Online Entertainer creates payment processing system to help fellow creators get paid
LOS ANGELES, California- Online entertainer, Dax Herrera and host of the "Biggest Problem in the Universe" has released his payment processing system, BackedBy.
Herrera told ABC-7 he and a team of 5 other people developed the software in order to prevent financial censorship of artists and journalists by banks and payment processors.
"We are privacy first and decentralized, so nothing can get between creators and their supporters,"
the Internet Celebrity said.
BackedBy offers people the option to buy monthly subscriptions with multiple types of cryptocurrency to their favorite artist, comedian, and content creator. The online coin is sent through the blockchain where it is exchanged.
"The blockchain is a digital, global ledger that is impossible to hack, change or cheat the system," he shared.
When ABC-7 asked Herrera why they created BackedBy his response was, "All of our favorite comedians and artists and journalists have been harmed by censorship. Imagine how much worse off the world would be if that were allowed to continue. The technology to stop it exists, someone just had to put the pieces together."
This is the news release from BackedBy:
FOR IMMEDIATE RELEASE: January 10, 2023
BACKEDBY SEEKS TO DISRUPT $100 BILLION CREATOR ECONOMY WITH WEB3 SUBSCRIPTION PAYMENT PROTOCOL
Creator-focused Polygon-based startup brings first stablecoin recurring-revenue platform to the blockchain.
Los Angeles, CA: 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.