A Deeper Dive into Micro Income Streams
Did you know you can get paid for online gaming? Or interacting on a social network, or viewing online ads? Welcome to the world of micro income streams, where network participants are rewarded for their activity.
So what exactly are micro income streams and how can you set them up to create a regular and valuable income?
Micro income streams are cryptocurrency payments you can receive regularly for things you already do online or are interested in participating in. They can be anything from a few dollars up to hundreds of dollars a month that you can earn from interacting with online networks or services.
The reason micro income streams have only recently become a possibility is that blockchain technologies that power cryptocurrencies have allowed for low-cost transactions between parties. This wasn’t possible in the past because the traditional financial system transaction charges were so high that low cost payments weren’t viable.
Cryptocurrencies allow people to transfer any unit of value to any part of the world through peer-to-peer networks in a fast, secure, and anonymous way. This eliminates the need for the payments to be routed through banks or other middlemen, significantly reducing transaction costs and making it possible for anyone to pay or earn micro income streams.
Blockchain tech has also enabled automatic payments through smart contracts that don’t need to be manually processed. Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. So every time you perform action X, you’ll be paid amount Y.
These developments are part of the broader emergence of Web 3.0; a new generation of internet applications and platforms facilitated by blockchain and other technologies and characterised by decentralisation, open and permissionless networks, and greater ownership of data for participants.
The use of cryptocurrencies and smart contracts has created a way for network participants on social media platforms, web browsers, and other digital platforms to send and receive value, in real-time, without restrictions.
This is a game-changer to the present model where major digital platforms like Facebook, Google, Instagram, Twitter, and many others make billion-dollar profits by allowing people to use their platforms for free. Except they’re not really free because the whole time they’ve been profiting off our data and privacy.
Welcome the Web 3.0 disruptors
The micro income stream platforms and services available now are essentially the Web 3.0 disruptors of the entrenched tech companies that were hogging all the profits from their users. Plus a whole new wave of platforms taking advantage of opportunities being unleashed by low cost, near instant transactions to anyone anywhere in the world.
Micro income streams can come from doing all the things users are already doing, but using a platform that’s built on blockchain and utilises cryptocurrencies. Users can earn streams passively in this way, or seek more streams through actively participating in an ever increasing number of value generating platforms and use cases, such as:
1. Play to earn gaming
Gamers have already been transacting peer to peer with in-game digital currencies for a while. But now in-game value can be transferred out of these online worlds too. Rewards for achievements, creations, and interactions have real world value. Enjin is a leader in this area, partnering with some of the largest global games and communities.
With the rise of platforms like Twitch helping gamers generate their own audiences and followings as well as the huge potential of e-Sports, micro income streams from online gaming have a very bright future. And the possibilities to earn meaningful amounts aren’t just a promise of the future. It’s already happening today, as we covered in our recent Axie Infinity article.
2. Social network interactions
You can now make money from posting content, commenting/liking/getting likes and interacting on social media. Every interaction can earn a micro payment since the participants on the social network bring value to it. Without users interacting with each other there would be no network, and hence no value. Entrants to the space include Minds, Sapien, and Revolution Populi.
3. Viewing ads on web browsers and social media apps
New generation blockchain platforms like the Brave Browser allow users to be part of the revenue model, receiving micro incomes through using the platform and opting into being shown targeted ads. This gives advertisers greater engagement with potential customers and users a much better overall experience.
4. Data and dCommerce
Users have been giving away their daily usage and behavioural data for free for too long. Stealing this data has been built into the platforms we all use and there’s been limited options to opt out of them. Facebook and Google know a lot more about us than we might imagine, and all this data and information is monetised.
Decentralised platforms return ownership of this data back to users by letting them opt into data sharing and privacy settings. With the growth of IoT, smart devices, and dCommerce, new micro income streams are possible by actively sharing data. Some good examples of this are Streamr, creators of a global marketplace of real time data streams that anyone can join, and Boson Protocol, which is tokenising commerce data to enable a truly decentralised commerce ecosystem.
5. Digital products, surveys, and the gig economy
Product development and service surveys and other customer feedback driven protocols are already established ways to earn value online. New platforms that enable frictionless and scalable participation in these activities using cryptocurrencies as the medium of exchange will play an integral part in rapid improvement across fields from artificial intelligence (AI) to augmented reality (AR) and digital marketplace products.
The gig economy is a similar sector that is ripe for evolution through blockchain and cryptocurrency. Platforms like StormX are building new ways to earn income streams, no matter where in the world users are.
6. Sharing HD storage / CPU power on cloud networks
Decentralised versions of DropBox, WeTransfer, and Google Drive are bringing new models of peer to peer file storage and transfer, where users can rent out spare hard drive space or CPU power in a trustless and encoded format. Files are split across the network, enabling the spare disk space and the operating power of millions of individuals to be harnessed instead of everyone being reliant on the centralised warehouses of single company hosted servers.
Storj and Golem are two leading projects in this space, providing new opportunities for individuals to monetise underutilised resources they already own.
There’s no going back
Technology has upended our world and continues to bring about newer and better possibilities. Now that we’re aware of how lucrative our time, attention, and data really are, it’s only fair that we utilise this new technology to monetise them. The landscape has changed and now there’s no going back.
And not only are there now ways to earn multiple micro income streams, there’s a way to easily combine and amplify their value with Amasa. Amasa’s technology will amplify the value of your multiple micro income streams by allocating income earned into “set and forget” portfolio options with a range of risk tolerances. These portfolios will earn a return for users by capitalising on the yield generating potential of DeFi protocols. More experienced users can choose to take greater control over their funds by shadow investing via protocols such as dHedge, that allow users to mirror the returns of highly experienced crypto traders.
Amasa’s driving purpose is to help people improve their financial position by amplifying the value of micro income streams. Be a producer, not a product.
Get on board
To learn how you can start earning micro income streams today and to hear about the latest project news and announcements, visit us on Twitter and Telegram (Announcements), or join our Telegram community channel. Or you can always get in touch at email@example.com.