The Internet of Value: Integrating Blockchain and Lightning Network Micropayments for Knowledge Markets
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arXiv
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| Autori principali: | , |
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| Natura: | Preprint |
| Pubblicazione: |
2024
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| _version_ | 1866916543564087296 |
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| author | Solaiman, Ellis Robins, Jorge |
| author_facet | Solaiman, Ellis Robins, Jorge |
| contents | Q&A websites rely on user-generated responses, with incentives such as reputation scores or monetary rewards often offered. While some users may find it intrinsically rewarding to assist others, studies indicate that payment can improve the quality and speed of answers. However, traditional payment processors impose minimum thresholds that many Q&A inquiries fall below. The introduction of Bitcoin enabled direct digital value transfer, yet frequent micropayments remain challenging. Recent advancements like the Lightning Network now allow frictionless micropayments by reducing costs and minimising reliance on intermediaries. This development fosters an "Internet of Value," where transferring even small amounts of money is as simple as sharing data. This study investigates integrating Lightning Network-based micropayment strategies into Q&A platforms, aiming to create a knowledge market free of minimum payment barriers. A survey was conducted to address the gap below the $2 payment level identified in prior research. Responses confirmed that incentives for asking and answering weaken as payments decrease. Findings reveal even minimal payments, such as £0.01, significantly encourage higher quality and effort in responses. The study recommends micropayment incentives for service-oriented applications, particularly Q&A platforms. By leveraging the Lightning Network to remove barriers, a more open marketplace can emerge, improving engagement and outcomes. Further research is needed to confirm if users follow through on reported intentions when spending funds. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2412_19384 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | The Internet of Value: Integrating Blockchain and Lightning Network Micropayments for Knowledge Markets Solaiman, Ellis Robins, Jorge Computers and Society Computational Engineering, Finance, and Science Emerging Technologies Q&A websites rely on user-generated responses, with incentives such as reputation scores or monetary rewards often offered. While some users may find it intrinsically rewarding to assist others, studies indicate that payment can improve the quality and speed of answers. However, traditional payment processors impose minimum thresholds that many Q&A inquiries fall below. The introduction of Bitcoin enabled direct digital value transfer, yet frequent micropayments remain challenging. Recent advancements like the Lightning Network now allow frictionless micropayments by reducing costs and minimising reliance on intermediaries. This development fosters an "Internet of Value," where transferring even small amounts of money is as simple as sharing data. This study investigates integrating Lightning Network-based micropayment strategies into Q&A platforms, aiming to create a knowledge market free of minimum payment barriers. A survey was conducted to address the gap below the $2 payment level identified in prior research. Responses confirmed that incentives for asking and answering weaken as payments decrease. Findings reveal even minimal payments, such as £0.01, significantly encourage higher quality and effort in responses. The study recommends micropayment incentives for service-oriented applications, particularly Q&A platforms. By leveraging the Lightning Network to remove barriers, a more open marketplace can emerge, improving engagement and outcomes. Further research is needed to confirm if users follow through on reported intentions when spending funds. |
| title | The Internet of Value: Integrating Blockchain and Lightning Network Micropayments for Knowledge Markets |
| topic | Computers and Society Computational Engineering, Finance, and Science Emerging Technologies |
| url | https://arxiv.org/abs/2412.19384 |