We all have used a dictionary at some point in life—a traditional dictionary and an online dictionary. Words are searched for and used across the globe for different purposes. Many look them up without realizing that there is a whole army behind creating that long list of words and definitions along with details like grammar, usage, and more.
On the latest episode of More Than Money, SLictionary co-founder and CEO John “Jack” Pitts joined host Patrick Thompson to talk about SLictionary, a platform built on Bitcoin SV enterprise blockchain that allows users to add words, definitions, images, and an audio file pronouncing that word in their accent or style and get paid for it in BSV.
The duo discussed the market price and technical capabilities of BSV, similarities and differences between digital currencies and equity market, trending cryptocurrencies and dictionaries—particularly SLictionary, which Pitts refers to as “an online dictionary with no ads.”
Pitts, who started picking stocks at the age of 11 and joined the Navy as an engineer at 16, was always passionate about finance, which drove him to join a hedge fund on Wall Street, where he worked as a Technology Specialist Partner for ten years. Speaking about the dot-com bubble, Pitts expressed that it was similar to what’s happening in the cryptograph world today. There is hype and constant chatter about “too many things out there” on the Internet.
What makes BSV stand out compared to other blockchains and digital currencies? Pitts pointed out that BSV enables micropayments at a lower price that Visa and Mastercard would never be able to do. He added that the ability to do microtransactions that allow businesses to function without ads is one of the best attributes of BSV.
“In addition to being the dictionary without ads, SLictionary entails much more. We give our users the ability to make money (BSV) to add the definition of one or more words. If you can add a picture, an audio, maybe you have an accent and you can say the word differently; we charge a penny when the user looks up a word, we take it and split it. We keep three tenths of a penny, and the user who created the definition gets the seven tenths of a penny. Every single time someone looks up that particular word, the definition creator gets another seven tenths of a penny. SLictionary gets three-tenth of a penny, and if someone looks up that word a lot and you have done an outstanding job of defining it, you make more money. This isn’t possible on Visa or any other blockchain,” he said.
Next, Pitts talked about how Bitcoin is a computational commodity with a function and data “on coin,” while the other aspect is money. He said, “A user of SLictionary, for instance, gets a statement at the end of the year explaining the growth in percentage his word(s) made this year versus the previous year. An image or a pronunciation that the user added to SLictionary—that data is being stored—per Satoshi. But it’s sitting on a star’s token, and a star token is BSV. It is Bitcoin. So your definition is like a piece of art with a cash flow, not because someone valued it. One Satoshi if you’re getting paid, say, $10 a year, and I put a P/E multiple on it of five, 10, or 100, depending on the growth rate. Let’s say it’s 10. Well, your token is worth $100. That’s on one Satoshi, multiply that, so the more that data grows and has values like $100 for a Satoshi, it takes up space, and everybody’s trying to HODL BTC.”
Pitts also shared his thoughts about regulation within the digital currency space, stating that the regulation will encourage a better and more professional investor base to invest in the currency if undervalued and the businesses using this technology.
In summary, Pitts told CoinGeek that he’d like Wall Streeters to study and understand how Bitcoin SV works because it is similar to where Google in 2004 was, one of the most significant stocks people could have owned in the last 20 years. Pitts added that SLictionary would demonstrate at the CoinGeek New York Conference how one can purchase definitions to be created by other users so that people can contribute as a financier for two, three, four, or even $100.
“It’s like Monopoly, the game for people who have 3 dollars to invest in Bitcoin. You don’t need to have $1M; you can be an 18-year-old who understands these investments. SLictionary won’t be the only one, I think, we will see more in the future. But I look forward to telling you more in October,” Pitts said.
As the saying goes, “A picture is worth a thousand words.” SLictionary is making each word worth a thousand “Satoshis.” Check out episode 3 of More Than Money on the CoinGeek YouTube channel.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.