Online Publishing Platform Empowers Writers & Readers
Publish0x is an open publishing platform much like Medium but with cryptocurrency tipping integrated. A crypto agnostic publishing platform that rewards both authors and readers in crypto, the Publish0x online publishing platform was founded by Dan Bainbridge of BigBirdVC. The project hasn’t done an ICO for their own token but instead the platform integrates other crypto assets, starting with ETH ERC20 tokens which users can withdraw to their Web3 wallets such as MetaMask or to a relevant KuCoin exchange address. Publish0x is not based on, nor is it part of, 0x Protocol (DEX protocol) or District0x (a social space protocol).
Three Simple Ways to Earn Cryptocurrencies on Publish0x:
- Earn by reading – a reader can choose to vary a tip between a minimum of 20% and a maximum of 100%. The default suggested tip is 80%.
- Earn by blogging if you become a Publish0x author.
- Earn by sharing articles as a Publish0x ambassador. You can earn 5% of every tip claimed via the tipper by the audience you bring in.
On Publish0x, both the author and reader can earn crypto for either creating and/or reading content. When a user publishes content, readers can tip them. Tips are free and come from the Publish0x rewards pool. A tip is split between author and reader. Platform members are able to earn crypto simply by reading and tipping the articles published by other members. Articles are generally tipped according to popularity on the platform. Users are also able to follow their favorite authors and tip them using one of the 7 daily tips allotted to each member of the platform. The first 2 tips of the day are slightly higher than the remaining five and are paid out in a randomly selected token of either Ethereum, AMPL or iFarm currently.
As of Jan 2021, the platform already hosted over 200k+ users, who had published 150k+ blog posts, and generated over 1 million tips – earning US$200k+ in cryptocurrency.
Currently users can earn or tip in Ethereum (Ether – $ETH), Ampleforth ($AMPL), and Harvest.Finance ($iFARM). Publish0x integrated $FARM (an automated Yield Farming DeFi Protocol) for tipping in January, and recently changed the token to $iFARM because it costs nearly 50% less in gas fees to interact with services of Harvest Finance when using $iFARM, compared to when using $FARM. They also enabled withdrawals of AMPL and ETH directly to a user’s KuCoin exchange account. Withdrawals to KuCoin directly are sent weekly, while on-chain withdrawals are sent on a monthly basis. Withdrawals to KuCoin have a minimum withdrawal amount of $0.5 per token, while on-chain withdrawals have a minimum withdrawal of $5. This is due to gas fees. Since KuCoin does not support $FARM or $iFARM tokens, Publish0x sends those twice per month on-chain to Metamask for example, while the minimum withdrawal amount is set at $2.
Earning Crypto On Publish0x for Writing or Reading
Anyone can sign up on Publish0x to be a member and make a little crypto just for reading or writing articles. Users can register and login with their Facebook or Twitter account, or via email.
Earning crypto for reading an article can only happen by tipping the article the user has read. Tips are fully covered by Publish0x. This means that as a reader, you are not required to supply your own crypto for tips.
The platform doesn’t have a special mechanism to determine if you’ve read the article so each post simply comes complete with a tipper located immediately beneath the article that can be varied by the user. The general idea is that tips should be made proportional to the value of the content. Articles of quality content ideally deserve more tips than those with less valuable content.
How Publish0x’s crypto rewards system works
You may be wondering how Publish0x is able to supply the tokens for the tips earned on their platform. Well, Publish0x’s innovative business model works such that advertisers (projects and tokens) will be able to get exposure through their tipping system. This essentially incentivizes the token projects to distribute their tokens to Publish0x users thereby creating a use case and supply/demand mechanics for the tokens via Publish0x’s user base and ecosystem.
Once an advertiser sends Publish0x the funds, they will be able to set their own rates per tip. The higher rates per tip they set compared to other tokens / projects / advertisers, the bigger the chance the next tip a user makes to another platform user will be in the token from that particular advertiser.
Tip values are measured in USD, but users will earn tips in the advertisers token(s). While setting rates per tip, an advertiser will be able to see what the chance is that the next tip will be in their token. The benefits advertisers can get by advertising their project through the Publish0x tipper are twofold. First, Publish0x users learn more about the project after each tip they make. Second, users get a further incentive to integrate with the advertiser’s community and tokenized ecosystem.
Publish0x reward mechanism explained
In the scenario above:
- There would be a 70% chance that a tip is in Token 1, and when the reader makes the tip, they will have 7 cents of Token 1 to split with the author.
- There would be a 20% chance that the reader’s tip is in Token 2, where the reader would have 2 cents in Token 2 at their disposal to split between them and the author.
- Token 3 has a 10% chance to be the tipping token, with the tip value being 1 cent before the reader makes the split with the author.
The logic behind Publish0x’s incentive structure is so that future advertisers or token projects are able to get maximum exposure when they have important news by turning up the rate they pay out per tip. On the other hand, they can choose less exposure over a longer time period if they choose to pay less per tip relative to what other token projects or advertisers are paying out at any given time.
Check out Decentralised Africa on Publish0x