As controversy roils about social media companies' relationship to free speech and censorship, Youtuber and comedian JP Sears and developer Justin Rezvani founded a Bitcoin-based social network that aims to address issues with other platforms. They joined Roundtable at Bitcoin 2022 in Miami to discuss Zion, the censorship-resistant social network built on the Bitcoin lightning network. In this segment, Rezvani explains how Zion reduces friction for monetizing content.
Rezvani explains that the platform's infrastructure allows money to flow more easily between fans and creators. "There's this opportunity that the 1000 true fans model can actually happen," he says. "If each month you gave $8 to this individual to subsidize the thing that they're doing, the potentiation of that is a hundred thousand dollars a year for individual. That is possible because there aren't arbiters in the middle."
Rezvani compares Zion to the current model of Patreon.
"There are seven layers of arbiters between a fan and a creator. You have the credit card itself. Then you have the credit card processor, then you have the host site of the credit card processor, then you have Patreon. Then you have your bank, and then you have the website of the bank. Every one of these people take a cut," he explains. "In this world, there's nobody. There's you and a lightning transaction."
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Watch the full discussion below:
JP Sears, Youtube and comedian
Justin Rezvani, Founder, Zion