The main innovation of blockchain technology has been to enable individuals, acting on a peer-to-peer basis, to do those things that were once only possible through the permission of middlemen — often in the form of large corporations. Cue the arrival of Viewly, then.
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Permissioned platforms make users subject to the arbitrary whims of these middlemen. This is especially true with content sharing platforms that often take a large portion of the revenue content creators generate. Furthermore, content creators can even have their revenue streams eliminated entirely, just on a whim.
But that could all be changing soon enough.
Introducing Viewly, The Decentralized Alternative to Content Sharing
The blockchain-based startup, Viewly, wants to change this dynamic by reducing the significance of centralized content sharing platforms such as YouTube, Vimeo, and others. By leveraging the decentralized nature of blockchain tech it hopes to get rid of the ad-based model currently employed by YouTube and put the power back in the hands of the content creators themselves.
According to the project’s team, the problem Viewly attempts to solve is threefold: demonetization, inefficient content delivery, and overly burdensome ads.
Right now, the current business model of content sharing sites centers around ad-revenue from sponsors. Thus, the money users earn through their created content is 100% channeled from the site hosting their content — essentially giving content creators zero control over the money that they help the site make.
In addition the ads themselves take away from the product itself, lowering the quality of content in general. It also incentivizes “binge watching” behavior among watchers which, in turn, causes video producers to increasingly emphasize quantity over quality.
Finally, the Viewly team sees the means of content delivery, as it currently stands, as being inefficient and expensive.
Problems? Viewly Has The Answers
Being a blockchain-based platform, Viewly democratizes the allocation of revenue by giving watchers the ability to vote with their currency and directly pay content creators without the need of a middleman. They can do this via the platform’s native token — VIEW tokens.
Specifically, Viewly provides vote-based tipping, recurring payments from fans and business-sponsored endorsements as a substitute for ad-based profits.
This way, Viewly would like to become an ad-free platform that allows content creators to engage with their audience in a more meaningful way. Engaging them in a way that isn’t simply a means of keeping their attention, but also a way to form a valued relationship between video producer and watcher.
Also, to solve the problem of expensive content delivery Viewly reduces cost by using a peer-to-peer content delivery network. It is a decentralized network that users can join to earn VIEW tokens by leveraging their redundant resources and hosting videos.
The pre-sale for VIEW tokens began in October 2017, which ultimately sold out before it was even slated to end. The main token sale initiated in February 22nd, 2018 and — by the 24th — had raised nearly 75 percent of its hard cap goal of $12 million USD.
The max supply is capped at 100 million tokens in total, with 50 percent being made for available for purchase. Thirty percent will sold during the main token sale and 10 percent has already been sold during the pre-sale — the final 10 percent will be kept in reserve for future sales.
20 percent of the token supply will be used to incentivize content creators to switch to Viewly and bring their existing audiences. This will be done through the curation/engagement game in a form of geometric rewards.
Another 9 percent of the token supply is to be used as incentives alignment mechanism for strategic partners, influencers and advisors.
Bounties 3 percent of the tokens will be used to reward the most dedicated community members for various contributions to the project.
What do you think of Viewly’s blockchain-based content sharing platform? Let us hear your thoughts below.
Images via Viewly
This is an informational article only; it is not financial advice. Bitsonline is not responsible for the products and or services of this company and its clients.