Why We Switched to Bitcoin Cash
At Yours, our mission is to improve the quality of content on the internet by getting people paid for creating and discovering good content. Ads and subscriptions don't work for most content types. Peer-to-peer payment systems like Bitcoin provide a far better option for most content.
We spent over a year developing a micropayments layer for Bitcoin. Similar to the Lightning Network, the Yours payment system provides trustless routed micropayments with payment channels. Inside the Yours payment system, fees are zero, and no third parties have access to user funds at any time. Only the users have access. It is fully peer-to-peer.
Unfortunately, in early 2017, the block size stalemate on Bitcoin created an awkward situation for us. Fees had gotten so high on Bitcoin, at about $3 USD per transaction, that the cost of onboarding a user to our platform became prohibitively expensive. We needed to find an alternative before launching our alpha.
We looked around for alternatives and discovered that Litecoin was the perfect fit for us. We were able to switch to Litecoin easily and it provided the perfect testbed for our alpha. Litecoin is our favorite altcoin and it enabled us to make great leaps in our payment system by testing with real users.
However, the block size stalemate on Bitcoin took an unexpected turn with the launch of Bitcoin Cash. Bitcoin Cash has a far lower fees for on-chain transactions and a long-term scaling roadmap that will ensure that fees on-chain stay low. Bitcoin Cash continues the Satoshi Nakamoto vision for Bitcoin: sound, programmable, digital money for everyone in the world.
If it survives, Bitcoin Cash is the perfect blockchain for our business. We were able to radically reduce the size of our codebase by archiving our payment channel technology and broadcasting all transactions on-chain.
We had dozens of issues with our payment channel system that would have taken months to fix. Most of these issues have to do with making payment channels work well for users. All of these issues go away by using on-chain Bitcoin Cash transactions. Now we can focus on the thing that matters most: Empowering our users to earn more money for creating and discovering good content.
Since switching to on-chain Bitcoin Cash transactions four days ago we have been able to iterate on our product far faster than before. We have already implemented two new payment models (upvoting and tipping), and we have more planned. Bitcoin Cash allows us to implement all the payment models we've been dreaming of. These payment models would take far longer to implement any other way.
The future of Bitcoin Cash is uncertain. There is no guarantee it will survive past the November hard fork on Bitcoin (segwit2x). Unfortunately, segwit2x does not go far enough for our needs and it is unlikely we will be able to use that blockchain. Therefore we are placing our bets on Cash because it is the best blockchain for our users.
Welcome to the Yours beta. We hope you enjoy it. Let us know what the top problems are, and we will fix them as soon as we can.
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