What Is BitTube & Why It Is Better Than YouTube – Videos on Blockchain
We all know that ‘the blockchain‘ is here to stay. And that’s why everyone is embracing it with open arms. Because when you can’t stop something, you should join it and make the most of the ride.
On similar lines, the new video content publishing platforms are exploring the blockchain and coming up with innovative applications.
Formerly we had D.tube powered by Steemit but now a bigger and better video publishing platform powered by blockchain is out to create an even fairer marketplace for the video content – Bit.Tube – and it achieves its user incentivization goals via IPFS and BitTube Coin (formerly known as IBPC-Interplanetary Broadcast Coin.)
In this article, I will walk you through what it is and why it can be a revolutionary platform for video publishers and consumers.
Note: For simplicity and ease ‘Bit.Tube’ refers to the platform and BitTube refers to the cryptocurrency.
What Is Bit.Tube?
Bit.Tube is a revolutionary, decentralized video streaming platform that puts the power back in the hands of creators and viewers.
It is a platform where cryptocurrency solutions like BitTube (TUBE) are already integrated through which video creators can make money with their content, without ads.
And not only are the payments decentralized through cryptocurrency, but the underlying database is also IPFS which is a decentralized and distributed ledger technology.
That’s why there are no centralized servers hosting your video data which results in total censorship resistant video content for anyone anywhere in the world.
How Bit.Tube Works
Bit.Tube uses the IPFS protocol as a data store.
As a result, all data stored or retrieved via Bit.Tube is no longer stored in large data centers but distributed worldwide 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.
There is no censorship in the IPFS network. Bit.Tube gives users the opportunity to use this worldwide network at no cost while allowing copyright holders to monetize their media content through media mining
Bit.Tube is completely browser-based and consists of 2 parts.
- In order to view data, no software installation is necessary. Only the browser of a device is sufficient to access all data in the IPFS network via bit.tube, regardless of who uploaded them or when and where. Not only can data uploaded through Bit.Tube be viewed, but also all data with known hashes (addresses of the data) are available for viewing.
- In order for the user to broadcast or let others view their screen through remote control, a small program is required: the IPBC Sender. This sender enables the browser to upload data to the IPFS network and to deliver a broadcast directly without a data center via the P2P network. With this program, the mining capacity can be optimized. (Source-Bit whitepaper)
And in the background whenever a viewer views any video content a hashrate of up to 30hash/sec, it is taken as the computing power from their device (mobile/pc) to mine BitTube which is further distributed to the creator of the content and the viewer.
I like the BitTube team as they have tried to do the things in a fair manner. There was no ICO, pre-mining or pre-funding for this project. The team has been self-funding the project until now.
The project has been under development for the past one year. They have now managed to pull out a working alpha model on their own.
BitTube is based in Tenerife, Spain — a tech-friendly island, and part of the Canary Islands.
And here are the founders, development, testing, and support team members:
What Is In It For Creators & Viewers?
If you ask me, there is a lot.
- First of all, creators get the right to speech which will be uncensored due to the IPFS technology.
- Second, creators will be able to monetize their content and earn BitTube coin in return whenever viewers see their videos.
- Third, creators will get the same rate of reward irrespective of which part of the world their video content is being viewed from, unlike the YouTube ads revenue system.
- Fourth, viewers will get a seamless experience of watching the content which will be totally ad-free.
- Fifth, viewers will also get the share of mined revenue because ultimately their computing power will be used in mining the BitTube.
Here is the exact revenue break-up
Bit.Tube company receives 10% of all mining revenue as revenue for their company. Thus, Bit.Tube is interesting for all users, since 90% of the revenue is distributed to them which is currently not offered by any platform.
How To Get Started with Bit.tube:
To get started on Bit.Tube, you need to register using your email ID after which you will see this landing page.
Now here you can browse and see any video you want and start earning in the background in your Bit.Tube inbuilt wallet.
And the creators can upload their videos from the upload section and they will receive their BitTube in their wallet account. Here is a step by step process of uploading the videos.
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 CoinMarketCap, the total circulating supply of Tube is 53,279,538 TUBE, and the current price of each unit is $0.12. That values it at approximately $14 million (at the time of writing this article).
Right now there are not a lot of options where you can buy Tube but with its popularity one expect a good number of exchanges to find them.
Features, Roadmap, & Conclusion
Bit.Tube is a revolutionary concept in the world of internet media where creators and viewers benefit simultaneously without losing their right to speech.
Moreover, 90% revenue sharing through mining is a good step which makes ads irrelevant in this scenario. Also, this kind of revenue sharing is presently not offered by Vimeo or YouTube which naturally makes Bit.Tube a strong contender where creators can alternatively publish their video content.
Another, unique and quick feature of Bit.Tube is that it allows creators to import their old and new videos to be imported back to Bit.Tube. And this opens up a new avenue for the creators to earn more from the same content.
Furthermore, what sets Bit.Tube apart from another video on demand service platforms is the all in one solution for:
- Hosting unlimited videos.
- Video encryption for greater security, privacy mode, and closed user groups.
- Offer content on Subscription and PPV (pay per view) model.
- Classification of Videos as stand-alone (Movies) or with Episodes (TV shows).
- Geographic blocking of videos for greater distribution control and license limitations.
- Analytics to understand the viewership of your video content.
- Mobile, Tablet App (iOS & Android) and smart TV.
Bit.Tube will also offer music and videos from labels and studios in the future as per there roadmap: