Coinmonks
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Web3 subscriptions and payment automation.

What tools does web2 offer that keep people and businesses within web2, until it can be provided by web3?

We’re pulling in the future

What’s the situ?

We now live in a world where you can transact with another party without an intermediary to facilitate the transactions. Bitcoin. This peer to peer reality is a paradigm shift on a whole new qualitative level. Freedom from control from entities such as banks, bypassing the state function and jurisdiction through a network of nodes, a portal into a parallel world if you will, with parallel rules, laws and customs. A new surface area (to play) underpinned by different values. But this can be quite abstract for the many people who use the internet, namely most online business owners and their customers.

Where are we?

When we talk about what have we done thus far (in the blockchain world), such as the ability to transact p2p over a blockchain network, is already an amazing achievement; allowing people to trade in a decentralised way, this option is there for people now. Only in the past 3 years have we decentralised voting and funding mechanisms for communities to where there are some very potent tools. Because now you don’t need a bank account, official identity documents, or a registered company, to be part of a decentralised organisation or DAO — just a relatively decent internet connection. These “basic” tools can go a long way. It increases accessibility for people to join these online based communities and become a funded contributor, a real awesome place for those “pioneers” interested and intrigued enough to dive in.

The Web2 online economy

What does the Web2 world still have to offer that keeps people and businesses stuck there? There are of course many things. The obvious thing is that web2 is easy to use and their customers pay with fiat, if you seem legit enough, people will give you their card details on file so that payments can be taken regularly. And so here we have the key thing driving most of these businesses, the subscription based revenue model. Painless monthly payments that people will subscribe to, and forget about, in order to have access to a specific service. Around this business model, you have products and services designed to be seamless and intuitive to use, solving a person’s needs whatever it may be.

Boiling it down…

If we boil it down simply, the ability to take money from a person’s account regularly because they agreed to it, is what has fuelled this modern internet subscription economy.

Automated payments

The thing I am honing in on is the ability to take an automated payment from paying customers. Without it, there are countless services we use that won’t exist. Let’s just cover a few. Gym memberships, app store subscriptions, software-as-a-service’s, youtube without ads, streaming music, TV, movies and video games on demand, educational content, and now cars are offering subscriptions, and many more things, the list is endless.

Subscriptions empower and disrupt the status quo

Substack allow writers to provide paid monthly newsletters to their audience, circumnavigating the conventional, and generally quite restrictive path of journalism.

Subscriptions unlock value

Netflix charges roughly $10 per month to offer entertainment. $10 only used to afford you about 3 movies back when the video store/shop was around, if there are people who still remember Blockbuster.

Sounds great, how can I create subscription based service?

You will have to come up with the magic and the audience but here are the tools to build it:

How can we do subscriptions for Web3?

Kabocha.

References

[0] — https://www.marketwatch.com/story/youre-spending-more-on-your-subscription-services-than-you-think-2018-07-25

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Ramsey (Decentration)

Decentralising the web. Stewarding new paradigms. Engineering and product.