BackedBy has announced the launch of their web3 recurring payment protocol today. Built for content creators, BackedBy brings decentralized, privacy-first payment subscriptions to the blockchain. Creators can now publish directly to their supporters in a way that can never be interrupted or censored, for a fraction of the cost of existing platforms. BackedBy represents a major step forward for monetizing content online.
Immutable. Decentralized. Privacy-First.
BackedBy was created to address critical weaknesses in existing platforms. Artists and their supporters are being exploited by outrageous fees and are subject to unpredictable political and corporate interests. BackedBy solves this by decentralizing the subscription content model to the blockchain. Using the Polygon blockchain, BackedBy has removed the payment processors and middlemen. Pledged funds move directly from the subscriber to the artist.
Content posted to BackedBy is encrypted using the elliptical curve encryption technology of Lit Protocol. Anything posted to BackedBy is viewable only to creators and their supporters. No personal information is required, so there is no data to be leaked. The smart contracts are immutable, meaning the rules can't be changed. The system can't be "rugged", and all participants are 100% accountable.
What about Crypto Prices?
BackedBy recognizes that businesses can’t be built on fluctuating crypto prices. That's why the BackedBy platform accepts only stablecoins (USDC, USDT, and DAI). Creators pay their rent in dollars, therefore they need to be paid in dollars. That being said, the open-source BackedBy protocol can pay out in any ERC-20 compatible token (BAT, DOGE, WBTC).
The Future of Monetization.
The “passion economy” is a hundred billion-dollar-a-year industry that consists of millions of streamers, podcasters, thought leaders, models, and influencers. BackedBy offers creators freedom via the blockchain. BackedBy will give publishers full ownership of their financial futures and introduce millions of people to the blockchain in a way that is more than speculative assets.