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Homepage and the Bitcoin Cash Distribution Fund

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Written by   447
1 month ago (Last updated: 1 week ago)

We've recently finished the experiment with the sections-based main page.

It wasn't really as successful as we expected it.

To be fair, most of thing in life aren't as successful as you expect them to be.

Let's go back. Why did we start it? Mostly, because other topics on read.cash were drowning in Bitcoin Cash and cryptocurrency-related articles.

With sections it seemed like each section had its own nice container:

But, another problem became obvious some time later.

Other sections weren't as visible as Bitcoin Cash section. Frankly, even I was too lazy to scroll past it.

So, the effect was opposite. Articles were getting less attention and it was pretty hard to spot the new articles.

We declared that experiment to be a failure and we cancelled it, reverting the homepage back to the tile-based one.

The tile-based layout is better since you can actually find new articles when you visit the home page, without scrolling dozens of screens down.

That doesn't mean that we end our experiments with the homepage here. We're planning to improve the tiles or text-based homepage to include more factors into it, like personal recommendations, based on previous article interactions, subscriptions, etc...

Our ideal homepage here is probably something like YouTube's homepage, where you get a pretty personal experience. We're not even close to implementing it, but we'll be getting there.

Some plans

Let me tell you about one little experiment that we're working on. A lot of new authors on read.cash complain that it's pretty hard to get a paid upvote. And that's true.

We want to try to change that situation. With that, we'll be releasing a Bitcoin Cash Distribution Fund (or simply "the fund") in the next few days.

Bitcoin Cash Distribution fund

It is an experiment, where anyone with Bitcoin Cash could pledge some amount of money to support the active users of read.cash and thereby bring more people to the world of Bitcoin Cash.

For active users of read.cash it means that every article, every comment, every upvote, nearly every action that you do on read.cash, gets you a chance to get a little bit from the fund.

You get points for actions that you take (writing articles, comments...) and then these points are converted to debt daily. As soon as someone holding the fund money comes online the debt is repaid. This is detailed in this article.

This means that those with money can support more authors than they previously could with upvotes. We hope to support hundreds to thousands of users with the fund. Nothing prevents it from supporting millions of users if it's successful though.

It is a distributed fund

It's not exactly a fund in the traditional sense (where someone takes the money and then gives it to other people), but it's going to be something rather distributed. Your browser will be doing all of the payments.

It means that we won't be holding your money. Rather, any amount that you dedicate (pledge) to the fund will be distributed by your browser daily (or as often as you visit read.cash) to some users that read.cash suggests.

This is technically harder to do than the usual fund, where you'd just give us the money, but it's also better since you always hold your money and can cancel the pledge at any time (remember: you hold the money all the time).

It also frees us from the necessity of being the middleman between your money and the people you help. Less responsibility, less fees, less trust.

Note: we won't be taking any fees from the fund usage. 100% goes directly to the people you support. We might change this in the future, but right now it seems pointless to take any fees, the amounts would be too small.

Basically, is you pledge $1000 (in Bitcoin Cash) to the fund - your browser moves it to another wallet inside your browser. Then, every day or so it will take 0.5% of the money ($5 in the first day), ask read.cash for a list of people that deserve a reward (we expect this list to be between 100 and 1000 at start) and send out an transaction helping them.

Big plans

If this fund reaches about $1,000,000 (a stretch goal, but let's go with it), then the top user would be receiving about $5,000 per month and there would be at least 30 users getting at least $1,000 per month, and about a few hundred more users getting some really nice tips from the fund. All of this for about a year (though slowly getting smaller if not topped up).

Why 0.5% daily?

We'll, let's start with $1,000,000 figure in total funds available across all browsers. Each day you give out about 0.5% of that amount, that means that the fund is going to be distributed like this (chart shows the total amount left each day, for the duration of one year):

That means that at the end of the year we're going to have about $100,000 left still to give out if not topped up.

That prevents the fund from spending all of its money immediately, so that even if not topped up - it'll still have some money to give out.

However, in reality it would (if successful) look more like this:

So, people adding some money to the fund create a vertical spike and then we're slowly giving out up to 0.5% of the fund daily.

We'll see how it looks in reality soon.

How do I get paid from the fund?

Easy: just be active on read.cash. Write comments, write articles, give upvotes, get upvoted, there are many factors of "activity" that go into deciding who is "active" and who is not.

Note: We are a bit worried that this might incentivize people to leave bad comments just for the sake of the action, like: "Good article", "Nice!", "Well said" or something along the lines, so we're reserving the right to change how the user rating is calculated at any moment.

The goal of the fund is to help real authors and the users who are genuinely doing something valuable (publishing interesting information, leading interesting discussions), not those who think they are being paid per any mindlessly typed character.

Why should I pledge any Bitcoin Cash to the fund?

Well, the more people get to use Bitcoin Cash, the more popular it gets, bringing more economic freedom and equality to the world.

If you need a more personal reason: bringing people to Bitcoin Cash (and that's what read.cash does) not only creates awareness, but also the demand for Bitcoin Cash, which in turn increases the price. Wink-wink.

Will it work?

We'll see. We don't expect it to get close to $1,000,000 any time soon, but even some small amounts would definitely stimulate people to write more, comment more, thereby bringing new people to read.cash and therefore to Bitcoin Cash. Maybe it won't even reach $1,000, we'll see.

So, here's hoping!

This is just one of our plans, there are more things in the pipeline, just not enough time to do it all at once.

In the meantime, write some articles, get some tips for those, write some comments, help people discover read.cash and Bitcoin Cash. You don't have to write about Bitcoin Cash, but obviously, that's the thing that people on this site is most interested in, so that's what get's the most attention and tips. Such is life.

We're also trying to stimulate people (as hard as we can afford) to write more on other topics and we have some great examples, like @rajeev with his travel blog and another travel blog from @Our.journey, @ramonoropeza with his life stories, @pantapradip with recipes from and stories about Nepal and of course @Cain with his always interesting blog and thoughts. There are far too many interesting people on read.cash to list them here, so, go explore, read and upvote!

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Written by   447
1 month ago (Last updated: 1 week ago)
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