Memo Innovation Invigorates Bitcoin Cash Proponents

[roadrunner]

Just recently we reported about the on-chain social media network called Memo, an application that allows people to publish censorship resistant ‘memos’ on the Bitcoin Cash (BCH) blockchain. So far users have sent thousands of on-chain memos, and the platform’s developers have added new features like ‘replies’ which unleashed over 3,000 Memo transactions in 24 hours after adding the reply component.

Also read: Markets Update: Cryptocurrencies Erase Two-Day Losses

New Features Added to the On-Chain Social Media Platform Memo.cash  

Bitcoin Cash proponents have been very excited about the new Memo.cash application that was launched two weeks ago. Memo is seeing a lot of traction, and there are quite a bit of users on the platform now, as scrolling through the app’s profile list can take some time. A lot of BCH supporters seem to really like the idea of a censorship-proof social media system where literally everything is stored on-chain. Since the app was launched, people started posting like crazy with little blurbs and cementing URLs into the BCH chain. Following this, Memo has seen some new user interface (UI) features which include the use of emojis, the ability to reply back to memos, and a counter for typing.

Memo users start using emojis.

3,000 On-Chain Memo Transactions in 24-Hours

When the reply feature was added to the platform, the Memo website got a lot of use that day. According to Memo user Zhell, the app broke records by accumulating 3,000 on-chain transactions in 24-hours after adding replies. Every action on the Memo platform is accounted for on the BCH chain because the platform uses P2PKH addresses, which saves the data via an OP_Return transaction. So any time the user writes a memo, likes and tips a memo, or replies, there is an immutable record of these activities on the BCH chain using very small microtransactions. Besides the point that Memo works in a peer-to-peer manner, and the fact that recorded memos can be kept on the BCH chain in a censorship-resistant manner, excites bitcoin cash proponents.

Using Public Blockchains to Fight Censorship   

For instance, coding messages into a public blockchain made headlines this week when students from China and members of the #metoo movement used the Ethereum network to overcome Chinese government censorship. Students are being censored for exposing sexual harassment stemming from University professors, and officials silenced most of the dissenting voices on this issue. One female student from Peking University wrote a letter about the sexual harassment but faculty and Chinese officials censored the letter. So on April 23 in a similar fashion to the way Memo operates, a user sent an OP_Return ETH transaction that gave people access to her letter via the Ethereum blockchain. Cases like these solidify the value of an on-chain network which lets users share censorship-resistant data.

Early bitcoin developer Gavin Andresen seems to like Memo.cash.

Memo Has More Features Coming

Memo, on the other hand, has a more rich display of text, emojis, and direct URLs that can be seen on certain block explorers. The developers of the Memo project have more features planned for the next updates such as setting a profile picture, attaching photos, and reposting memos. Moreover, the team mentions on the website that additional features can be added such as a voting system, tagging profiles, issue and revoke delegated addresses, and dislike or flag users/posts. After May 15 when the BCH hard fork is complete Memo may see even more robust actions that could be added to the platform because there will be a notable increase in the OP_Return field. This will allow any developer, including Memo’s programmer, to build ‘colored coins’ or representative assets, alongside digital rights management services that are interoperable with the bitcoin cash blockchain.

What do you think about the Memo.cash platform? Have you tried it yet? Let us know what you think in the comments below.

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Images via Shutterstock, Memo.cash, and Pixabay. 

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The post Memo Innovation Invigorates Bitcoin Cash Proponents appeared first on Bitcoin News.

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[chrstnmaula]

To be fair, this website is the biggest proponent of Bitcoins original 
white paper, in both code and ideology. Before the scaling debate and segwits, it was BTC. However since that time it has been corrupted by overzealous developers looking for their piece of the pie through code and the centralization of the network by adding a 2nd layer. This is where the only thing left with bitcoins original integrity is the symbol BTC, The fork in Aug of last year was a means to an end of the constant disagreement with the major players to adopt segwits. Bitcoin cash was born, but people close to the story fully understood from day one what BCH was and how it would be the life line in keeping true to decentralized transactions and what was special about the original bitcoin in 2009, while addressing the scaling issue. I urge you to forget the politics and name calling, just read the facts for yourself. A lot of opinions out there are emotionally charged with no facts to back it up. Blindly supporting BTC and the LN that is a mess is going to be the downfall for BTC.

[DenisMNE]

4 minutes ago, chrstnmaula said:

To be fair, this website is the biggest proponent of Bitcoins original 
white paper, in both code and ideology. Before the scaling debate and segwits, it was BTC. However since that time it has been corrupted by overzealous developers looking for their piece of the pie through code and the centralization of the network by adding a 2nd layer. This is where the only thing left with bitcoins original integrity is the symbol BTC, The fork in Aug of last year was a means to an end of the constant disagreement with the major players to adopt segwits. Bitcoin cash was born, but people close to the story fully understood from day one what BCH was and how it would be the life line in keeping true to decentralized transactions and what was special about the original bitcoin in 2009, while addressing the scaling issue. I urge you to forget the politics and name calling, just read the facts for yourself. A lot of opinions out there are emotionally charged with no facts to back it up. Blindly supporting BTC and the LN that is a mess is going to be the downfall for BTC.

Very true.

Could not say it better.

What do you mean by corrupted, though ? What developers are you referring to ?