Welcome to BackedBy.
If this is your first time using the blockchain, these are the most important things you need to remember.
Your “wallet” is your way of interacting with the blockchain. It’s your login and password to every site in Web3. It’s your identity and your bank all in one. It holds all of your tokens securely and distributed applications give you access to their content via your wallet.
Your wallet consists of a public and a private key. Your public key is the string of numbers and letters you see when you interact with it. For example, here’s mine: 0x6072845242f0246670BC0085eEfA0b5F833D847E. Your private key looks similar, but it’s hidden inside of your wallet. Keep your private key safe and don’t share it with ANYONE!
How BackedBy Works
Creators make projects on the blockchain using BackedBy’s Smart Contracts. Any posts they add to their projects are encrypted and stored on a tool called IPFS – the InterPlanetary File System.
Supporters subscribe to these projects using their wallets. When you subscribe to a project, your wallet gives the BackedBy smart contracts permission to withdraw a subscription fee from your wallet every month (and a small amount of the crypto called ‘MATIC’ upfront to process these renewal transactions. Credit card companies charge around ~3%. Using the blockchain, BackedBy charges a fraction of this.)
That’s it! As long as you have stable coins in your wallet, your subscriptions will continue until you cancel them – no matter what! No entity, no bank, no tech company, NOBODY can stop them–not even us!
Would you like to know more?
What’s the difference between a platform and a protocol?
What are the BackedBy Smart Contracts
Tutorial: Set up the Coinbase mobile wallet and get Stable Coins
What wallet should I use?