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Joshua Petty
Co-Founder at Twetch
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CoinGeek London Conference 2020
February 21, 2020, London, UK
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Josh Petty explains how microtransactions power new Bitcoin-native apps
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About the talk

Topic: FinTech

Twetch gives content creators and users the opportunity to own their data on the blockchain, according to its co-founder and CEO.

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#JoshPetty

#Microtransaction

#CoinGeek London

01:48 Social networks today is a really stressful place

02:15 You don't get anything in return

02:48 Banning Bitcoin in social media

06:09 Twitch App - make money

09:28 69 countries joined Twitch

16:33 Twitch messages

17:45 Where did the idea of Twitch come from?

18:09 How do you get paid? Who gets paid?

About speaker

Joshua Petty
Co-Founder at Twetch
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Tell everyone first off, thank you very much too coingeek. This event is really top-notch. I convince my wife to fly in last minute and send just one email and then within 30 seconds, everything was settled. So thank you for that. Thank you Jimmy very much. Thank you to the watch team. We basically on a seven-month Sprint so I have a lot to talk about renouncing all the things and we couldn't do it without the work. So thank you guys very much. Let's get started to talk about that. You were talking about though isn't just a social network or talk about the future of

this. Is this is how things are going to work with me. Like, you're not the first announcement that we have out of all the announcers. Have his wrist, tell this user name. Its user 20 is when you sign up, you actually get your number and order from the time you sign up. So people really excited actually, they're so excited that they offered 9 bsv for the. So that's a current offer the sale ends at the end of the conference. So, if you'd like this again, Let me holla at you even better. Actually, you can add user number for. I'm I'm user number for. So we think it's going to be

really really valuable in the future because people are really excited about what's going on. Twitch. so, I probably could just stop here. This guy here. Pizza. I think the fifth richest person in the world and he thinks you're a dumb. Fuck. He doesn't believe in you. He doesn't think that you have any value and it all started on. This isn't the original sin of social networks. This is Mark Zuckerberg actually said this. So there's a general again or talk about social networks today, but it's a really stressful place. I found a

really stressful. There's a few people in this really even have Twitter. I'd love it. If you guys, you know, we could be friends. So I do, I do I don't like that. We all like that. What this is about is being with real people making real relationship to a real business is tracking every time use the social network. They just mind your information. And there's more to sell it on the back end and that's not very fun for you. Right? You don't get anything in return, your producing value for a billion-dollar companies and you get nothing. Nothing at all the work. Of

course. This phone is really big. I also I had to fact-check this a few times three billion people use social media to almost half the world suffers from this, this big problem, right? It's about 2 billion use Facebook alone. So, you know, it's really, really getting the best of you for saying the word Bitcoin. The real problem with Banning is that when you do get bad, if your livelihood is associated with it, you actually can't do anything about. It, is also not allowed to record. Your data actually gets removed from the site in the database and you can I had a

conversation with David Knight and he had 10 years worth of his YouTube videos removed from Twitter. So that's pretty bad. Right. I mean, he makes a living from developing on YouTube. This is Instagram's rights basically too long, didn't read you own it. But you don't everything you post on Instagram. They have the right to profit from you. You was a customer creating again, all this information about you and not getting a lot return. You can't directly monetize anything. So it's you can you can argue formation. But can you really control? Can you take it away

from him? Know? You can't even hear. This is real frog. These are guys each other really knows Ford Mayweather's one of the best athletes in the world and he's this is fraud. They're supporting and promoting and Ico on Instagram for money. And if she got a couple of this, he's got to pay like $9 or whatever. So this is what really goes on or do anything with her falling so DJ Khaled in Florida to turn into scammers they're just gave me everybody. Only performs everybody has to if you're successful, you have to turn into a scammer. That's not very

nice. It is another way of saying it. I really like this one. Shout out to Daniel, Kravitz. See, he turned me on to this, but with your using Facebook or Twitter, you're essentially turning into an agent Smith in The Matrix. You don't know who your friend is, you don't know who you're actually working for. It's always for the central point of control. So again, once you're successful who you really working for you don't have any type of agency So that's what's for solving a problem. Thanks a Bitcoin. We can actually solve the problem. We've been waiting a long time for this. I know

