From Bitcoin to Litecoin to BCC, Yours Network is working hard to reduce transaction fees

On August 22, Ryan X Charles, founder of Yours Network, announced that his blockchain social media platform would switch from Litecoin (LTC) to Bitcoin Cash (BCC). Not long ago, the team had just switched from the Bitcoin main chain to Litecoin due to the insufficient micro-transaction processing capacity of the Bitcoin protocol.

Reducing micropayment fees

This week, Ryan X Charles shocked the cryptocurrency community with his latest decision, saying that his development team had recently decided to switch to the Bitcoin Cash protocol. The founder of Yours Network, a social media application that offers micropayment rewards for articles and content including pictures, stories, audio, and video, said that Yours was a social media application that offers micropayments for articles and content including pictures, stories, audio, and video.

Two months ago, when Charles announced the trial operation of Yours, he said that microtransactions were difficult to conduct due to Bitcoin's handling fees. After the trial operation, the development team decided to use Litecoin to ease the pressure of network handling fees and create a better user experience. Now, Charles has changed his mind again and said that he is excited about switching to BCC because this network can complete all the "product experiments we look forward to achieving."

We will become the largest BCC company in three weeks.

Reduce code complexity

When asked about the reason for switching from Litecoin to BCC, Charles explained:

Litecoin transaction fees are around 5 cents, and they have no plans to expand the blockchain. Eventually Litecoin will face the same problems as Bitcoin.

We spent more than a year developing this trustless payment channel network, which is similar to the Lightning Network but does not rely on segregated witness. We realized that by connecting to the BCC chain, we could greatly reduce the complexity of the code.

We asked the Yours developer if users of the platform could see BCC deployed within three weeks. Charles replied that it would be done in less than three weeks. In addition to moving the platform to the chain, the developer explained that the code size of the Yours protocol could be reduced by at least 10 times.

Our micropayment system is complete. We can broadcast our transactions on-chain with very low fees, maybe just 1 cent.

Views on Bitcoin

As for Bitcoin and its protocol’s SegWit deployment, the Yours developer expressed hope that the updates will go smoothly.

We want everything to go well with Bitcoin. Unfortunately, Bitcoin fees are too high for us to justify, even with payment channels, because it’s too expensive for users to get in and out.