The world is aware that ‘the blockchain’ is going nowhere anytime soon. This fact explains why the world is embracing it with open arms. It is a simple case of joining them it you can’t beat them.
Just as individuals are investing in blockchain, many more people are trying to figure out what it is about.
Since we live in an age where people learn more from videos than they do from the classroom, the video content publishing platforms are inventing new ways to make the knowledge of blockchain available to those who need it.
Before now, we had access to D.tube, which was powered by Steemit, but today we have a bigger and better platform where videos on blockchain are shared.
This blockchain-powered platform is known as Bit.Tube, and the platform achieves it’s user reward goals through IPFS and BitTube Coin (initially known as IBPC)
In this article, we will explore what it is and why it can be a revolutionary platform for video publishers and consumers.
Note: To make things simple and easy Bit.Tube is the name of the platform, while BitTube is the name of the cryptocurrency.
What Is Bit.Tube?
Bit.Tube is a new, decentralized video streaming platform where the viewers and content creators are in charge.
Bit.Tube is an online platform where cryptocurrency solutions such as BitTube (TUBE) are integrated, making it possible for video creators to make money from their content without any ads.
Another cool thing about Bit.Tube is that asides the payments being decentralized with the aid of cryptocurrency, the underlying database of Bit.Tube is also IPFS, which is a technology that is both a decentralized and distributed ledger.
That is why on Bit.Tube there are no centralized servers that host your video data, which means completely censorship resistant video content for anyone everywhere on the planet.
How Bit.Tube Works
Bit.Tube makes use of the IPFS protocol as its primary data store.
Because of that, all data that is stored or retrieved through Bit.Tube is no longer saved in large data centers but is automatically distributed throughout the world in the IPFS network.
No country, no data protector, and no company has control over this data. Once uploaded, data cannot be deleted or changed and is available to every internet user via any IPFS Gateway with a unique address (hash) worldwide.
The IPFS network has no form of sensorship. Bit.Tube offers users the chance to use this worldwide network for free while giving copyright holders the opportunity to monetize their media content via media mining.
Bit.Tube doesn’t have an app, so it is entirely browser-based. This video content service also consists of 2 parts:
For you to view data on the platform, no software installation is required. The only thing you require to gain access to all data available in the IPFS network via bit.tube, is a phone or computer browser.
You can watch what you like regardless of who uploaded them, when, and where they were uploaded. Not only can people view all the data uploaded via Bit.Tube, but they can also access all data with known hashes.
For a user to successfully broadcast or give the world access to their content in any screen with remote control, there is a need for a small program known as the IPBC Sender.
With this sender, the browser can upload videos to the IPFS network, and even deliver a broadcast without a data center through the P2P network. The mining capacity can thus be optimized with the aid of this program.
And whenever a person views any video content with a hashrate of up to 30hash/sec in the background, it is automatically taken as the computing power from the viewer’s device (mobile/PC) to proceed with BitTube mining which is later distributed to the content creator and the viewer.
The BitTube team is doing a great job as they have been as orderly in their operations as possible.
It is believed that there was no ICO; neither was there pre-mining or pre-funding for the BitTube project. Until this moment, the team has been self-funding the BitTube project.
The project has been in development for the past 13 months. The team has now succeeded in pulling out a functional alpha model by themselves.
BitTube is domicile in Tenerife, Spain. A small tech-friendly island, and area in the Canary Islands.
What Is In It For Creators & Viewers?
If you are wondering what there is to benefit, you must know that there is a lot.
- The first benefit of the platform is that creators enjoy the right to speech, which remains uncensored because of the IPFS technology.
- Second benefit for creators is that they will find it easy to monetize their video content and earn BitTube coin as a reward whenever viewers see their videos.
- The third benefit for creators is that they will get the same amount of reward regardless of where in the world, their video content is being watched, which is fairer than the YouTube ads revenue technique.
- The first benefit for viewers is that they will enjoy a seamless experience of viewing the content they want, which will be completely ad-free.
- Second benefit for viewers is that they will also enjoy a small part of mined revenue because their computing power is what will be used in mining the cryptocurrency.
Here is the precise revenue break-up of the platform
Bit. Tube company saves 10% of all mining revenue for their use since money is needed for marketing and maintenance.
Thus, Bit.Tube is greatly beneficial to all users since 90% of all mines revenue is distributed to them, and such is currently not offered by any other platform. (Producers are given 70% share, and 20% share is distributed to viewers for their time)
How To Get Started with Bit.tube
To get started on the Bit.Tube platform, you have to register with your email ID. Once that is done, you will be taken to the landing page.
Now at the landing page, you can browse through and watch any video you choose and begin to earn in the background in your Bit.Tube wallet, which is inbuilt.
For content creators, they can upload their videos easily via the upload section, and they will get their BitTube in their BitTube wallet account.
BitTube Cryptocurrency Specifications
- Coin Name: TUBE
- Total Coin Supply: 1000,000,000
- Available Coin Supply: 53,279,538
- Mining Algorithm: Cryptonote
- Block Target Time: 120 seconds
- ICO: No
- Pre-mined: No
According to information on CoinMarketCap, the total supply of tube in circulation is 53,279,538 TUBE, and the present price of each unit of TUBE is $0.12.
The amount of TUBE in circulation values at approximately $14 million ( this estimation is at the time this article was written).
At present, there are not so many options where people can purchase TUBE, but with its growing popularity, one expects that a good number of exchanges will find them.
- Bittrex: Supported pairs are TUBE/BTC
- Livecoin: Supported pairs are TUBE/BTC, TUBE/USD
- UpBit: Supported pairs are TUBE/BTC
- TradeOrge: Supported pairs are TUBE/BTC
Because TUBE is a PoW coin, you have several options for safely storing them. Some of the available options have been listed below and will assist you in keeping your TUBE safe.
- Desktop Wallet: BitTube Wallet (Linux, Windows, Mac)
Apart from using the option above, you can save your TUBE in the Bit. Tube platform itself where you are granted access to an inbuilt web wallet
Bit.Tube is a modern concept in the world of video sharing, where both viewers and creators benefit financially at the same time without losing their right to speech.
Moreover, everyone can agree that 90% revenue sharing via tube mining is a significant step, which makes it irrelevant to run ads in this scenario.
Also, this method of revenue sharing is not offered presently by YouTube or Vimeo, which makes Bit. Tube naturally a strong contender where video creators can alternatively share their video content.
And even if you decide to compare Bit. Tube with other video streaming platforms that are blockchain-based, you will find out that Bit.Tube does it better.
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