe or die vs horrible ad models that run on almost every ad-supported media business. So that is positive.
A wealthier media industry will support better journalism, better services and reduce dependencies on advertising spend, that will almost certainly allow for more accountable reporting. Incentives matter.
The reality is blockchain technology, whether the lightning network on Bitcoin or layer 2s on Ethereum, can support micro transactions, cheaply and fast. Right now. Which can also be applied to this specific problem. Without a subscription.
We’ve seen early experiments from Steemit and Basic Attention Token, but we don’t need new tokens or chains. Just broader adoption of blockchain technology. Particularly wallets. With Account Abstraction increasing in velocity, expect to see that soon.
Imagine a Visa, Mastercard or Apple Web3 wallet, integrated via your browser, that is funded by your credit card, but can transact across every site you authorise using blockchain wallet tech. No more expiry dates and data hacks to lose your credit card number. No more blocked access because you don’t want to pay $8.99/month for a site where you only want to read that one article someone shared with you. No more leakage of your personal information to access “free” content, that is latter sold to advertisers.
https://twitter.com/elonmusk/status/1652349875017879552#future #media #ideas