Startup Raises $20 Million to Build ‘YouTube on the Blockchain’
Lino Silicon Valley Company has been planning to create blockchain technology youtube to remove middlemen in pursuit to create an advantage to content creators.
Lino is an independent video Company in Silicon Valley. They have been planning to establish a decentralized and generally-possessed blockchain video content allocation invention that would get rid of middlemen.
The decentralized and collectively-possessed blockchain video content allocation invention
1) LINO’s announcement
In a public statement, Lino revealed that twenty million dollars had been acquired through a private docket deal from Zhenfund (China shareowner). Other shareowners were INBlockchain, DFund and FBG Capital.
Wilson Wei (Manager of Lino) mentioned that they are contented that blockchain has a great potential of empowering video creators. This will be achieved by decentralizing the way content is allocated and by making sure that whatever is earned goes straight to video generators’ pockets.
He further stated that the decentralized and collectively-possessed blockchain video content allocation invention can reimburse content creators satisfactorily by removing intermediaries.
Other organizations that have the same idea in mind include Viuly, Stramspace, Stream and Flixxo.
3) Motive for long-lasting economy advancement
Long-established video platforms encounter serious collaboration challenges and they absorb a 60% cut. But the planned invention will ensure that content worth is acknowledged effectively.
Each contributor can get inspired to encourage long-lasting economic advancement.
Lino also said that Youtube has great control over content generators and desires to maximize profits which can bring a dispute with the real generators.
This can be solved through creating a decentralized, generally-possessed, system of allocation. This will ensure that each content worth is allocated to its creator directly and the associated sponsors without passing via a middleman.
When this technology proves effective we can expect more and more different areas to follow in this example. Different areas of online entertainment and gaming, including free slot machine games with free spins and the like are looking at the ways they can improve via blockchain technology.
Video content is decentralized by Lino organization through offering five main infrastructure portions. They are:
- Free transaction: A user can pay the content generator using LINO tokens.
- Incentive coinage model: LINO Company incentive model forms a maintainable digital content state through incentivizing every contribution which includes infrastructure service, content generation and allocation.
- Human participation verification: LINO Organization blocks robots from making changes on the earnings allocation. Possible invasions are also prevented.
- Content worth verification: The returns collected from content are viewed as LINO’s worth evinced in the field, taking measures to protect the invention from chicanery.
- CDN (Selling Content Conveyance Network) and retention: LINO Organization provides peer to peer action CDN and it also keeps live transmission reproduction and video in a decentralized way with the sale technique to attain decentralization.
4) LINO Company invention currency
LINO coupons will act as the invention coinage. These coupons can be gotten by coming up with videos and distributing them. LINO coupons can also be gained by designing programs and infrastructure above blockchain. This implies that if you are running nodes to host your content, you will get coupons as a content generator.
The blockchain technology explained here will make content generators gather 3 to 5 times the amount they get on Youtube or Twitch (a rival website). Though the results of blockchain technology have not been witnessed still, the invention is going to be initiated this year.