Even though the demand for quality video content has never been higher (more than five billion videos are consumed every day on YouTube only), not everyone is satisfied with the current state of online video industry. One popular YouTuber, Casey Neistat, was particularly outraged when the platform demonetized his video aimed to help raise money for victims of the Las Vegas shooting in October. Then he said:
“I genuinely don’t feel YouTube does enough to care and look after their community.”
But that’s not just content creators that are calling foul. Much of the issues they face are the result of YouTube’s policy of tweaking the platform to cater to the needs of advertisers.
Earlier this year, many YouTube creators saw popular uploads demonetized as a result of what YouTube deemed “explicit content.” Many vloggers felt skeptical about the platform’s ability to separate out good and bad content, including Phil Defranco, one of YouTube’s most popular vloggers:
“It also appears to some that YouTube’s attempt to stop extremist videos is also resulting in the coming down on channels that have opinions that aren’t popular.”
Of course, YouTube wants to make the platform attractive to both advertisers and content creators, but it appears to be struggling to walk the line. Much of what YouTube is experiencing serves as a reflection of the global video streaming industry as a whole.
YouTube, like many startup companies created in the early 2000s, is a centralized video platform, meaning creators upload content to a server, viewers watch that content and advertisers pay for a piece of the action. This model has been working well for many years. But now, with the blockchain tech revolution, there’s certainly a better way of handling these platforms.
By creating a decentralized video sharing platform, Viuly eliminates high commissions paid by advertisers, and distributes value to the most-liked videos. This model not only ensures that content creators are fairly compensated for their creative works, but also ensures that advertisers are not overpaying (see the project’s whitepaper here).
Viuly also makes it easy for non-creators to receive value from the platform. For example, viewers are actually able to monetize their engagement and reward their favorite creators. In addition, as Viuly is a fully decentralized network of data, individuals are compensated for storage.
Besides, a decentralized model means that Viuly doesn’t have to police videos, or have massive data centers serving up content. The result is a revolutionary blockchain-based video sharing platform, the decentralized nature of which makes it a much more reliable indeed. All these certainly shows the network’s capability to rival some of the largest video platforms today.
Being created by a team that boasts decades of experience in media, finance, and other startups, this revolutionary platform has already received funding from blockchain investors Krypton Capital, and recently announced an airdrop of VIU tokens to one million ethereum wallets. The VIU token is used as a primary exchange means on the new video sharing platform (currently in alpha).
The airdrop continued until November 21, during which the company distributed an estimated 500 million VIU tokens. The new token is to be listed on several exchanges, starting with Bit-z.