Ever imagined running your own Youtube like video sharing platform, with the power of blockchain? Building a decentralized ‘Video Sharing’ platform is now possible!
Did you know? If such an application runs over the block chain, it gets an added revenue channel as well. Both the Viewer & the user who has uploaded the video can get rewarded with Bitcoins! This factor alone can bring in more adoption. Unlike in traditional video sharing sites like Youtube, contributors dont need to depend on mere Ad revenue. And viewers get incentivized with Cryptocurrency for just viewing content!
Advantages of running a Video sharing business on a Blockchain:
- Decentralized, Global availability of the content.
- Usage of the Peer to Peer network to save costs. The Distributed Block chain acts as your DB, saving you huge money spent on servers for streaming video.
- The overall operational cost is reduced significantly.
- Monetization is built right into it. Every-time a Viewer opens the site, cryptocurrency gets mined on his computer. A part of it can be rewarded to him. A part to the content creator of that page. And a part to you. Just imagine if million views happens every month across the globe!
Read more about this incredible Video sharing script:
- Earlier, running a Video sharing platform like Youtube would involve buying Petabytes of disk space, multiple co-location servers to store same copies of the data across the world, investing in a Content delivery networks ( CDN ) across multiple regions etc. for smoother delivery of the content stored in all these. Now with Block Chain to your rescue, you can run a much faster ad sophisticated video sharing platform with NIL cost!
- Gone are the days of running on an SQL database. It would turn out to be cumbersome and may not be capable of serving multiple concurrent requests beyond a certain limit. On the other hand, Blockchain and IPFS technology offers extreme scalability.
The entire content of your Video Sharing platform resides on the Block chain. It is in turn powered by the nodes that donate resources to run the block chain. Whenever a user opens a page in your Video sharing application, the base block-chain coins are mined on the nodes.
- The nodes that lend resources are rewarded with the portion of the coins.
- The viewer of the page gets rewarded certain amount of coins ( to incentivize them to use the site further ).
- The creator / uploader of the content gets rewarded certain amount of coins.
- And, a percentage of the creators reward is shared with You: The Owner.
The main user-facing features of the blockchain based video sharing site are Video discovery, video upload, built-in reward and monetization mechanism, rating and feedback system.
Video discovery is essential to help users “binge watch” video on your platform constantly. The more people discover fresh and interesting content they would stay longer than usual. Showing content as Trending and new would also promote engagement.
The entire platform relies on great user-generated content being uploaded to it. A faster and smoother video upload process could motivate the Creators to upload content frequently.
Search and filters
A powerful search engine fetches the relevant results based on what the users are searching for. Using Elastic powered search engine drastically reduces search latency and provides results faster.
Filters allow users to block out ‘Not Safe For Work’ content, display only fresh content etc. Giving them search filter option would make a better user experience.
Building atop the STEEM Blockchain would plug-in the already existing reward earning mechanism into the platform by default. For every View, Upvote, comment there’s a Steem coin credited to the user. For a creator, a great content would fetch Views, Upvotes and comments. This would convert to steem coins. A percentage of the creator’s reward is shared with the Platform owner.
Feedback and Moderation
Building a community around your product involves making the platform safe and engaging for everyone using it. A strong feedback and moderation mechanism ensures that you keep the trolls and bullies from misusing the platform.
Frequently Asked Questions
STEEM is a cryptocurrency that is used in the STEEM network. STEEM coins are tradable and they are used as a mode of payment for the content creators and users who engage on the platform. STEEM’s reward mechanism is quite popular.