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increasedwisdom

XRP and the Micropayment Wonderland

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It's one of the biggest unexplored markets,
and its floodgates are about to be blown wide open.

What Ripple, Coil, and so many others are in the process of creating,
is the ability for anyone and everyone to take advantage of
fast, cheap, transparent, secure payments down to the fraction of a penny
between individuals, businesses, banks, governments, apps, computers,
and everything else, globally, regardless of the underlying currencies.

This new Internet of Value will be revolutionary.
While many have avoided trying to guess or predict just exactly what it will look like,
here, in this club, we do just the opposite.

Why would we give our million dollar ideas away for free?
It's like our "donation" to the XRP ecosystem.
And it will only serve to help our overall investment in XRP.
But also we want to develop these ideas into actual projects.
So, we can use this club to facilitate that, and get the right people 
on board and involved, and then remove the idea from any posts, if necessary.
So let's get to it!

Examples We've Seen:

Micro-donations. XRP TipBot @xrptipbot is amazing.  (thank you @WietseWind)
And in the near future these donations will be complemented with 
standardized, web monetization.

PayPal was suppose to blow the micropayment market wide open.
In a way, they have.  And in many ways, they can't.
Their overhead costs of providing security and especially 
arbitration/dispute resolution between buyers and sellers keeps them 
from being able to make micropayments viable. (among other issues)

Examples We've Heard About:

David Schwartz always gives the example of his phone automatically paying 
for Wi-Fi wherever he goes.  Taking that one step further, we envision a more
mainstream way of sharing/selling a percentage of our own home and business
Wi-Fi directly to cellphones within range.

Businesses paying you for your personal information
so they can provide custom advertising to each individual.
This can be done in countless, ingenious ways, including the mall
example listed below.


Why will people pay micropayments?

Why would we all start paying for things that we've always gotten for free?  
In short, because we will all be getting paid for the things that
we've always given away for free.
 (our time, preferences, and attention)
This new Internet of Value truly creates an environment where
money flows in all directions like information, and along with 
information, making it just another seamless part of each transaction.


My Own Examples:

Imagine you go to the mall.  Your cellphone "checks in" and alerts you
that you've just been paid $1 for personal information that you've
previously chosen to sell.  And then shows you personalized advertisements
for new items at various stores in the mall, in the same way you see on 
Amazon or Netflix, things that actually interest you, and give you
an idea of what to check out and where to go.

How about micropayment layaway.  Say you only have $100 to spend at the mall,
but you find several items you want to purchase now, and one higher ticket item
you want to purchase later.  You scan the item's QR code and put $20 down on
the item.  You then have a list of items on layaway easily accessible on your phone,
ready for your next visit to the mall.

Or how about micro lotteries.  Pretty self explanatory.

And for my favorite, I created a separate topic in this club.
"Get Paid to Work at Home, for Reals This Time"
Basically, it's monetized video chat that will create a
whole new dimension of interconnection.

 

These are just a couple of simple examples to try to get the ball rolling.
Your contributions and constructive criticism are always welcomed and encouraged.

So, what are your micropayment ideas?

 

 

Edited by increasedwisdom

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Apart from the obvious uses of buying content (whether that be news, videos, music etc), I wonder if there's a market for unused processing power. That way companies/research bodies could tap into people's computers which are sitting dormant, and buy the use of their computers for applications which require huge amounts of calculations (I'm thinking genetics, astronomy, modelling of natural systems etc).

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On 7/10/2018 at 6:11 PM, ThomasTheTGV said:

Thats an easy one locla exchange trade economy (LETS) which are quite popular in different parts of Holland.

LETS never really took off in the United States.  Craigslist isn't as popular as it once was, which kind of was used in a similar way in the US.

Amazingly enough, Facebook has actually been the go to place for a lot of individuals and communities to create their own local trade economy.
But none of the features that LETS have, and Facebook isn't really designed or setup for something like that.

So with the ever increasing reliance on the Internet, it is quite possible a new network could be developed to link the current LETS together
into one larger, searchable database while also creating a new standardized way of creating new LETS in communities throughout the world.

I doubt XRP would be needed for local use, but certainly would be useful internationally with multi-currency transactions.

But possibly locally too, utilizing smart contracts for negotiations.

Maybe somebody who knows more about this could contribute / help develop this idea.

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On 7/11/2018 at 2:09 AM, Craig_ said:

Apart from the obvious uses of buying content (whether that be news, videos, music etc), I wonder if there's a market for unused processing power. That way companies/research bodies could tap into people's computers which are sitting dormant, and buy the use of their computers for applications which require huge amounts of calculations (I'm thinking genetics, astronomy, modelling of natural systems etc).

This idea is already being implemented for crypto mining, but I haven't seen it really developed for other use cases like the ones you've mentioned.

I like the idea of using something like XRP for its micropayment / smart contract capabilities to implement an exact payment system for the processing power per minute used.
(meaning an exact micro-fee would be charged for a specific amount of computational resources for every minute their used)

I know some developers on this website that are looking for a project just like this one to dive into.
I'll see if I can get their input.

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