What is bit.tube?
i just stumbled over bit.tube today.
it looks like a crypto clone of youtube.
what i would like to understand is:
- what is the business model and architecture? who owns it?
- how does it work technically. how decentralized is it technically, where is the data stored?
- how do users get paid?
- can i invest into it?
I think this link gives a pretty thorough description: https://coinsutra.com/bit-tube-tube-cryptocurrency/
Essentially, it works a lot like DTube (uses IPFS, etc.) but instead of using steem, as you watch someone else's video, you are also mining the crypto that will be used to pay them.
I dont understand how the token can have value?
How is value created just by printig token and giving it to people ? Where is demand or utility comig from?
The crypto is mined (proof of work). It has the same utility as any other crypto in terms of using it as a store of value and as a currency. Ultimately the value will be determined based on adoption and how popular it is. I think the unique thing about this crypto is that part of the mining is done by users watching the videos and this is used as rewards. Otherwise it is like any other proof of work cryptocurrency (e.g. bitcoin).
I think that a decentralized video platform as feature rich as youtube and that works well could be very successful. And if there is a crypto associated with it (like this one) then it could become very popular as well. In my opinion, DTube and DLive simply don't work as well as youtube or have as many features but they have the opportunity to mature as time goes on. I haven't tried bit.tube yet to know how it compares.
Whats the inflation?
My issue is i only see that supply is being created, but i dont see how demand is generated. Why would i need these coins?
Why would you need Bitcoin? Or Ethereum? Or Litecoin? Value will be determined by demand which will depend primarily on the success of bit.tube as a platform.
As far as inflation, the block rewards will gradually decrease as the circulating supply increases (see the graph here: https://coin.bit.tube/guides/crypto/blockchain/rewards/). The max supply will be 1 billion coins in circa 2050.
Also, it looks like future premium features are planned that would presumably require BitTube coin. This coin is categorized as a privacy coin so it would have the same advantages as something like Monero.
Here is a FAQ here with more useful info: https://www.reddit.com/r/BitTube/comments/8lk12r/faq_frequently_asked_questions/
I am not a big fan of D.Tube but have been rooting for it. So I am very glad that you introduced me to bit.tube @knircky. It seems better organized.
Allow me to rant :)
Few in the crypto space focus on the value of content. I have got to believe that at the end of the day when our new market matures, many will be saying, why did it take so long to realize that information about blockchain needs to be distributed through blockchain, far and above platforms like Medium and Reddit (respectable as they are).
image from pexels
I know it is a give and take over content quality , but it is hard for me to wrap my head around looking for blockchain info via Google search. Google seems 85% part of the service industry and maybe 15% contributing to our information society (original, non-fake, useful content).
I don't think you can invest there. I have a friend who uploaded 3 videos. I fully watched them and it was still showing 0 views. Everything is working so slow. It won't work, is annoying.
Also the rewards are so low. Something like 5 coins for thousands of views which is hard to achieve on that platform...
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.
So where is the value coming from?
Bit.Tube integrates the IPBC cryptocurrency ecosystem, where new coins are generated directly by users while watching videos. In this way, the distribution of the revenues is much fairer. Moreover, Bit.Tube relies on the IPBC peer-to-peer distributed network, which uses the IPFS protocol, for hosting and distributing videos
Hmm, "while watching".
I have already created an account on this platform. It works very well considering that it is a very young platform.
I didn't know it, but liked it. :)
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They are using a script provided by https://bitexchange.systems/add-ons/ which has many templates for crypto companies.
It's not so great because you have to pay people with your own money, not a reward pool. So, ultimately when the hype fades, so will the platform. At least that's my opinion.
People under this project are:
The project uses IPFS protocol which means they are not stored in one place (server)
Know about how bit.tube uses IPFS
They are paid in a token/coin named TUBE. You can then exchange it with BTC in any exchange online!
It doesn't look like you can invest by holding TUBE coins. Only if you want to trade them to make money. Otherwise the only way to make money is by uploading videos and get paid in TUBE coin.