that I had this vision for many years before they could be a sweetie, we can actually build it. What's my fastest way to look like what's really funny is actually Jack here. This is Jack. Dorsey of Twitter found a receipt. He's talking about decentralized and of social media. To the jack is not doing anything about this. We talked about finding all these people and he's talked about all these really cool ideas, but no one's actually do anything about it. We are doing something about it. It's not too difficult. Actually, it looks and acts a lot

like Twitter, but you just using Bitcoin underneath. So it's not so hard to imagine, right? But stalls, all these problems. When you post something, you own your data, Are you going to fall or you make money? And it's completely ad-free. You don't have, we don't have to Black Box data data data. And we don't have to control your information in order to make money. This is how things will work in the future. This is not just totally. This is how all internet companies were and now you can be a hero of your own story so everyone can be Niall now. You don't have to be agent Smith, you don't

have to work for anybody else you're working for yourself, you have agency, you control your information, you can't roll your network value, you can trade your information, you can profit from it, no more scammers, not necessary, no real value with real people and do real business, that's what we're going to do. That's what she looks like today. If you're not familiar, if you want to try to watch you go to smosh.com, this is Guy Anthony, he's sitting right here, there's a little message on the bottom, right? And you can talk to him and he'll get you right on board. You can do that

right now and what it looks and feels a lot like Twitter. When you post the information to give you post to the blockchain with somebody likes or branches that sharing on Twitch, somebody replies. You're making money, though. The money gets split. If I share something on Twitch and somebody likes that we're splitting the revenue. It's really nice system. Right? It's all built with biker. Transactions were talking about pennies, right? Couldn't be too much. We'll see. So the idea to go to flash, you want to post something is really interesting. You have very valuable information. Go

do that right now. You got to swipe. So what's happening here. Is there actually paying you're paying $0.02 to share your idea and it was somebody likes that are shared that information. You're going to profit from that. They're going to pay a small amount of money, which is Bitcoin. And you can get the benefit. This is a real switch. Some people seem to be skeptical about which, and if it's how real, it really is Danny. Trejo actor, notice machete. He has a lot of really good memes and he really loves to watch because I pledge he can get direct

connection and monetize is following is an audience 6 million people on all the other social media has added up and he hasn't made a single dime from it. Here's one meme to post on Twitch. $10 write 3/300 interaction. So it's a very real thing and people really, really like this. Under the hood. That's why she looks sort of like this. There's inputs and outputs is basically information. Be posted to the blockchain. The actual information is stored with that transaction. So you can go and retrieve it later. It's all there. Images tax doesn't matter. The inputs and outputs

are basically, we're all the money's going. When somebody like something, the money can split up against, it can be with a hundred people. You can have a single penny, go to a hundred people. Some of the users on Twitch. Again, this is very real. Our Collective one of my favorites. 1.7 million on Twitter alone but very popular and and other websites as well. Basically our collects a channel where all the artists and creators photographers composer information or their photos and there aren't. And this guy

has a sort of like an AR than it knows what's relevant and post really relevant information for money. Is it okay? Triana whatever it takes its price we have to pay for my servers. There's no way from to do it. So he really really really loves. Danny is, you know, actor in Machete, really good to me. And so I didn't expect that. He's pretty old man, you know, you don't and you are out here in these people coming in and find Value out of this. I think particular slaveries, really like this because I rather entrepreneurial, they really, really like to come in an experiment new

things. You don't need to be perfect, but they understand the value of capturing Market early. So we've seen a very natural growth. Here. We have primarily bsv, people who like to post shitpost. We say have memes, we have creators like are collecting. We have celebrities and influencers that really enjoy the five. What is Dalian what's 69 countries? So 69 from 69 different countries and people all over the world are really loving it here. I really like him. We

put your money where your mouth is. It comes to school for positivity and prosperity. I really agree that so we get in touch as really information. Mark your building value your able to be a different person. Everybody you interact with your you're putting your money, you're having response. You have your essentially sponsoring that conversation, right? Should be held accountable. You can't just disappear into Troll and after you say something, really mean, it's all come back to you. This is being God. I really like me. And God I should say, he might be my favorite, but you can

profit from me. So every day he's on their posting memes and then he's making money for this. So he's a creator that never could actually do think you supposed to go swimming for free. All the people doing all this, you might get a good good, good numbers, get good interaction, but I never got anything from it. Call, Jacob. So this is, this is real testimonial about $10. On early started earning money. And yeah, that's a pretty good return $10 to 452. So, that's for today, it's a platform

for people to have fun. I started out as a lot of Bitcoin enthusiasts. Now it's growing into places where artists and influencers and creators can come in and and profit from their information. Of course, We have a lot of things. This also, if you've used to watch, you know that the onboarding experience, it actually is actually a wall. It's a Bitcoin while you're responsible for your money. And everything that happens is money. So we have to solve a lot of problems, right? We have to make sure that we can deliver the best possible user experience. Experience on the internet, just like

