My proposal does need a few more votes: it will start off unfunded tomorrow unless I can pick up some more votes!
Support Proposal 265 on PeakD
Support Proposal 265 with Hivesigner
Support Proposal 265 on Ecency
Vote for Brianoflondon's Witness KeyChain or HiveSigner
This is a value for value post: see the explanation in the footer.
Here's a video of the process of putting $10 worth of sats in a Hive wallet.
The Problem
None of the sat streaming systems we're currently using have any concept of a USD or other fiat value. They require all participants to be comfortable with Bitcoin and Sats. That's great for the Bitcoin Maxis who are currently the leading users, but not great for everyone else.
In addition nearly all the current systems in Podcasting 2.0 involve giving your sats to a custodial solution to send on your behalf, and most of the receiving systems are the same. Whilst it is possible to self custody sats in Lightning, as I've written at length, it's a technical challenge.
The Solution: Hive Wallets and HBD for Listeners
Listener: buys $10 worth of Bitcoin (has to buy this by whatever local means there are in their locale).
Sends that Bitcoin to a Hive account as HBD (Hive Backed Dollars) via the system I’ve built which released a new version yesterday v4v.app
That 10 HBD is denominated in USD and my system has no ability to control it. The pass from sats to HBD takes under 3s and once the HBD is in an account with Hive keys controlled by the listener. Neither I nor anybody else can’t touch it.
The eventual aim is for the gateway I’m running to be open sourced and there be a few of them as that’s the only central point here.
Once in the wallet, and with a change coming in Hive which will be deployed in the next few weeks, there will be an interface to schedule repeat payments with your keys to any podcast with a value block.
Once scheduled, the only person who can affect the schedule is the listener/hive key owner. My site (again open source) will allow the listener/key owner to edit delete etc their regular payments.
Regular scheduled payments pass back through v4v.app gateway and send out as sats.
If a listener's wallet is out of funds, they’ll get reminders (if they want them probably via email or telegram or something I can bot).
Counterparty Risks
There are three counterparty risks:
- During the transfer in and out of HBD, there is a very brief period when a service could swipe the funds. Right now that is me and my reputation on Hive is worth so much more than $10 that Hive people are happy to trust me with much more than that for the very short time.
- HBD itself and the entire Hive blockchain continuing to exist. This is a more complex issue I can explain at length elsewhere to anyone who wants to hear it. I’m confident that the economics and personalities on Hive mean it will continue to operate with little or no chance of it suddenly collapsing.
- HBD keeping its peg to the USD. Again this is a debate beyond the scope here, happy to explain this in other forums.
Limitiation
Without taking control of the funds, I can’t see a way with Hive to make a streaming payment. As far as I can see almost every one of the current systems has this issue which is why almost all of them are custodial wallets. It is only when Hive extends its very limited smart contract system at the next hard fork that I’ll be able to let the user set up scheduled payments in the future (of fixed value).
There might be a way in the future I'll offer a way to put a small amount in a hot wallet which can be used for ad-hoc payments, got to think this through some more.
Value for Value
For the last few months while building @v4vapp I was generously supported by the DHF. Going forward I have a much more modest support which covers direct server costs and a little of my time.
If you appreciate the work I do on and around Hive, you can express this directly: upvoting posts on Hive is great. Also consider a direct donation (there's a Tip button on Hive or a Lightning Address) on all my posts.
Support Proposal 265 on PeakD
Support Proposal 265 with Hivesigner
Support Proposal 265 on Ecency
Vote for Brianoflondon's Witness KeyChain or HiveSigner
