We all realize that “blockchain” is here for the long haul. That is the reason why everybody is embracing it. Even the technology opponents are sneaking around testing the technology and claiming patents.
Bit.Tube a video platform powered by the blockchain aims to create a fair marketplace for publishers and advertisers and better user experience.
In this article, I will talk about this why this is a revolutionary idea that will transform the video industry, making use of the blockchain technology and TUBE, the platform cryptocurrency.
What Is Bit.Tube and how it works?
Bit.Tube is the evolving youtube, with, decentralized video streaming that returns the power in the hands of video creators and people who view the videos.
This is made possible with the integration of BitTube (TUBE) the platform cryptocurrency which makes possible to monetize videos without ads. Payments are decentralized as well the platform database where videos are stored. Unlike normal platforms, videos are stored in a decentralized distributed ledger and videos are censorship proof for anyone in the world.
Bit.Tube utilizes the IPFS protocol to store the data. Videos are not stored in large data centers but it is distributed worldwide and no one has control over the data. When data is uploaded in the network no one can delete or change it and any internet user can access it whenever he is located.
All this system is offered to the creators at no cost while allowing the copyright owners to monetize their content through a process called video mining.
Bit.Tube is browser-based and it is composed by 2 components.
- No software is necessary to use the platform. The data can be uploaded or viewed just using the browser.
- To broadcast the screen or let others view your screen a small program is required the IPBC Sender.
When a user views a video a hash rate of 30hash/sec is taken in the background. This computing power then is sent to the content creator.
BitTube coins are all pre-mined which is not a positive thing, on the other side they did not run an ICO. On their website, they say that that had some sponsors who are funding the platform and most of the coins have been distributed to them.
However, the process has been in development from more than a year and they have a working product.
Here it is the BitTube team
BitTube is situated in Tenerife, Spain.
How BitTube can benefit Creators and Viewers?
- Creators cannot be censored and their right of speech is preserved from the IPSF technology.
- Creators can monetize their content and earn Bit Tube whenever their content is viewed.
- Creators get the same rate regardless of which part of the world their video content is being seen from, unlike the YouTube advertisements business model.
- Viewers get a better users experience with content without ads.
- Viewers will likewise get a portion of the mined income because their computing power will be utilized in mining the BitTube.
Here it is how the income is distributed:
Bit.Tube organization gets 10% of all mining income as income for their organization for maintenance and marketing costs. The remaining 90% is split between the creators and viewers. (Creators get 70% and 20% is distributed to the viewers for their time)
Instructions How to use Bit.Tube
To begin on Bit.Tube, you have to register here Bit.Tube .
Here you can start viewing videos and creators can upload their content to start earning Bit Tube-s.
BitTube Cryptocurrency Details
Details according to CoinMarketCap
- Coin Name: TUBE
- CoinmarketCap Rank – 444
- Total Coin Supply: 107,473,362
- Available Coin Supply: 105,693,362
- Market Cap $3,660,800 USD
- Mining Algorithm: Cryptonote
- Block Target Time: 120 seconds
- ICO: No
- Pre-mined: Yes
As indicated by CoinMarketCap data, the total supply is 107,473,362 so there is about 2 million Tube to minted yet. While the market cap is $3,660,800 USD with 1 Tube priced at 850 satoshis or 0.034 Usd.
This data was valid at the time of writing this article.
Where to buy TUBE
At the present time there are not many exchanges listing the coin and according to Coinmarketcap the exchanges where you can buy TUBE and their pairs are listed below:
1 Bittrex TUBE/BTC
2 TradeOgre TUBE/BTC
3 Livecoin TUBE/BTC
4 Upbit TUBE/BTC
There is an online wallet built in the Bit.Tube account where you can store your coins.
If you wand to store the coins locally here is the desktop wallet:
Bit.Tube is a revolutionary idea in the realm of web media where creators and viewers take advantage of the new technology.
But how can Bit.Tube beat Youtube, the giant Google video platform?
In an article on CNBC the CEO of Youtube, Susan Wojcicki talking about article 13 of the EU’s new Directive on Copyright, stated that:
“Article 13 as written threatens to shut down the ability of millions of people — from creators like you to everyday users — to upload content to platforms like YouTube. And it threatens to block users in the EU from viewing content that is already live on the channels of creators everywhere. This includes YouTube’s incredible video library of educational content, such as language classes, physics tutorials and other how-to’s.”
In a scenario that Youtube shuts down their place will be taken from platforms like Bit.Tube storing videos on the Blockchain.