Facebook or Twitter, or anything else in order to beat them, we have to be like them. Currently, we have it. So you have to swipe the authorize. Opposed. And what we're going to do is work and actually eliminate that completely would for the first time on Bitcoin. In 10 years you're going to use an application is going to be just like anything else. Everybody talk about the word problem says user experience problems, blah, blah, blah, lightning Network this. Whatever it doesn't work. What's going to work is we're going to actually make it. So everything you do is a microtransaction

everything, you talk to him. If you want to watch a movie in my pajamas action, very, very happy and grateful for companies like money button and relay for giving us something to start with and billed our company with. And but now we're going have to compete for wallets in all anybody wants to interface with twice. She's going to have to actually help us lose it. We're just going to ourselves so we can. So you're going to now. See. No more. Swipe everything you do is a microtransaction. It is to be seen. Where to watch it down here. Are you ready?

So this is why we just finished this like an hour ago, you like to do things like that, which so what's going to happen before? You don't have to ask permission if I come in and talk to his email as right as on Twitter? DM, whatever. So if you using now, if you go to your profile page and you refresh that you'll have a twitch link right underneath your picture of a grab that link and everybody here will help be able to share that with a friend and will be authorized doing tonight. So he's now moving from a private beta to a public beta, that's one step at a time, one step at a time.

Baby steps, right? Shut off the table, thank you guys. We built this with these guys, Mr. Z and and Luke really, really good team. So what's really, what's really cool about? This is when you invite somebody What is an automatic thing has joined questions? Like any other social media about what's happening in the background? Is there an instantly getting Bitcoin? It's instant, they join it. Is really goes in there, so we don't have to like send them Bitcoin or anything. Like they're going to get Bitcoin and post at which they don't even really know. There's Bitcoin going on anymore. It's

instantly deposit it so it's our referral system built directly on bitcoin. I mean, think about this is bigger than twitch the whole internet can work. This way everything is automatic is programmatically. A programmatic? She's me and this is actually going to happen instantly. So again, we're solving word problems. We have to solve these problems where people can join a Bitcoin product and they don't have to have all this this crap they have to deal with this baby stuff but that's what we're doing. Next thing, I'm really excited to announce this house is for us to be quietly, but this

is stuff. You should check this out. So this SDK hear anybody to not only makes things on Twitch like games, you can play chess on its watching the interface, you could do things like schedule your post archive things automatically you know. Donald Trump has some funny tweets. You can make sure you grab them in and keep them archive cuz one day Jack's going to wipe them out. No question. You can have cat box and things that are program at just like any other product telegram, Twitter, xcetera, but

you also build competing interfaces. So, if you want to build a product, a good interface for Bitcoin, we are going to literally help you if you want. If you think which sucks we are going to live. It literally give you the pool and come on over and build a better one. I had a conversation with some guys that were pitching. They're trying to do a 22.4 hours a day, and this is just to get where we are, and it's not even close to ready. So good luck. We're going to help people get out there, faster. So we loved it. She uses.

Why would you use it? It's not just to help us. You can make money, too. If there's a revenue stream built-in. So anybody who builds on this SEK can make money. Have you really really great. A lot of companies are doing this, and this is how Bitcoins going to work. So that'll be another conversation for another day. I can explain that. But trust me, you, if you're going to build something like twice, please come on over. We can help you make it even better. We learned a lot of problem. We solve a lot of problems and learn the hard way. So, Stuff that I took the last announcement

here. I don't like to usually talk about things that don't exist. But in order to do this, we have to have the best possible experience. We have to provide experiences that the internet already gives us that people love and use. And one of those ways is to be his messenger. Everyday, we're using messaging or talking to her friend, to talk to her family, and it's a thing as private. So, you're doing a sort of public and are being held accountable, but there has to be ways for people to connect and build conversations,

