During these times of the coronavirus, we’ve all developed a very special relationship with our favorite streaming programs. Whether that be Netflix, Hulu or Disney Plus, we’ve all had plenty of time to get acquainted with the best shows and series we could find. But what if these streaming programs could be improved through the use of blockchain technology? Let’s take a look at what is being done.
Developers are getting more and more ambitious with their work and are trying to bring the blockchain to every aspect of the modern world. With all of the uses it’s seen for retail companies like Amazon, it was only a matter of time before someone asked the question, “What if?” Now, we have our first real example of a project that is trying to bring streaming technology to the blockchain.
The concept of content creators sharing their work on the blockchain is not a new one. Both large companies that produce our favorite series, content creators like Youtubers and Instagram influencers as well as those of us who enjoy this kind of content can rejoice at the creation of Chainflix! Chainflix is everything that content creators and content watchers could have ever wanted. If you are tired of having to sit through five ads for every video you watch just because you don’t want to upgrade to premium, this is for you. If you are a content creator that wants a transparent and interactive platform to share your work with the world, this is for you. And yes, if you are an advertiser that wants to engage your viewers and increase your viewership altogether, this is also for you.
Using a peer-to-peer style of communication that blockchains use for most of their systems, content creators can share their content with audiences without having to worry about a platform’s business model. If you want to monetize the work that you produce, you can do that too. You can now share videos to the blockchain and have users see your content directly through your channel; making money while doing so. Content creators are paid directly from advertisers and donors who view their content in a kind of YouTube/Patreon hybrid. However, all interactions are centered around the content creator. Content viewers are also incentivized to reward the content creators as they are given digital rewards directly for viewing the content itself.
This next part is the real kicker of the system. Through watching the content, you are actually mining the coins offered on the Chainflix system which you can exchange for ordinary currency, send back to the content creator or trade for other digital assets. Does that count for advertising too? Of course it does! Audiences are rewarded for watching ads that the content creator decides upon. These advertisements are paid for by the advertisers themselves. This creates a more immersive and rounded experience for the user; rewarding them for the time they choose to spend viewing the content that has been uploaded.
Based on smart contract technology, advertisers and users are connected in an automated system that pays out users as they go without the need for interaction or delay. Storage donors hold data uploaded to the blockchain in a cloud-based system for better scalability. Storage donors are rewarded for their part in the system, and the platform allows for decentralized access by the user whenever they should need it. All in all, this creates an environment with a huge potential for use by all involved. This is an idea that has been discussed for a long time in blockchain circles, and finally, a technology specific to this need has been created.
One of the few issues that comes with the Chainflix platform is its use of off-chain cloud-based storage. This method has been employed by the Chainflix team because of the need for greater scalability, which is a necessary thing to consider when dealing with such a large potential user base. However, off-chain storage suffers the flaw of being vulnerable to data loss. Why? Since data is saved across servers rather than on-chain, should the data on those servers become corrupted, or should the servers shut down for whatever reason, that data would be lost. Similarly, if for whatever reason all of the servers are inactive at the same time, that data will be out of reach for users. Finally, interest in the blockchain for storage donors is also heavily relied upon here. If there is little initial interest from storage donors, this exceptional idea would likely take a long time to get off the ground.
Working on similar concepts but with a far greater reach, our ILCoin Blockchain Project has a huge potential for data storage and sharing among our users too. Our system, the Decentralized Cloud Blockchain (DCB), also works on a cloud-based system; allowing peer-to-peer sharing of images and videos just like Chainflix. The key difference is that our system relies on an on-chain network for greater security and internal storage. We have no concerns when it comes to scalability and speed as our five gigabyte block space — derived from our RIFT protocol — can provide data upload quantity and speeds that are unmatched in the blockchain world today; all of this while keeping our system entirely decentralized for optimal user experience and peer-to-peer exchange. This is what we believe to be the future mode for blockchain systems to come. We are proud to bring this system to the public for greater storage and better security while using the blockchain.
So, there you have it. A system that can bring the blockchain to Netflix. There is seemingly no limit to the things that a blockchain can do, but using the right system will always make a difference. The DCB offers more for its users and can be applied in an incredibly varied way for uses of all kinds. We look forward to the release of our new system and all of the incredible innovations that will come after it. We innovate the future; a future of a decentralized world for greater freedom and equity for all. Streaming on-chain is just a small step in the great journey of blockchain technology.