A decentralized video platform is taking on centralized rivals by ensuring that content creators and those who provide server space are fairly compensated.
Video is fast becoming the main medium of communication on the internet, with research suggesting that the typical consumer watches more than 10 hours a week.
But whether it’s a four-second meme on TikTok, a four-minute prank on Facebook or a four-hour livestream on YouTube, there’s one big problem: Content creators have to work on the terms of centralized tech giants.
Now, a decentralized video platform is aiming to shake things up — ensuring that revenue that’s generated through advertising goes to the people who upload videos, and the process of policing content is left to the community.
Pocketnet’s blockchain is run by equal nodes, in a way that’s not dissimilar to how cryptocurrencies operate. Transactions enable users to post content, cast a vote about a video’s quality, promote clips and subscribe to their favorite creators. This approach — which the company will highlight in a series of exclusive livestreamed events called “Take Back the Internet” that can be signed up for here throughout June — helps create a reputation-based system where the best uploads generate the highest rewards.
In an unusual twist that sets Pocketnet apart from other video-sharing platforms, users make a minimal payment in PKOIN, the ecosystem’s native cryptocurrency, that covers hosting for six months. After this period, clips that don’t meet the minimum popularity bar are deleted unless additional coins are paid for hosting.
Three key problems to solve
Pocketnet’s goal is to ensure that those powering decentralized servers are compensated for their efforts — eliminating a free public resource that can be abused by others. Its approach helps to open up vast computing capacity without relying on the likes of Amazon Web Services.
The Pocketnet blockchain serves as a consensus layer on the platform, and servers are incentivized to provide a high level of service to streamers. Failing to act in the best interests of the network can result in their reputation being lost, along with other penalties.
“Big tech companies have lost the trust of the people — they grab too much money and power and leave nothing for the users,” the project told Cointelegraph. “The invention of Bitcoin changed the playing field in both the internet and finance forever. Pocketnet is making sure that we use Satoshi’s concept to the fullest to open the floodgates for the decentralized internet.”