Steemit Competitor Publish0x Wants To Pay Users To Tip
Steemit has become well-known for popularizing crypto tipping by allowing users to donate Steem Dollars to their favorite authors. Many blockchain-based competitors have emerged, including Trybe and Minds, and now a new contender called Publish0x has gone live with a particularly enticing reward scheme.
Free Tipping and Rewards Back
One feature of Steemit that is not always mentioned is the fact that users who upvote posts and submit comments also get a slice of content rewards—authors do not receive the entirety of every reward. Publish0x is taking this to a new extreme by allowing users to get back as much as 80% of every tip.
And, just as with Steemit, users don’t have to buy tokens to begin with. Publish0x is sponsoring its own reward supply and allowing users to tip for free. Currently, the site itself is bearing the cost, but it plans to bring in revenue from external sponsorships in order to keep tips continuously free.
In the end, both Steemit and Publish0x are fairly similar. The main difference is that Publish0x’s tipping model doesn’t involve wallet deductions or spending one’s balance. Of course, less popular content will receive more meager rewards, regardless of how the numbers are tallied.
An Ongoing Fundraising Model
Nevertheless, it costs money to make a service free. Time limits on tipping prevent anyone from gaming the system, and Publish0x also claims to be selective when adding authors. Presumably, limiting the number of authors, which Steemit does not do, will prevent Publish0x’s reward supply from being rapidly depleted.
As for revenue, Publish0x is distributing its rewards in the form of an existing token, which means that the site has been able to go live without carrying out an ICO or seeking investors. Instead, Publish0x is looking for projects to sponsor its token supply on an ongoing basis. In return, those sponsors will be able to distribute their own token on the site.
This approach may help the site evade some of the traditional obstacles of crypto fundraising. Peepeth, an Ethereum-based Twitter clone, has also used traditional fundraising to avoid the troubles of ICOs. The fact that Publish0x has not had to keep users interested over a lengthy token sale may benefit it greatly.
No Relation To 0x
Despite what its name might suggest, Publish0x has almost no relation to 0x, which is a major decentralized exchange protocol and top-forty crypto. Instead, Publish0x is using Bounty0x as its reward token. Bounty0x is related to District0x, a marketplace that uses 0x in a limited capacity to power payments.
This lineage may be confusing, but the bottom line is that users are not being paid in 0x tokens (ZRX). At the moment, Bounty0x, an Ethereum-based token, is the only token that is available as a reward. The site’s ties to 0x will be stretched even further as it adds other Ethereum-based tokens to the mix.
This sort of name-borrowing is fairly common, though, as many crypto projects are not trademarked. The question of which projects deserve to use the word “Bitcoin” is another hot topic, and 0x seems to be similarly en route to becoming a generic crypto name—whether it leads to confusion or not.
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