sort of off The Walking, but guess what? We can do it off the washing, not public privately, but still on chain, so what we're going to do. Where do this messaging is going to be lost and put it in her face, but were you able to do? It's going to be able to talk to any touch user? Doodle Creek Group chats with anybody else just like any other product has to be completely Bitcoin. Native. It's private. It's encrypted. You're going to be able to go meet people that you can trust and being a place that, you know that oh, well, it'll it's, it's stored on the Block. I saw that some random

server fudge, doesn't need to own your information. We don't need access to your information, we never will. That's what we're going to do. So much messages coming out later in 2020. We're going to make a great experience. We really look forward to getting this out. I think this is going to open up a whole new paradigm of how people can get on board on the Bitcoin, and we're really excited about it. So stay tuned for that. Please go to our website, check out, our SDK, check out some new friends, and that's really all I have today. If you'd like to try to express.com.,

Hawkeye say hi, guys. I'm Johanna Botta from condesa, and I'm here with Josh fetty who's the founder of twitch first question? Where did the idea for Tat come from? The idea has been floating around between the team and friends of mine for many years, but essentially we saw an opportunity for people to use the blockchain post information to it and own their data. And in this case watch looks and feels a little bit, like Twitter has a really familiar experience but we're hoping we can build an application where people have more control you get

paid to get paid to post a comment to share the information of who gets paid. Can you explain a little more about that work clothes? Work a small amount of money. And when you post that, the reason you're paying for that is it's going to actually published to the blockchain. Anytime anybody does anything, they like their reply a share, and a quote, your Twitch. There's money being shared so, because of the coin, we can actually use microtransactions in the way they're meant to be used. So, if you share something, it, maybe cost you $0.03. Well, if somebody likes that, The person

who shared it, and the person who posted can make money, there is a few cents being split up among all parties and all the information sort of being passed on. But the microtransactions go back to the original person who created information so they're going to be different levels of like you know maybe sharing is more lucrative than liking or maybe writing the Articles going to be more lucrative than like like yeah it's really early, right? But you can imagine his new formation Mark. If it's a place, where if you create information, you can trade it. So every

user will eventually have control over the pricing in the car. And as Bitcoin skills, actually cost of doing all this goes down, very low, like we're talkin fractions of. Hey, so in the future and even now it's happening where cost reductions happening and we're going to work on a system where users can actually trade and could even build your own interfaces watch, which is really, really fun. That's right. So, we just announced an SDK and you can make your own version of Originally started out. They actually had a business model that allow people to make other Twitter clients. Tweetdeck. For

example, will they eventually cut all that off? Because they got more popular than Twitter and Twitter had to keep all the data inside their own Black Box to make money, but on bitcoin you don't have to do that. Much makes money from small microtransaction fees if you post something for $0.02, but she gets a small percentage of that because of Bitcoin we can do this and we don't have to own your data to make money and run it at the company. So we don't have ass and she's been on your information on Twitch and

writing whatever they want and then possibly snowballing into. Well you know what I got to do so I definitely look forward to talk about that soon. We are working, actively have something being built, leave invented something that's going to change how content filtering and ranking work. So this is all so The power of Bitcoin it's completely because of Bitcoin that we can do something like this. So just stay tuned. And we'll show you something. Really cool scene made in your conference.

Speech here at going to invite your friends with a LinkedIn. Do your profile, grab that link and bite them, bigot some Bitcoin automatically, so they get their first watch free in the user. Doesn't have to know anything about that coin. That's the first announcement. Second announcement is the SEK. So developers can come on to twitch.com SDK. They can actually go there. Get the documentation. They need to build your own interface. It's a Bitcoin. You can build competing in our faces

that you could build games on Twitch archive. Bots on. So I can do all kinds of fun stuff in the third thing we announce which is coming soon as the private messaging system. So you're going to be able to direct messages on Twitter at you going to be able to create chat with anybody all Friends and family and see what that means. Is you own your data to have access to it. You know, where your data is you can control your privacy and your data same time, right? So that it doesn't eventually. I do end up somewhere. You don't want to be

have this place of value creation, where it's not just a big company, it's the individual that's what's going to actually see how the internet works in the new world of Bitcoin and we're just getting ahead of the game. All social media will have to do this. So we are just getting as far as possible. He's got. Maybe we'll figure it out, maybe they won't, but that's what's going to happen if everybody will be in control now. And every person can benefit from this wretched talking more about

how you plan on you know, getting all the trolls on the fake news out of sweater. Thank you.

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