Mat Cybula wants you to help spread some cryptocurrency love around on social media. That’s why he and his team have come up with Cryptiv (www.cryptiv.com), a social microtransaction platform that facilitates transactions of digital currencies of social media like Twitter, YouTube, and Twitch.
Cybula says he started Cryptiv as a tipping service — “like a thumbs-up with money attached” — but found that with the limited number of people who use and understand bitcoin and other digital currencies out there, it was hard to get it off the ground. He decided that what was needed was a way to incentivize people to use digital currencies.
He noted that one of the beauties of Cryptiv is that you can send coins to people who don’t even have a wallet yet. They receive a notification that someone has sent them some coins and then they will look into what it is they just got. It’s a way to get new people started so they can “learn and earn” and hopefully explore the space.
Cryptiv started about five months ago, and since then, the team has worked closely with its users to improve on the product and find better ways to achieve their goal of wider cryptocurrency adoption. The results of their market research will result in a new and improved Cryptiv website, due to launch in a few weeks.
Other plans for the future include the expansion of its social media reach. Cybula hopes to add Github, Reddit and Facebook tipping options over time. At the moment, Cryptiv uses a Chrome extension to integrate its functions with its social media partners, but it plans to roll out a Firefox extension as well, with a Safari extension sometime down the road.
Cybula walked the meet-up crowd through a Cryptiv transaction. Once the user downloads the Chrome extension, a little “giftbox” icon appears right on the social media postings. So if you want to tip someone’s tweet, for example, you just click on the little giftbox and send them a set amount. They are notified about the tip and invited to collect it — even if they don’t have an existing wallet already.
There is no charge for anyone to send or receive coins with Cryptiv.To avoid fees on micropayments, all transactions are done off the blockchain.
According to Cybula, Cryptiv has noted that there is a high rate of acceptance among people who receive tips, and that they in turn are likely to pass along their tips to someone else. However, should any coins go unredeemed, they are returned to the sender after 30 days.
Where Cybula sees some of the most interesting potential for micro-incentivization is among the content creators of the world: bloggers, journalists, musicians, artists etc. He recognizes that these creators are rarely compensated appropriately for their work. Tipping could be a “godsend” for them and allow those of us who consume content to support their efforts more easily.