What’s Satoshi’s Place?
Following the launch of the new and innovative Satoshi’s Place, the digital picture web app, a few arguments have now started. The online artboard allows members to paint and leave their mark for a small fee. Based on the Million Dollar Page and Reddit Place revolution a few years ago, it has now got a little interesting with competition over space on Satoshi’s Place.
As with the games that Satoshi’s Place was based on, the Cryptocurrency version has 1 million pixels available. Each pixel costs 1 Satoshi to paint, and it can be painted on indefinitely.
What’s The Problem?
The app has only been available for a few weeks, but already there are wars over the pixel space which is free for drawing on. The only restriction a buyer has is how much he or she is willing to pay out in Bitcoins to purchase space. Payment is processed through Bitcoin’s lightning network, which is holding up well. This project has really shown how the lightning network can not only deal with a vast amount of transactions in a very small space of time but also offers an insight into a new world with new financial technologies. It is also showing off the capabilities of Bitcoin. Industry experts are all pretty excited about how the microtransactions within Satoshi’s Place have been a success. There have been no major hold-ups at all on this Bitcoin project, and there have been no huge drops or falls in the transactions, which means that the system behind the artboard and the lightning network have been running smoothly and consistently. This is a major plus because it shows that no matter how transactions have come through altogether, these have not affected the Blockchain in any way, shape or form. Thus proving the scalability of the lightning network which is great news considering it is still in the early stages of introduction into the marketplace.
Information from the company behind Satoshi’s Place suggests that there have been nearly 3,000 invoices / separate transactions which have already been paid. This has totaled over 8 million painted pixels, and the site has seen approximately 10,000 visitors every day. Each of these visitors is unique.
Cryptocurrency Summed Up
Looking at Satoshi’s Place in a little more detail, it is a prime example of the Cryptocurrency industry in general. It literally sums up the continual fighting going on in the industry over a very limited amount of space and how territorial individuals and companies are becoming over their small slice of the cake. There have even been arguments between well-known rivals on the artboard. Bitcoin cash customers have proposed developing their own artboard that would offer a nicer environment than Satoshi’s Place apparently. This has not been received well, and a retaliation soon followed.
This final point also highlights one of the major issues with the Cryptocurrency industry today – hacking. The company behind Satoshi’s Place has already confirmed that hackers have worked out how to get inside the software and have already uploaded images over pixels. This is something that is prevalent in the Cryptocurrency world with almost daily reports of fraud being committed. Not surprising it has happened again.