In February 2019, the B1X platform sent a message saying that they were finally ready to release their platform after “more than 18 months of hard R&D in stealth mode.” The B1X platform will bring a disruption in the existing web content revenue model. B1X creators say that they want to use to blockchain technology to provide an appropriate mechanism that rewards internet surfers and content creators for their input to the online world because in their creations is “where the Web’s true value has always been allocated.”
Recently the platform revealed that it has been building on top of the Ripple Ledger. Through a blog post, they explained why they choose Ripple as a background for the platform’s architecture. In a tweet, they said:
“Just released our second blog-post answering the question “Why did we choose the XRP Ledger?” —”When you are trying to find a solution for the Internet, you have to have in mind that you are trying to find a solution for, at least, 4.4 billion users,”
End Game Is to Monetize the Web
In a blog post explaining their use case, B1X says that the Internet has since its creation never had a decentralized instrument that ensures that all internet users can monetize their ideas. As a result, without such recourse, what the platform refers to, as ‘monolithic advertisement companies, questionable data miners and walled subscription predators’ have been profiting from ideas, not of their own creation.
B1X goes on to mention centralized platforms such as Facebook Ads, Google AdWords, and Spotify as part of the service provider groups that have benefited the most from a lack of decentralization of the Web. The innovative platform, therefore, says that it is heeding to Timothy John Berners-Lee call to get rid of design dysfunctions on the Web that “creates perverse incentives where user value is sacrificed.”
Their overall objective is to eclipse these web incentives and help birth an online environment characterized by inclusion, creativity, privacy, and democracy. With public block chains like Bitcoin, Ethereum or XRP Ledger, this better online future is feasible. These DLT platforms can come in handy in redesigning fairer incentive schemes than the ones that are currently killing the Web.
B1X: XRP Ledger Is A Cut Above the Rest
As per their post, the platform has eventually settled on the XRP Ledger to support its Web monetization alternative. The blog post says that the XRP ledger is very similar to the protocol of the Internet. XRP’s attributes of resistance to censorship, decentralization, accessibility universally, neutrality, cost efficiency, and high scalability makes it a stand out DLT platform.
The XRP Ledger, therefore, meets the scalability requirements that can easily meet the needs of the Internet’s 4.4 billion users. Since it uses the Ledger Consensus Protocol (LCP) that is amongst many things, greener, and more efficient than the PoW consensus, the choice was easy to make.
Besides, the XRP LCP system also has faster transaction times, which is a significant reason why BX1 Settled on XRP rather than Ethereum or Bitcoin blockchains. B1X also praises XRP’s seamless ability to issue IOUs on its Ledger. This feature would assist B1X to create mechanisms of monetization, which were not limited to any form of crypto or fiat. Through the XRP Ledger’s escrow feature, multi-hop payments using the platform’s InterLedger Protocol will also be made possible for micro-payments and non-custodial streaming settlements.