Older Video Streaming Platforms Challenged by New Blockchain-based platforms
In the modern era, videos play a vital role on the internet. There is no doubt that more than 70% of the Internet traffic is dedicated to streaming of videos worldwide. This will further increase more as predicted by the experts after the next few years. As of now the speed of the Internet tends to get faster and faster and this is why developers are going on developing many new applications to meet the challenges. Due to this advancement in the technology, the people are experiencing the arrival of many new platforms like Flixxo, VirtuTV, MIV, etc. These platforms are mainly inheriting the blockchain technology which is different from the video streaming platforms used for older streaming one.
About the New Blockchain based platforms
Using blockchain technology, the exchanging of data or information are done securely and in a simple manner. Let us discuss some of the new platforms namely Flixxo, VirtuTV, and MakeItViral (MIV) which are using blockchain technology below:
It is the biggest fact that videos are the source of online content nowadays. But, it is sad that sites like YouTube are not updating itself to the latest changes or technology that are currently available in the market. Flixxo is one of the alternatives to YouTube that is designed to provide more revenue for the creators with the help of smart contract.
The smart contract includes the cost for viewing the videos and also the revenue percentage to those who seed the video in the peer-to-peer sharing networks.The Flixxo platform was established by Adrian Garelik. The content creators of Flixxo upload the videos to a peer-to-peer network in order to determine whether the users need to pay in terms of either tokens or Flixx for watching the videos.
The advertisements viewed by the users also rewards them with tokens with which the users can watch more videos. Also, uploading of pornographic contents as well as illegal videos is prohibited in this platform. This makes some users search for other streaming video platform.
This platform offers full freedom for the content creators to upload any of their work by remaining anonymous. It is an anti-censorship and uses Patreon methodology with which the users can support their favorite content creators. The lack of any censorship is the main problem behind VirtuTV platform and also it is possible that the users may be caught in legal problems according to or depending upon the laws available.
· MakeItViral (MIV)
It is one of the other platforms which makes use of blockchain technology for streaming online video. This platform encourages a ranking system where the content creators can upload any of their work freely. The ranking system includes tokens that can be allocated for each video. Tokens will be rewarded for the quality video thus by ranking it in the first position. So, when the users enter into this platform they can see the high-quality video at the top of the list and so on. But, there are major drawbacks when using this method of ranking tokens.
The ranking system is open for all and because of this, there is a possibility that the content creators may themselves promote their videos. Also, the video which is ranked first is of high quality or low is not guaranteed. If the creators wish to convert the tokens into cash, it will impact their video ranking.
YouTube — the older video streaming platform
YouTube holds a large range of contents and millions of videos being uploaded per month. But the main problem is that YouTube refuses itself to update with the latest features or technology whatever. It is a fact that the cost of the advertisements published on YouTube belongs to it and not to the content creators. A video when published on YouTube may be viewed by millions of users and even it may become a super hit. But, it is really shocking that the actual content creators or the creators of those videos are rewarded with only a few dollars or in worst case even nothing at all. Also, the creators used to spend years to gain audience thus by creating a nice source of revenue with the help of their channels. All these scenarios will change once if YouTube changes any of its rules.
The upcoming blockchain technology and the file-sharing networks (peer-to-peer) is allowing its way to create new platforms (VirtuTV, Flixxo, etc.) thus by making challenges to the old platforms like YouTube, etc. The blockchain technology makes sure that the content creators are the one who is getting benefited with their videos, contents, etc. (in terms of money) and not the corporate companies because of the smart contract. However, the new platforms are designed to have both advantages and disadvantages that the content creators and the users are those who have to decide which platform to select and join. Whatever may be the fact, but the reality is that due to the arrival of new blockchain platforms the online video distribution is slightly getting altered these days.
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